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#433

Oh my…I think someone’s got his Scottish knickers in s twist…


#434

I think it was just a joke but 700 years since the LongShanks is not going to be enough. Could be thousands of years before the bitterness and anger subsides. They will have removed the Chernobyl Sarcophagus before the Scots can take a joke about themselves from a sassenach.


#435

Back on FRR. BP looking for people for remote part of Georgia.

http://eugbc.net/bp-announces-public-tender-on-the-following-scopes-👇/


#436

BNP hate those that are not British.
SNP hate those that are not Scottish, especially the English.
Why is one hounded and the other tolerated?


#437

Nasty folks those BNP people. Anyway back to FRR, big week ahead, we’re all united in our struggles with this share despite what our passport states. I personally don’t feel proud to be English or British, I just feel very grateful and lucky to the people that sacrificed to make the UK a great place.

Interesting post on the LSE regarding BP setting up what looks like a forward operating camp in Georgia, this does suggest that a team of BP explorers is up to something, perhaps a deep gas drill, it seems that could be a possibility, wonder if Reg can drop a hint?

Potentially good news for Block also with a new gas distribution center being set-up near one of their key areas of gas interests, one to watch and has a good shareholder registry with the GOGC owing over 10% of the company.

If you look at page 12 of the presentation http://www.blockenergy.co.uk/wp-content/uploads/2019/05/bloe_corporate_presentation_may_2019.pdf we can see why the big boys are in Georgia, it’s for the gas. Some nice historic flow rates on Schlumberger’s concession.

If BP thinks B12 can produce gas with flow rates over 10mmcfd then no wonder they are sticking with FRR through this bump in the road.

Have a good day all.


#438

Well, nice to see things are gearing up operationally for BP in Georgia. Makes you wonder why when they don’t have any blocks assigned to them (as far as I am aware) - can’t be all infra related as the pipelines are finished. But then why would BP bother going through all the hassle of expense and time of virgin exploration when FRR has done all the leg work? Plus we know they have been talking to FRR for best part of 18 months, finally culminating in the NDA. We can only assume that BP has decided to sign on the dotted line and farmed in to FRR’s mega Gas field with an upfront payment to repay Hope (but will continue with the Fiduciary court case). Who knows. May be wishful thinking of a desperate FRR shareholder but with BP signing a deal with Kosmos in Africa on the gas, clearly shows their primary focus has shifted on gas and Georgia could be strategic for BP on a few levels, so farmin would be strong a strong fit. Also, many super majors have stepped in to Georgia (Exxon, TOTAL, Repsol, Schulumberger, Chinese etc), which may have been a catalyst to get the BP NDA signed last Sept. if this the case, then the $30m court case with Outrider becomes a side show.

All just food for thought. Immediate eyes on Thursday/Friday.

Can we say (#bp): come out, come out wherever you are?


#439

Great post SB, cheered me up, let’s hope you’re right. There’s always been great gas potential in Georgia, I’ve just been reading up on Canargos gas discoveries. It does seem one of the big issues in the past was the political climate and infrastructure hence why there were just small caps doing the donkey work.

I suspect the political climate has significantly changed during the past 18 months with Georgia firmly looking to the west as a reliable partner. Well the big boys have definitely arrived in Georgia and it would appear it’s the gas that they are interested in.

Fingers crossed BP are about to drill a new gas well at B12. Whatever is going on FRR have money for staff and expensive lawyers which is a positive.

I know I keep shifting positions (who can blame me?) but I’ve a good feeling FRR are going to come through this mess intact.

1p cocktail party at the Hilton roof top bar SB?


#440

Lots of jittery shareholders nerves around Fozz but our solace (for now) should come the fact the Directors are fully aligned and are fighting this court case hard with Hope, with top notch lawyers. In fact I think FRR lawyers played a bit of a blinder in California. Consider this, FRR’s preliminary submission was ‘light’ (deliberately?) and Hope’s legal team responded with a robust rebuttal, but in their response, they did not address the primary allegations of breach in his fiduciary duties, which is what this case is about! Finally, FRR team countered with a damn strong response quoting relevant test cases and legislation. It will be interesting to now hear how they intend to re-address or justify Hope’s own admission that his primary focus on the Board was to protect OMF debt. This case could potentially become another test case where a Creditor takes on a Board position to protect his own interest (and what NOT to do). If he is found guilty, they will throw the book at him because the Court cannot allow any Creditor to behave in a toxic, self serving (but privileged) position.

