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That’s how I interpreted it Steve - but hard to get a true sense in translation.
Let's hope we can still hang onto our licence though we seem to have no leverage and no money. Maybe Uncle Sam will stand by us.
Fair point, ODR
Agreed, Ivy. It gives some encouragement to see Steve N resurface and fight back against Hope’s claim. Also good to see that there are still lawyers who will represent him. The battle is not over yet.
Nicely put, Regdik.
Ah yes, Malcolm Graham-Wood. He's been quiet since that upbeat statement.
Pyro, I asked Dustin Aro at an earlier meeting about investing in the company and whether he was recommending the company to friends and family. He seemed totally convinced that success was just around the corner. Of course, we did not have the whole picture of our obligations to Outrider and knew little of the arbitration. Zaza casually brushed aside that. If we are to believe the court documents from the past year then Zaza has come very close to securing a big injection of cash into the company. Fingers crossed that's what he's alluding to for January 2020.
Tsbs, Zaza has said many things and promised many things. He seems to have lost credibility with his workers who have had promises broken. He may have good intentions but he is not in control the court cases, the arbitration, the Georgian Govt, the super majors (who could just be waiting for him to fail). We are all hoping Zaza will triumph in the end (and take us with him) but he's given no words of reassurance other than 'Frontera will continue to grow as a private company.'
Pophead, thanks for the morale boost. GLA
You may be right, Steve. We are all looking for hidden motives and cunning plans but from the outside it looks like things did not unfold as expected and, as Zaza recently said, the company is in crisis.
I believe you are right, Seingred, about the lack of counsel for arbitration. As Mole said, 'the optics do not look good' - apart from the alleged extension to 2027 of the licence. If only both sides had listened to Kawaley and reached an OOC settlement at the end of last year.
Gipp51, I like your optimism. $3.5 billion and this nightmare ends. We can but dream !
And Zaza’s recent comments imply that a big chunk of money will be invested in the company if the licence can be extended beyond 2027. But Zaza has implied many good things over the years.
‘To me everything looks like a company that is having the life squeezed out of it.’
It certainly looks that way. A supermajor can just wait for the company to collapse unless FRRs 20 years plus of knowledge gained is worth paying a small fortune for.
Yes, we were led to believe they were unlocking the secrets of the various zones with fracking expert and Jason Bourne lookalike, Dustin Aro. Dustin seemed totally convincing at the shareholder meeting and said he would be going for the low-hanging fruit first. Then he buggered off to start his own company.
SWOT - Let’s hope BP sees strength in our situation rather than wanting to exploit our weakness.
The Georgian TV news story which features protesting FEGL workers also has a story on the importance of NATO in protecting Ukraine and Georgia from Russian aggression and a story about Russian meddling in British politics. We know that the geopolitics of the region are very delicate and are hanging our hopes on a US-backed JV / buyout which might be working itself out behind the scenes. Hard to believe in this scenario when money has run out and time has almost run out. Maybe Zaza has used wages and oil revenues to pay off Outrider? Maybe the wages have been withheld because the company is in liquidation? Maybe worker unrest is being used as leverage to get the VAT refund from the Georgian Govt? We are still clutching at straws, though, with only background noise to build our theories on. GLA
If FEGL and FRCC are being liquidated, is redundancy a necessary part of winding up those entities? Clutching at straws here but will the workforce be offered new jobs in FRUS further down the line ? It looks very grim from what we are hearing but Zaza is still alluding to a way forward in January.
Thanks, Pop
traxxas - can't translate this. Could you summarise ? It seems to be from 2018.
Thanks
What exactly is this press release? Prodigy, can you say more about the source? Is this an official release? A report from a press conference ? It's hard to evaluate but it's tempting to take some comfort from it. We've all learned from bitter experience that Zaza spins a good story. Let's hope he's about to secure victory at the eleventh hour - and take shareholders with him. GLA.