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Dont Cry For Me Georgia

lse:frr

#41

I’ve just read Mole’s post on the LSE.

Personally, I do not expect the company to make contact with shareholders until the legal case is fully resolved. The primary reason for this is, anything FRR states in an RNS-R could be used against them by Hope and/or give Hope an advantage. FRR certainly don’t want to give Hope an inkling into operations and with regards to the legal case shareholders can follow everything through the court system. So what else can they say? Think of the whole affair as one big poker game.

I note that Mole posted “I’m not going to speculate on anything to do with the court cases. It’s not a process I agree with.” So he’s with me on this issue but we are where we are.

I still think shareholders are going to come through this mess but just about.


#42

Moles post in Full:
"Folks I can assure you that the FSG guys have tried very hard to get the company to respond to all shareholders. The next logical step will be to press article 73 of the company articles occurs:

  1. The Company shall, within one year of its incorporation and in each year of its existence thereafter hold a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it. The annual general meeting shall be held at such time and place as the Directors shall appoint and if no other time and place is prescribed by them, it shall be held at the principal office on the second Thursday in April of each year at 10 a.m. At these meetings, the report of the Directors (if any) shall be presented.

  2. Members shall not have the power to convene meetings of the Company, whether being a special general meetings or the annual general meeting, of the Company, save only at any time when the Board of Directors of the Company is vacant and then only in accordance with the Law.

We also have accounts for year end 2018 that are probably overdue by Cayman company law and if we were on AIM would have been due by 30th June 2019

Per the articles:

  1. The accounts relating to the Company’s affairs shall only be audited if the Directors so determine, in which case the financial year end and the accounting principles will be determined by the Directors.

  2. The Directors in each year shall prepare, or cause to be prepared, an annual return and declaration setting forth the particulars required by the Law and deliver a copy thereof to the Registrar of Companies.

Those are the proper and next port of call for shareholders. Pressing for the AGM (we can’t call one ourselves unless the board has no serving members) and release of the accounts this month.

I’m not going to speculate on anything to do with the court cases. It’s not a process I agree with.

In terms of solvency the 2018 accounts for H1 showed as usual very little asset booked ($14m for the oil and gas properties) and alot of short term and long term debt. Depending on how you value the CPR on the assets and how you view the license position post 2021 on an asset basis the company would be solvent. What the company is however is illiquid and has been for years due to low revenue. If you do a basic model of the 2018 numbers its obvious they could not pay the interest as it fell due end of Sept 2018 in CASH. But rather than hand over shares they have carried on attempting to retain the asset for shareholders while waiting for either the revenue to arrive from drilling or a loan or deal with a partner. I think a number of things have not run to time which has brought us into open and protracted conflict with Outrider. If I had to guess originally all they probably wanted was a further rollover of the note interest but Outrider wanted a large equity position. Delisting removed one of the easy ways out I’m afraid."


#43

RE: Cayman Accounts

https://www.chrisjohnsonltd.com/html/cayman-islands/requirements.htm

Is this different from your understanding?

They may have FATCA responsibilities though.

A_D


#44

End game fast approaching in my view.
How much longer do you think to this is all sorted ?


#45

That’s a housing estate in the Boro.


#46

If the declaration of solvency is accepted (still to be confirmed) then I think shareholders could be just weeks away from an update. If the court case continues in California for the fiduciary duties this could complicate things though and may prompt FRR to remain quiet, however I think the whole legal fight served as a duel function with the primary function being simply a play for time.

I think, although not sure, that once the statement of solvency is accepted that it would be published in the Cayman gazette, conversely if it’s not accepted I think we’ll see a court listing by Maples to apply for court supervision of the liquidation.

Personally I’m fairly confidant and I think there have been powerful allies, in the shadows, supporting the company through this. Hope just had to go as FRR could never get the finance unless it was secured against the asset.

Binary bet now.


#47

Fozz…Fingers well crossed for NO caymans Court listing. I truely believe the CA fiduciary court case if not simply a smoke screen or a delaying tactic has certainly highlighted the shortcomings of Hopes attempts to take us on!


#48

I think it works both ways EyesonHawk. I think there should be either;

  1. Declaration of solvency listed in the Cayman Gaz
    OR
  2. Court listing if Maples rejects the declaration and proceeds to a compulsory liquidation as supervised by the courts.

Just a guess but so far we’ve had neither which could mean Maples is still weighing things up or that things are in motion and about to be revealed.


#49

Interesting update from Range Resources this morning regarding Georgia. They are suing the Govt for wrongful termination of PSA and demanding US$22Mln - I say Good luck with that guys but no chance (we are still waiting for our VAT refund of $5mln). But what this action does tell us is that our Block 12 must be worth hell of a lot money if Range want US22Mln for their piddly block.

GEORGIA UPDATE

Range, an international company with oil and gas projects and oilfield service businesses, provides an update with respect to its interest in the Georgian project.

Range advises that its legal advisers have submitted a Notice of Arbitration against the State of Georgia. The Notice of Arbitration has been submitted in respect of the wrongful termination of the production sharing contract over Block VIA dated 29 March 2007 in Georgia (the “PSC”), resultant losses suffered by the Company as an “Investor” within the meaning of the Energy Charter Treaty 1994 (the “ECT”) and/or unlawful expropriation of Range’s Investment in breach of the State of Georgia’s obligations pursuant to the ECT.

The Company is seeking damages currently estimated at approximately US$21.9 million as well as interest on these amounts calculated at approximately US$1.7 million.

