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Black Sea Shelf - Dolphin area and Frontera

lse:frr

#41

I agree Pophead. I’m not saying he’s lying - I honestly wouldn’t have a clue either way. How would I? Like you say, nothing to really base an opinion on.
I’ve got a substantial amount (for me) in FRR but if, at some future point, it’s gone, there’s f all I can do about it. So I’m not losing sleep! It was always a binary bet, to some extent (a ‘value play’, I told myself…).

I ain’t gonna be suing anyone, throwing good money after bad. Is what it is.

I still reckon there’s a real possibility Putin would roll in and nick it all anyway!

Either way, I’ll be in good company. Just an expensive subscription for a great message board…


#42

I suppose it depends how much you have ‘invested’ here and how much as a percentage of your total worth that is?!
I want the black swan
I want Zaza’s beatification
I will sulk miserably if this does go tits up
I do not yet think that it will
Too much interest from Uncle Sam methinks


#43

I am still concerned about the total lack of comms with the shareholders from FRR. This is consistent with the company in the Steve Nicandros days and seemed to improve a little once Zaza took over the healm but the underlying feeling is that us shareholders are nothing but a nuisance to FRR. With the total lack of comms or respect for our position, I am increasingly concerned that we will be the ultimate losers in this. Scrapping around for information on the internet is not a good sign!


#44

FRR is my biggest position. By a factor of three. I’ll be first in the queue to kiss Zaza’s ring if he pulls this off.

Looking on the bright side, scouring the internet does at least tell us they’re fighting like a cornered badger 🦡


#45

Why & Will there be queue kiss Zaza ?


#46

No direct comms since January is something I don’t believe FRR was anticipating when they told us that they would continue to inform shareholders via RNS-Reach service and hold regular investor meetings. So what’s changed? I think the case in Cayman was mishandled by our legal team, and when it became clear to SN+ZM, that their team had been infiltrated by the enemy, they legged it to California. Perhaps that is why they are holding back the payments to them? I speculate of course. But just to be balanced, Judge Kawaley was also hoodwinked and his initial judgement did us no favors. However my theory has some credence because FRR declined to Appeal in the Cayman’s, which would have been the natural process but didn’t choose to because they could not trust anyone in the Caymans.

Nevertheless, this prolonged silence has created doubt and frustrations amongst the faithful, which is completely understandable. Against this, we know that company is still fighting on many fronts: 1) In California where it has secured more time to complete its due diligence via the Discovery Order. And 2) In Ukraine where is has officially lodged a complaint in the local court and escalated it to a number of US Authorities. These are signs of life and therefore, we need to let them get on with it until such time, they feel they can engage with the shareholders. When will that be? I really don’t know. But I think FSHG should continue to politely ask for a 1-2-1 with Zaza when he is passing through.

Anyway, the big significant unknown is the situation with the US$2.2M debt that was owed to YA by 1st July. Just getting some indication that this has been dealt with, could be a massive positive on many fronts. I do believe YA are the linchpin to the ‘illegal interference’ claim and market manipulation that took place back in late Sept and October. I definitely recall the unexplained big volume days – c.800m exchanged hands in a matter of few days; did Hope jettison 500m shares that we was expecting from Mssrs SN and ZM?

On a final note, seeing the increased troll activities across a number of BBs, in what is supposed to be a very quiet period, says a lot……


#47

Thanks SB Great post and always one to give us an injection of hope! :pray::clap:

eyeson


#48

Not forgetting we have had an ejection of hope.


#49

If the payment hasnt been made, how long do we think it would take before YA launch any debt recovery actions through the courts to recover the money?
Given the previous history between FRR and YA, I’m not overly sure they would want to go down this avenue but my thinking is more than if we dont hear anything no news is good news.


#50

Thanks Symore_Bottoms always look forward to yours and Devex comments.

Be interesting to know what ‘indication’ you are just receiving.


#51

Just getting, could be
I think SB was saying it would be encouraging just to find out that this had been settled!
:grinning:


#52

Posted on LSE Looed

Ukraine TenderToday 01:58
More on the Ukraine lawsuit. I note the comment that FRR have spent “time and resources in Ukraine”

Frontera Resources makes formal complaints to US government agencies, in particular the US Department of Energy, the US Department of Commerce, the US Department of the Treasury, and the Office of the US Trade Representative for violations in determining winners of the PSA competition for the Dolphin site.
This was stated in a letter to Taylor English Duma to the Minister of Energy Igor Nasalik. “The law firm Taylor English Duma LLP notes that Ukraine will receive substantial benefits by observing transparent and fair public competitive procedures, such as those that were first announced in the Dolphin site.
It was with this promise that Frontera Resources decided to take part and spend their time and resources in Ukraine. Unfortunately, if the procedure associated with such a public competition is not followed in accordance with established internationally recognized standards of integrity and transparency, and in return an advantage is given to local participants with dubious qualifications and backgrounds, US oil and gas companies will not be interested in introducing them in the future investments and technologies in the oil and gas sector of Ukraine. We hope that the Commission will nevertheless properly consider the results of the tender for the Dolphin site, and the Government of Ukraine will make a final decision on September 12, 2019, ”the document says.
Recall that on August 7, Frontera Resources Ukraine LLC filed a lawsuit in the Kyiv District Administrative Court , demanding that it cancel the results of the tender for the development of the Dolphin hydrocarbon section on the Black Sea shelf. It was previously reported that Trident Black Sea won the competition for Dolphin.

From kosatka dot media website


#53

Maybe there is still life in the old dog yet! :grin:


#54

Atlantic Council Tweet
UkraineAlert—For the first time in the Ukraine’s history, one political party has a majority in parliament and also controls the presidency. Will this break up the countries oligarchic system?