JMO


#441

How do we know that BP are advertising due to their alleged coop with FRR ? Could be Bloe…


#442

jay, it could be any of the existing explorers in Georgia.

However, we know BP have signed an NDA with FRR and we know that FRR have unfinished gas business at B12. FRR must drill a commercial gas well before 2020 is out otherwise the license could be in jeopardy, BP will be well aware of this. It does seem reasonable to assume that BP’s forward operating camp is related to FRR’s B12. Ud2 was actually a great “technical” success, it’s just a shame it was an old battered re-entre well with resulted in its integrity compromised. However, BP have the experience (from Azer) to get the next well done properly, hopefully Bugsy Malone can find out some more info!!!

On a side note so long as FRR is solvent I cannot see Maples liquidating the company.

It’s a right mess but I now believe FRR and shareholders are going to come through this. I think if things were really that bad FRR would have conceded to Hope by now and done an oocs to save their skin, the directors would probably still get their money back through their loan notes (approx. 9m+). There’s no doubt Zaza is aligned with shareholders.


#443

Good post by Reg from the LSE

“ownership of B12 will not be an issue (GG are the owners) but the cost recovery pool will be of interest (400M) as this gives them a much better business case. FRR data got them interested and GG will have assured BP that they will recover the licence if FRR fail hence BP are now spending in country and with FRR data they will know where to drill and issues that they may get - this data is worth a fortune as each drill will be in the 10M to do properly.”

Whatever happens with FRR B12 will get properly explored by a Major. The fact BP are mobilizing now I see as a positive, it suggests that BP are planning a new well within the next few months. Why wouldn’t BP sidetrack Ud2 or drill a new well adjacent? Makes totally sense to me.

I stand by my comments that Hope will never get his hands on B12.


#444

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.


#445

Couple of other observations: firstly BP don’t appear to mind signing a deal with a "dodgey’ license holder (https://www.bbc.com/news/av/world-africa-48475068/bp-to-pay-billions-for-suspicious-senegal-gas-deal), which could mean that BP is still talking to FRR despite the ‘bump in the road’ with Outrider (lol). And two, BP may not be interested in Block Energy simply because their acreage is a little too small for them to get out of bed. I could be wrong but I read somewhere that they were targeting oil reserves of around 38mbrls. Nevertheless, what they have achieved in a small time frame and relatively modest funding, is superb. In the end, it’s all good as it’s Georgia-related.


#446

TX2 - you are talking absolute gibberish. Let me ask you a simple question: How much is Uber worth and has it ever recorded a profit? Enough said. Now fcuk off (plz excuse my french).


#447

TX2, stop talking shite, expensive lawyers are being paid for and the staff are still getting paid. How do you know T39 isn’t doing 300 bopd generating 500k a month.


#448

SB, we’re both not oil heads but lets be frank, it’s the gas BP are interested in Gas and Block’s gas is tiny in comparison to FRR’s 202tcf. Block are targeting 1mmcfd whilst FRR were after 15-30mmcfd at MK. If you look at Samgori-3 from the Schlumberger license we can see it is down as 7mmcfd. It just demonstrates that FRR could have the Gas sweet spot with B12 adjacent to the massive BP license in Azer. Whatever now happens with FRR I see BP developing B12.
FRR are still a going concern so I assume BP are still planning to do a deal with FRR.


#449

Fair enough Fozz. I am all for reasoned discussion. But lets talk facts: independent CPR from NS&A says that FRR has c.7TCF of recoverable gas (MK & Taribani only) and over 110m barrels of oil (only Taribani field which is a 1bn plus barrel oil field, plus lots of gas under the oil). Also how much is the cost recovery pool worth? $300m plus? The company has substantial assets, and now that they’ve ‘cracked’ Taribani and Ud2 geologies, we are very close to harvesting all the hard work.


#450

I totally agree with you SB, even before Ud2 was drilled we had MND allegedly pursuing a hostile take-over of FRR for 100m. The conservative NSA gas numbers on FRR’s B12 are mouth watering.

I think BP’s apparent mobilization is a fantastic sign for FRR shareholders. I feel the force is strong at B12, will good prevail over evil? I think so.

Just to add if BP were mobilizing to any other area than B12 I think there would have been a press release. The fact is B12 is a very sensitive subject right now so the apparent secrecy is understandable.


#451

Great posts this morning thefozzer and SB

I think our cygnet is fledging before our eyes

🦢


#452

He said British… bigot?! Sounds like someone has a chip on their back about the English