Background

Range through its 65% shareholding in Strait Oil and Gas Limited, holds an indirect interest in the PSC. Range had been involved in the project since 2009, and had invested substantial capital since that time with funds used to complete the minimum work programme stipulated by the PSC. The Agency had previously confirmed that this minimum work programme had been satisfactorily completed.

As previously announced, during 2017 the Government of Georgia represented by the LEPL State Agency of Oil and Gas of the Ministry of Energy of Georgia (the “Agency”), announced an open international tender on Block VIA in Georgia.

Range had previously stated that any purported relicensing of Block VIA by the Agency would be a flagrant breach of the terms of the PSC and had been working with legal advisers to explore relevant routes to preserve the value of its investment in Georgia. Range has tried to reach an amicable resolution of this issue with the Agency but has not been able to do so.

As at 30 June 2018, Range has fully written down the value of its investment in the project and has nil value attributed to its interests on its balance sheet.

Contact details

Range Resources Limited

Evgenia Bezruchko (Group Corporate Development Manager & Joint Company Secretary)

e. admin@rangeresources.co.uk

t. +44 (0)20 3865 8430

Cantor Fitzgerald Europe (Nominated Adviser and Broker)

David Porter / Rick Thompson (Corporate Finance)

t. +44 (0)20 7894 7000


#50

Ffs thefozzer… GIVE IT UP!!! You are constantly guessing, believing, thinking, opinionating, etc… when in reality you know nothing!!! For the first couple of months you were convinced an Out Of Court Settlement was the only possible outcome and it was merely days away. You then moved onto FRR losing everything and are now promoting a tenuous theory of it all being a smokescreen to get Hope off the Board.
Just sit quietly like the vast majority of FRR and wait for the outcome that will happen regardless of your nonsensical emotional drivel.
Please!!!


#51

With thanks to ‘Chris572’ from LSE, who has uncovered the following article on Ukraine tendering. Personally, it would be great if FRR did win this PSA too.

"Kolomoisky’s lawyer at the head of the AP demands to continue the scandalous competition for the most gas-bearing section in the Black Sea
[08:00 June 12, 2019]

The head of the Presidential Administration urged to continue the competition to conclude production sharing agreements for the Dolphin site on the Black Sea shelf for at least 120 days. This is stated in the letter of the head of the Presidential Administration Andrei Bogdan to the Cabinet of Ministers.
The competition was started on April 12, the deadline for submission of applications was reduced to 60 days by the government, therefore, it will expire on June 12. “Given the scale of the site, which area is more than 9.4 thousand square meters. km, and the complexity of the implementation of such a project, Ukraine needs to attract foreign gas companies with practical experience on the shelf, as well as with appropriate technical and financial support, ”the letter says.
The continuation of the competition will expand the range of international bidding companies and increase the transparency of the evaluation process of their bids, the letter says.
According to a source at the Ministry of Energy, on June 12 at least two foreign companies will apply for the competition. The first is the American firm Frontera Resources. The second is the American investment fund Trident Acquisitions, which is managed by Ilya Ponomarev, who recently became a citizen of Ukraine.
Direct applicants from Ukraine are also possible, at the same time, hardly any of them will have the necessary experience in the implementation of such oil and gas projects on the shelf.
Previously, journalists found that the right to develop and produce hydrocarbons in one of the largest gas-bearing areas in the Black Sea “Dolphin” can get an American company with a dubious reputation. Frontera Resources has dubious projects in Moldova and Georgia, and its financial report for the part of 2017 and 2018 indicates that the company is unprofitable.
Market participants stated that the government artificially limits applicants for gas production in the offshore section."


#52

And this from LSE…

Release of Transcript Restriction set for 9/9/2019. (Related documents(s) [41]) (jabS, COURTSTAFF) (Filed on 6/11/2019)

Related document is FRR brief that was posted on the 7th…presumably relating to sanctions. We can’t view on pacer until the 9th September. Very cloak and dagger…maybe we inadvertently got involved with the JFK assainatiin or some other conspiracy!

  • Is this potentially down to some sort of NDA related to a deal being worked i.e sell off GAS. Hope gets his cash. FRR prove finances are available to start working in Ukraine"

…Usually only one reason for such a restriction - commercial sensitivity.


#53

I won’t be quiet and i will express my opinion and thoughts. I’ve earned my right to express my opinion in a free country on a public share bulletin board. If you don’t like it then tough.
Respectfully.


#54

Fozz…always good to think out loud gets people responding and just what a BB is for! :loudspeaker:


#55

If you had “an opinion” that would be fine but you only post emotion led drivel based on nothing but wishful thinking.
It might be interesting if once in every 100 posts you actually delivered a fact.


#56

I’ll say whatever I choose and when I choose pal. If you don’t like it or it offends you then I could care less, that’s what freedom of speech is and that is what living in the West is all about. You should thank your lucky stars you probably never lived or visited some of the places I’ve been to where people don’t have that basic freedom.


#57

Yep, the basic right for everyone is the freedom to post whatever they are thinking based on the most frivolous and specious nonsense passing through their head.
99 posts to go before we get a fact from you. Probably be later today given your posting diarrhoea.


#58

In case anyone doesn’t read the LSE Chris572 uncovered the following;

BP has announced their new country manager for Georgia and she was previously a well Completions’ Engineering Manager… starts her new role next month

‘Completions’ Engineering Manager at BP Ann Davies will take up her duties as the company’s country manager for Georgia from July 2019, BP Azerbaijan told Trend ’


There’s a youtube video of her, what she says around 35 seconds in is very interesting and highly applicable to FRR’s operations

Coincidence?


#59

How do I get the email everyone is talking about please


#60

Coincidences are not facts. 97 to go.