The comments above re FRRs financial position are sadly pure invention by Fozzer,Seymore etc.FRR could quite easily show its solvency to the court by publishing audited going concern accounts for the year ended 31 Dec 2018 as would be required if it remained listed on AIM or any other stock market and as any reputable company 5 months from year end would be able to do;all it would need to do beyond this would be a statement re value of current monthly production and that this and other arranged & available funds covered typical outgoings.
FRRs last known average gross income as disclosed in accounts to end June 2018 amounted to circa $325,000 per month this barely covered half of the companys overheads before considering capital cost of any new exploration or repayments of interest on loan notes or of any payments due to YA.In addition FRR had current liabilities of approx $25m showing,current liabilities are defined under accounting rules as debt due within 12 months and in reality these liabilities are mainly trade debt for goods & services due under normal 30 to 90 day trade terms,there being strong indication that much was already overdue.These liabilities are about 5 years known gross income at the time of the most recent accounts.
Statements given by ZM disclosed in Court submissions showed that the 2017/2018 drilling programme had produced little of value beyond additional approx 35 bopd net of water and no updates have been given since.If they had been material under AIM listing rules these would have been required to be given.No updates were given up to date of companys suspension or since.Neither have updates been given to US Court which could back up FRRs claims of solvency.
ZM also disclosed,as shown in court documents, that leases had little value at this time,the fact that he would only loan money to FRR if he was given first charge on all assets rather indicates that this opinion was valid!The Cayman Judge also drew attention to FRRs dire financial position.FRRs lawyers did not take the opportunity to provide updates on any improvement.
To be candid I have rarely seen a worse display of lack of fiduciary duties and total disregard of any acceptable standards of corporate governance shown by ZM & SN over the last 12 months .Hopes contribution is almost a side show!If FRR was a UK registered company its affairs and conduct of its officers would merit attention from the serious fraud office.What has happened to the many $100s million raised over the years?
FRR appears from court papers,known information and accounts to be in a state of total financial failure and its directors have chosen or are unable to supply any information to refute this.On any rational basis one must assume they are unable.