End Goal



Given what has gone on in the past 11 months and the remaining uncertainties and issues still to be resolved, what do we all think Zaza and Steve’s end goal is now ?

They’ve been in Georgia for 20 years - will they want to remain and be part of block 12 development (in whatever capacity) or will they have had enough? Is now the time to break away and move on ? If selling B12 remains a possibility, what do Z&S now need to make this happen?

Are we nearing the end game now ?


Survival is the immediate goal and to be fair they have done a good job of surviving.

End goal has to be either total sale or a significant farm out of B12. For this to happen the arbitration has to be completely settled and the transfer legally watertight. If there’s to be any positive news it will be when the arbitration is settled.

Frontera do appear to be still in the game but they are 10 points down with 5 minutes left on the clock.


Can we just be a goal down and going into injury time please thefozzer?


If we are going to use a football analogy, how about the 1999 European Cup Final, with United trailing 2-1 to Bayern but win 3-2 at full time. Yes, it’s that tight with FRR too - will they turn it around from what looks like a losing score?

But I also think the end game is nearing and the biggest indicator was FRR’s proposal to withdraw from the Fiduciary Case. You have to wonder why after all the pain and expense in the Caymans and then in California, why they have decided to stop, just like that (Tommy Cooper style). Is it because money ran-out or is it because the Arbitration went against them or some other political/legal reasons. So, for me, this whole legal run around was to buy time and achieve whatever they wanted to achieve (time will tell if they were successful or not).

As shareholders, we can only hope that withdrawal was due to a satisfactory conclusion to the arbitration hearing, and signing the farmout agreement with the Super Major. Did they achieve this and that’s why they want to withdraw from legal proceedings? Also consider that had Hope just shown some flexibility and patience last year, his CLNs were up for repayments in August 2020.

The negatives are: Levan and other staff leaving; TT in the dark like the rest of us; withdrawing from legal proceedings while Hope continues to personally chase ZM & SN in the Texan Courts.


A late winner would be most welcome! :grin:

I still believe that despite all the issues, the delays, the broken promises et all, the Georgian Gov will not act in a way to jeopardise it’s relationship with Uncle Sam. That could have much bigger consequences going forward.

I hope and believe the arbitration has been renegotiated to suit both parties…and to keep the US on side thus enabling b12 to be fully commercialised and FRR to move on to pastures new.

The rest is just a temporary inconvenience. Right ?:man_shrugging::pray::muscle:


The United come back, I remember that one very well, they virtually did the impossible.

Well there was some good news found by the prodigy from the LSE, make of it what you will, are FRR about to do the seemingly impossible?

“As Zaza Mamulashvili, CEO of the company said, there is progress in the dispute over the company with the government. According to him, virtually all issues are resolved positively, except for one related to the contract between the state and the company. The company has a contract until 2027, the company promises to extend the contract after 2027, otherwise the well will be useless and there will be no time left for the investor to return the investment. He said that after discussing the issue and negotiating with the state it will be possible to sign an agreement with investment banks and conclude a new financing agreement. This will automatically result in the company continuing to operate in the old fashion and delivering employee salaries over time (the exact timing is still unknown!). The crisis period, he said, is until the end of January 2020, after which positive changes are expected both in relations with the state, as well as with investment banks and the company. (The exact time is also unknown here!)”


Must give ‘the prodigy’ a standing ovation for working on this and delivering this revelation…what a corker. I don’t doubt the authenticity of the article as it makes sense on so many levels.

Perhaps FRR deliberately held back some payments to employees so they could put some pressure on the Georgian Govt to expedite the tax refund and license? Anyway, seems the tax refund issue may be resolved but the extension of the license is still pending.

At the Govt-to-Govt level, lots happening with the introduction of the Georgia Support Act, expected to be passed by the Congress in the next few weeks. Perhaps in this Act, there are special provisions for US companies operating in Georgia and hence strengthens FRR’s case when the next Arbitration hearing takes place in January. Remember according to the above news article, Zaza says that the investment case does not add up unless the license is extended beyond 2027 (now they have creaked the geology and can put these wells in to long term production). He also says funding from investment banks will be possible based on the extension of the license. The gas reserved for the Super Major(s)?

So, only a couple of months to wait (to January) but I think we could have some agreement with the Georgian Govt before year end (would be a great Xmas present!).

Although not out of the woods by any means, it’s starting to look a little bit better, with FRR’s voluntary request to withdraw from the Fiduciary Case, plus the personal hearings against SN & ZM in Texas pushed forward to January…Again, according to the above article, ’the crisis period is until the end of January’.

Thanks to the LSE BB Mob for their continued efforts.


Well this feels like we have indeed scored twice in extra time
It’s 2-1 and we are in time added on in injury time
The crowd are biting their nails
But we have our noses ahead in this Black Swan sponsored international game and a lovely goal it was, a cross from Georgia set up Zaza at the back post and his volley was unstoppable. Get in!
It’s FRUS 2 Hope City 1
Back to SB in the studio