Ukraine again



Good find by Chris 572 on LSE - note the date of the cabinet meeting to discuss. Today.

Hardly the expected outcome of a company not in business - or where the senior team have gone AWOL. More twists and turns than…

"Ukraine, at the suggestion of the American company Frontera Resources, may hold a tender for the development of hydrocarbons in the PSA within the Dolphin site, located in the northwestern part of the Black Sea continental shelf.

The corresponding draft resolution is included in the agenda of the Cabinet of Ministers on Wednesday, March 6.

Read the news also on the website “Energy Reform”

The total area of ​​the site is 9.772 thousand square meters. km Presumably the minimum investment should reach 1.5 billion UAH. The conditions of the competition also stipulate that the size of the minimum share of the state in a profitable product is 11%.

The winner of the development tender for the PSA will have to provide a geological survey of the subsoil at the site, including the drilling of at least five wells during the first five-year stage of geological exploration.

Frontera Resources Corporation, founded in 1996, is engaged in the exploration and production of gas and oil. The company’s strategy is to search for prospects for the extraction of hydrocarbons in the markets of Eastern European countries that belong to the Black Sea basin. The proven natural gas reserves of the company in Georgia amount to about 300 billion cubic meters. "


Interesting discovery Devex. Going offshore is both humungeously expensive and beyond FRR’s current capabilities, so they have to be front running this for someone. That might suggest that the relationship with BP and BH has strengthened whilst the company remains in Purdah.

Has anyone seen any black swans recently? :star_struck:



Well, if nothing else, its another sign that FRR is still alive and kicking. Just did a google search and this story is now showing up:

So what does this mean? Well, shows ambition even if the company appears to be skint. Adds credence to the theory that FRR is being supported by some higher political powers. But if this was the case, why are these ‘higher powers’ not financially helping us now? Also, who is doing all the geological studies to identify the prospective acreage? First with Moldova, which we all agree was a stonking deal and now with Ukraine [also 50-years PSA]. You could argue that perhaps B12 could be sold lock stock and barrel and FRR moves to Moldova and Ukraine - who knows.

Lets just deal with OMF for now, but having BHGE and BP under MoU and NDA , plus progressing with Ukraine sounds very exciting but means jack until we get the news that the US$60M is secured by the NY Fund.




Looks as though it’s now been approved.

"Ukraine, on the proposal of the American company Frontera Resources, engaged in exploration and production of gas and oil, will conduct a competition for the conclusion of a production-sharing agreement (PSA) for the development of hydrocarbons within the Dolphin area.

The decision was approved by the Cabinet of Ministers on Wednesday."


Have FOF managed to get any communication with FRR yet?


It sounds like FRR are a front company for the CIA.


It sounds like FRR are a front company for the CIA.

I Hope so !!!

No chance of them going ‘‘pop’’ if they are.


Drshobby - no further communication. As we said in the Feb update we don’t really expect one until the court issues have worked their way through - and pretty clearly they are currently in lock down.

We do occasionally remind TT/YJ that we are patiently waiting


Frontera, maybe aptly named, could they be ‘Fronting’ for BP?



Now I did not have you down as an Emoji man. You will be telling me that your boat can be converted for test drilling next

So both re the Ukraine and Moldova stuff we have pretty recent evidence that FRR are active on both - at least from a planning perspective. And the only way this can happen and be maintained is a) with a lot of political clout, and b) with a lot of heavy financing. Very dangerous to tempt fate here - but there are only two ways for FRR to do this.

First is to simply sell FEGL and move on to the exploration of new fields

Second is to partner with one or more big boys to develop/prove/produce in all three countries. A $60 million financing deal is not enough to leverage this IMO - so maybe the agenda has moved on.

Just musing



Nothing wong with an emoji Dev, when something has given you a boost, and if nothing else this proves that the company is still alive and kicking, but I’ll have to get a much bigger boat if I’m going to be of any use for the offshore stuff :rofl-

I guess we can’t completely discount a sale of FEGL, but I think partnering is more likely with FRR handing over the operatorship in Georgia to their partners and front running Moldova and Ukraine using their in house geologists. The latter will have been all over this for a while, recalling that we know from Facebook profiles that they were being tutored in the Moldovan language last year. However we know from the court papers that their reservoir engineer in Houston, Gerry Bono, retired last year but I am sure that the partners will be dealing with that stage of the analysis anyway.

