ZAZA looks like he dropped some timber. Must be stress or something LOL.
He’s saying there’s plenty of money available for Dolphin
I noticed that too, dark circles under his eyes also.
Not very reassuring to hear that relisting isn’t a priority. “We’ll stay private if we want”. What about your shareholders?
OMG you couldn’t make it up! It reads like a classic gangster movie!
I wouldn’t read much into that bearforce, classic defensive bluster talk.
However, now the directors have emerged from their bunkers, I see absolutely no reason why Zaza could not have a meeting with the likes of Devex, TOT and Mole in London or Tibilsi with a view to reassuring shareholders.
And more from Chris 572
Seems like they might have broken cover. I might tap the keyboards again shortly.
Looks like a “Mexican stand-off” to me Devex. Who is going to blink first?
Shorters been given the nod ?? Buyout on the cards
From Oopsi on LSE…
Latest twist: looks like the pressure has paid off and the decision to award Trident the Dolphin block has been cancelled
So there is life - and serious influence - left in this old dog. You have to wonder a) who they are fronting for, and b) that the Georgian outcome is in some way inter connected.
For what it is worth we have today tried again - as FSHG - to make contact with the company
Thanks for information.
My question is why political presence/pressure
Not applied diplomatically
Why this issue is managed in the open?
As always FRR has managed most of the time secretly
Lots of questions Ramco but perhaps the biggest is how the company is staying afloat since suspension. We know from the court docs that the oil flows from Dino and T45 were not great so either T39 is a gusher or the directors have been funding the company for the past 10 months. Have the company simply frozen operations and cut salaries to reduce outgoings? Moreover, have YA been paid?
Would expect if ya havent been paid something would have either leaked out via the shorters or have been found in the public domain by now.
Dont think the shorters will take an interest now they have been paid out
Dunno like, people like tw and others will probably keep harping on and on, type of people who like theyre own voice n backslapping each others to massage each others ego
All valid questions Fozzer, but according to the most recent information from Zaza (the Ukraine ‘tell and all’ article as you kindly posted above), in 2018, FRR produced around 500,000 barrels, underscoring a profit of $1.2M. Now, if the 500k barrels is to be believed, this works out around 1.3k barrels a day. But hold on, we knew that up to July 2018, production was at best couple of hundred barrels. So, between August and December, how did they get the annual daily average up to over 1,369 barrels a day? Working on rudimentary logic, lets say between August to December (150 days), production suddenly went up to 2,500 barrels per day, this works out 375,000. Does this mean they finally struck a gusher in T39, or did they return to deepen Dino-2 & T45? Perhaps BHGE continued working because we know from H1 2018 accounts, money owed to creditors shot up to around $20m (cant be bothered to recheck). Or the alternatives could be that they reworked the other 3 wells with minimal outlay or found some investors to drill just the Niko as originally planned last May. But if daily stabilised production is c.1,500 per day, well that would be great news on two counts 1) for the arbitration hearing next month (seeking declaration of commerciality) and 2 for the money situation to pay the army of lawyers (lol).
But honestly, we could do with an operational update for Georgia but this may be deliberately held back until arbitration hearing is over.
On the Ukraine situation, I think FRR may be disappointed with the decision to re-tender the block because according to the rules, FRR should have been awarded after Trident was ‘deselected’. But again we don’t know what’s been said or agreed behind political closed doors.
The most interesting ‘variable’ right now is the YA debt. These guys were quick call a default last time and the fact nothing has come out, makes me believe me it was settled. Remember last September non payment was leaked by the cabal before FRR officially told us mushrooms. So, if the cabal have not leaked and our super sleuthers have not uncovered, may be it was settled(?).
So, our passive collective focus now moves to Sweden for the arbitration hearing(s).
It’s a mystery SB that’s for sure. Personally I take the 500,000 barrels for 2018 with a pinch of salt. However, the business appears to be being funded somehow so perhaps oil flows have increased substantially and we know from the accounts that FRR have some very supportive vendors.
The political clout FRR have is impressive and enabled to UKR tender to be overturned, you would have to think FRR have a fair chance 2nd time around. It’s safe to assume the same political pressure is being applied to the Georgian gov.
I’m hoping Zaza will reach out to shareholders for an update in the not too distant future as he appears to have surfaced.
Like you have said previously, despite the de-listing and court cases, there’s still reasons to stay positive.
Just to add, IF FRR do manage to get through the arbitration and the OMF court wrangle then assuming FRR have the financial/JV backing I do see a relist on the cards in the not too distant future. I am surprised IG paid out without waiting the full 12 months to lapse as FRR is certainly not dead in the water as judging by the UKR re-tender. As it stands I can’t see how a JV or finance package can be implemented without the legal issues resolved. I’m sure there’s lot’s going on behind the scenes that we’re just not privy too though so who knows.
Suspect the shorts side was bombarding IG with daily emails asking to be paid out.
Fozz it has been alluded by madpunter over on lse that paying out the shorters was part of the ADR ongoing settlement agreement with hope??
Hi Mick, I think that’s a ridiculous idea mate.
If Zaza had that kind of dirt on Hope, we’re talking serious bird time and it would be a slam dunk for FRR’s lawyers.
My worry is how do FRR agree a JV/finance package with the legal troubles on going. It’s a tricky situation the company are in. Stuck between a rock and a hard place comes to mind.
The 3.5b usd compensation FRR would seek from the Georgian government is certainly a big incentivsier to make the Georgian gov tred very carefully though. If history has proven anything it’s that the company has a knack of surviving but will shareholders ever see their investment returned?
I’m still hopefully but there’s some massive hurdles to overcome.