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Hot off the press in Georgia!

lse:frr

#1

This has been posted by theprodigy on LSE. Can’t find an actual link to the article he quotes from which would be nice. I do question its authenticity though!!

eyeson…Any thoughts!! :thinking:

“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!)”


#2

I too would love to see the authenticity of this article. Impossible to know what to believe nowadays.


#3

This is one the most important lines in the article “…virtually all issues are resolved positively, except for one related to the contract between the state and the company.”

Is it now fair to assume that the discussion between GoG and FRR has moved on from taking 99% of the Block to just extension of time? And farmout to FRUS was approved?

Anyway, let us hope that commercial sense prevails, noting FRR has finally cracked B12 geology and secured financing to accelerate oil production from Georgia. Perhaps GoG wants to see some proof of financing or farmout to extend the PSA? I always saw the limited time remaining on the PSA as a major hurdle to securing new financing and/or farm-out.

Hats off again to ‘the prodigy’ for his extraordinary efforts, but best to keep feet on the ground until there is more news.


#4

Do you think the US courts can reverse the farm out SB? It would appear from David Griffens court revelations that its a legit transfer and David has simply approached the US courts as a means to get more information on the asset as Steve and Zaza have been very coy. Meanwhile, Hope, realizing he has been outplayed have now resorted to personally sueing Steve and Zaza in the US courts…good luck with that one Mr. Hope :slight_smile:

You have to hand it to Zaza and Levan, they may have just out foxed the fox.


#5

Still feels a long road to getting my cash back but at least there’s now a glimmer of hope ahead.

I’m guessing investors will have to wait till everything is sorted with the Georgians before Zaza reaches out to shareholders.


#6

Fozz - I think the farmout can be contested but I don’t believe it was in breach of the CLNs terms and condition. So, if they want to challenge this, it will involve a lot of time and money, to drag it through the US courts. Then you have (on the face of it) the Georgian Govt approving the farmout because it was not in breach of the stipulated PSA for third party assignment. Hope/FTI will have their work cut out to establish this was not in accordance with the CLNPSA regulations. In fact it is the job of FTI and not Hope to unravel this al,. Finally, consider the departure of Levan at the same time as FTI starts petitioning the US courts - coincidence or convenience?


#7

Great post from B-2-0 over on LSE. IN the last year from Jan B-2-0 has only made 6 posts. I was going to just post todays comment off the back of theprodigy press revelations but I read back through the six.
Thought is good to post all 6 in order. Some comment on old news but an interesting progression confident from the beginning. Journey not over but this latest is a real lift to the spirits.

14THE JANUARY
Maple excluded as default injunction no longer a separate case and not being contested as the signing of the funding term sheet while Hope suspended is evidence Hope veto caused the default. Fid duty case and default inextricably linked due to the multiple loan veto by Hope. The signing of the term sheet while Hope suspended is the damning evidence of breach and has provided the facility to service the loan covenant. Game over for Hope

14TH JANUARY
Zen, you make a very valid point, and it is one of a long list of events culminating in the multiple claim case against Hope. The evidence I have seen is overwhelming in its verdict, and has been collected over a period. There is one element which intrigues me and that is the exact financial claim of £56,280,800. Despite not knowing it’s derivation, I am left in no doubt that given it’s nature, that the forensic behind it will clearly support the value, otherwise Zaza and his council would not have stated the exact amount in the charge. I expect we will not get to see it and other more sensitive evidence given the implications for those implicated in Hope’s attempts to take control of B12 and this will be settled ooc.
We shall see soon enough though gla B20