SB stated that these recent actions “add credence to the theory that FRR is being supported by some higher political powers. But if this was the case, why are these ‘higher powers’ not financially helping us now?” Well I think the answer to that is that direct funding of E&P companies by the US Government is generally a political no-no, but we know that FRR does have powerful friends who might have done quite a bit to oil the wheels with the host Governments - and possibly provided some credit guarantees pending the resolution of the dispute with Outrider. I think they would only do that if SN had convinced the powers that be that not only is a settlement in the final stages of negotiation, but some serious money is going to be available from partners, who at this stage prefer to remain anonymous.

Just my humble opinion of course.



It’s an odd one this article and I’m not sure what to make of it. Steve is working very closely with the Atlantic council so it could have been, in part, in this capacity that he made the suggestion to the UKR gov but why would UKR explicitly mention FRR? very odd. Additionally it may be that FRR is working closely with other majors in the region and is greasing the wheels for potential partners to grab a slice of the pie. Moreover we know that FRR have their geologists scouting the area so was it just simply a case of a good deed by FRR to the UKR gov perhaps?

Have to ask myself, what’s in it for FRR.

Anyway, back to the bunker, I have an inkling they’ll be news this month on our legal troubles.

Good luck all.


A little bit unclear if FRR has been officially awarded this massive Ukrainian Block, but if it has, then it would be nice for FRR to RNS this via the Reach Service. Are you listening YJ?


Hi SB,

I don’t think the article suggested FRR had been awarded the block. Bit odd really.
FRR must have an eye on Ukraine and Moldova after Georgia is sold off or “partnered” off.



I’m certain FRR’s “suggestion” is for the benefit of the company though, businesses don’t do things out of the goodness of their heart. Thinking out loud could be linked to Georgia’s gas supply, the below is what Steve said a few years ago about Ukraine.

“Ukraine represents a unique opportunity for meaningful growth in Europe with its significant underdeveloped and under-explored oil and gas potential such that, with joint initiatives like ours, it will accelerate its path toward becoming an important supplier of energy not only to its domestic markets, but also to greater Europe in years to come. With this in mind, we are very pleased to continue to advance our work with the forward-looking management of Naftogaz and UGV”

All in all a little sweet mystery at this stage folks.

Best of luck, will FRR rise from the dead just in time for Easter Sunday?


So, according to that article, FRR has identified an area located in the northwest of the Black Sea size of 9,772 square kilometers, and requested the Ukrainian Govt to tender this block, which has been approved. Now, they will invite tenders for this area. But I do find it a little strange that FRR has the resources to go out of its way to do all the leg work on behalf of a Govt and then request them to put this area out for tender. You have to wonder where is FRR getting all this geological info from? Surely, there more pressing matters to deal with like OMF or the financing from the NY Fund. This distraction in to Ukraine, I find it morbidly positive. Anyway, given the geo-political risks there, may be no one else will bid, a bit like Moldova. May be that’s why they have 50-yr PSAs, because in a few years time, may be Putin will be dead or deposed and we could be in a whole new political landscape.

Who knows, just more ramblings from a deluded FRR shareholder.



Greggs make 1billion a year selling sausage rolls, can someone remind me what the annual turnover of this company is and how long it has taken to achieve it.


If it’s sausage rolls that you want
I understand that both Brownies and Girl Guides do offer instruction, down the hut, of a Monday or Tuesday evening


You really haven’t got the slightest clue how finance works do you?

Greggs don’t even turn over £1bn. Therefore profit cannot be anywhere close either. Try something in the region of £80m.

Back to your finance gcse class and the girl guide cooking class for you young lady.


Greggs make 1billion a year

No they don’t, you defo get the award for most pointless post though, Uber make ‘Squillions’ a year seling …er… nothing

What the connection rooster between pastries and oil exploration?