15TH JANUARY
Been off the grid for a while but wanted to tap back in to remind the LTH of the significance of B12 nationally and regionally. I have been part of this journey for many years now, and having overcome significant challenges in the process, recent events are the final pieces in the puzzle for FRR. FRR is no longer a speculative investment, it is now on the verge of becoming part of a transformational energy alliance for the entire region, in ultimately developing an international supply of both O&G for many years to come. As a LTH I have never been more assured as to the outcome of recent events. I was fortunate enough to have bought a tranche on the Friday before the suspension. As the share is suspended there is no longer the opportunity to get in, but more signifantly for those exposed to upcoming news and the potential impact of the gap traded, the way out. Live by the sword…B20.
10/06/19To survive an attack from a formidable enemy who has infiltrated your ranks extreme tactics are required to survive and conquer. Fortunately the enemy and motive were identified early, and a strategy implemented with a number of escape options possible. This has been the key to winning the war, casualties are inevitable, but that is the price to pay. Hope took the bait and resigned, providing the preferred escape route, leave the vulture to look for his next victim. It’s game over for Hope, FRR flock are going airborne. It’s not the beginning of the end, but the end of the beginning. Who dares wins B20.

30TH JULY
Asset to be transferred to Frr Georgia, Frr Texas holding company, new share capital injected from 3rd party farm in, existing share holders receive shares in Frr us. Other Frr companies liquidated and debts settled. Resolutions passed - it is time to fly after 20 years, get strapped in for take off B20.

9TH NOVEMBER
The translation is confusing the news we have all hoped for. The negotiations have made it possible to sign the deal to allow the investor to recover the investment. This is an investment into FRR!!!, allowing for development and production beyond 2027. Nearly all negotiations ended positively but the crucial part is the banks are satisfied to progress with the deal - asset security threat has been removed! The message does not suggest the tax rebate has not been paid, or that the employees have not been paid. I will simply say ZZ was willing to provide bridging finance of 5m. The deal will be strategically significant for Georgia, the wider region, and the investors. I understand your doubt and mistrust, but ZZ has always been aligned with the above stakeholders and in the process averted a hostile take over and secured a life changing deal for the long term investors. ZZ and FRR Team you deserve this success. B20

GLALH


#8

I want to believe B20. :stuck_out_tongue_winking_eye:. I really do! When I read his posts it all seems so logical and straightforward.

This is how I want things to be now.

2020

  • Georgia takes giant step towards energy independence.

  • FRR shareholders get their lives back and maybe a wee financial bonus :grin:

  • Shorting banned globally.

  • everyday is sunny (should be in the Bahamas) :sunglasses::joy:

  • and we all get a cameo role in the forth coming movie - Block 12.

I just hope all the FRG salary stuff is sorted soon ( if indeed it’s as bad as made out to be)??

Have a good weekend!


#9

B-2-0 latest post:

i will say first and foremost what I discuss here is in the public domain. The deal is ground breaking for FRR for many reasons. Succinctly it requires a duration of more than 7 years to payback - this is not evidentially a loan, it is a farm in or otherwise capital investment from a foreign counterpart. Most importantly is the approval for the extended period, although no duration is given it aligns with greater strategic investment and development program of the Black Sea energy alliance. FRR workers will be greatly rewarded for their dedication in realising this historic Georgian moment. Georgia ??? we salute you. B20


#10

BP could be in the picture for a deal of sorts with FRR, it was revealed in the emails submitted to the court.

Also the appointment of Ann Davies could be seen as a clue to BP actually intending to perform some exploration work in the fields in Georgia

If BP were to farm into B12 it would be mega news. It makes sense that FRR need the license extending past 2027 in order to attract serious investment.


#11

And bp working alongside baker hughes in the video if hard hats are anything to go by


#12

The fozzer wrote
Also the appointment of Ann Davies could be seen as a clue to BP actually intending to perform some exploration work in the fields in Georgia

Since Ann is a Well Intervention Engineer I hope it’s not exploration.
I hope to see her and a BP/BHGE crew performing their intervention techniques on our wells in B12 where we have encountered silt and sand and struggled to maintain the initial high flow-rates.

We have a few wells to go at in Taribani alone!

:wink: