Ukraine again



Data from the US Bureau of Labor Statistics also showed that the number of people ending part-time jobs or on temporary leave dropped by 225,000.

It said: “This decline reflects, in part, the return of federal workers who were furloughed in January due to the partial government shutdown.”

Ian Shepherdson, chief economist Pantheon Macroeconomics, said that the expectation for 180,000 new jobs in February was too high because of the huge 311,000 rise in January, which doubled-counted government workers who took second jobs during the shutdown.

He said that average new jobs growth over a three-month period was 186,000 which “is entirely respectable”.

“Indicators of labour demand have softened a bit but are nothing like weak enough to suggest that the February number is indicative of a new trend; we expect a return to the high 180,000 in March,” he added.

Spin however you want Booster… :slight_smile:


One word for you Booster DESPERATE, what an earth has any of that got to do with FRR?

What an earth has Gregg’s got to do with FRR?

If we get the financing the games still on if not it’s over simples.

Why on earth would FRR be ‘dicking’ around with Ukraine if the ‘lights were about to go out’?



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Another mature, considered post by you Booster.
Nothing changes


Another article on the Ukraine proposition, translated via Google. this news was published on the 7th March but gives more details. If FRR can secure this acreage on a 50-yr term, then the Black Sea strategy starts to take significant shape, both operationally and politically. Very interesting.

Kiev, March 7 - IA Neftegaz.RU. Frontera Resources returns to the topic of hydrocarbon production in Ukraine.

Of interest to the company is the Dolphin site, located in the northwestern part of the Black Sea’s continental shelf.

At the suggestion of Frontera Resources, Ukraine may hold a tender for the conclusion of a production sharing agreement (PSA) for the Dolphin subsoil plot.

The corresponding draft resolution was discussed at a meeting of the Cabinet of Ministers of Ukraine on March 6, 2019.

The head of the Ministry of Energy and Coal of Ukraine I. Nasalik made a report on the competition for the conclusion of the PSA for the Dolphin section.

The total area of ​​the Dolphin site is 9,772 thousand km2.

The terms of the competition stipulate that the minimum investment should amount to 1.5 billion UAH.

The amount of total investment required to ensure industrial development will be determined by the results of the competition.

The state’s share in profitable products should be at least 11% of its total volume, the maximum investor’s share - 70% of total production.

The winner of the competition for the development of a PSA site will have to provide a geological study of the subsurface site.

In particular, during the first 5-year stage of exploration (GEW), at least 5 wells should be drilled in the area. The term of the PSA is 50 years.

Frontera Resources Corporation has long been interested in Ukraine. The company was founded in 1996 with an eye to the exploration and production of oil and gas in the countries of Eastern Europe and Asia belonging to the Black Sea basin.

First of all, the company is interested in the countries of the post-Soviet space, the most successful for Frontera Resources was the exit to Georgia, where the company has proven natural gas reserves of 300 billion m3.

In Moldova, companies are much less fortunate, and in Ukraine, the company has been trying to realize their interests for several years.

In March 2012, Frontera Resources signed a memorandum of understanding with Gosgeonedr of Ukraine, according to which the company intended to engage in exploration and production of hydrocarbons in the country.

In July 2015, Naftogaz and Frontera Resources entered into an agreement in the field of investment in the exploration and development of oil and gas fields in Ukraine.

A project to import liquefied natural gas (LNG) from the capacities of Frontera Resources in Georgia was also planned for implementation, and it was planned to begin deliveries of LNG to Ukraine as early as 2017-2018.

It was not possible to implement the project due to the modest volumes of gas production in Georgia, and because of the scandal around the regasification LNG terminal near Odessa.

In 2017, the interest of Frontera Resources shifted towards shelf projects in Ukraine.

So, with the Ministry of Energy and Coal Industry of Ukraine, the company discussed a project for the search and production of hydrocarbons in the subsoil area in the western part of the Black Sea shelf under PSA terms.

But Then the Interdepartmental Commission on the organization of the conclusion and implementation of the PSA recommended the company to work out the possibility of filing a joint appeal with Chernomorneftegaz, which has special permits for the use of subsoil in the Odesskaya and Bezymyannoe areas.


" US jobs data much worse than predicted.
Chinese exports slump
More ECB stimulus
Brexit risk
Record debt,
Wake the **** up."

You forgot that a dead dragon just destroyed ‘the wall’ and the white walkers are heading South.

Woa woa and thrice woa - the end of the world is nigh.

Think I’ll have a nice cup of tea.


Just mulling over the translation that SB posted yesterday. As has been pointed out elsewhere FRR neither have expertise in deep sea drilling nor the very significant funds required to drill one test well let alone 5. Yet they are clearly working with the authorities to help shape a licence template - and to suggest the most likely licence area.

Present troubles aside, what FRR do have is considerable understanding of the way in which the geology works as you go west of Azer towards Moldova. Plus clear and no doubt very deep political connections. The only way the Dolphin area will be tested is by either a major doing the work, or a JV involving one or more majors (noting the Exxon have spent over $1 billion developing the Romanian Black Sea licence area before any commercial oil or gas has emerged).

Now I suggest that no major wishes to be seen to be in anyway connected to work in the Ukraine (or Moldova for that matter), which in turn suggests that FRR in these countries is likely to be a front for either BP, Exxon, etc - or combinations of them. With Baker Hughes intimately involved in any delivery project.

Which again suggests why, despite all of the Outrider issues, we have vendors with incredibly deep pockets who are willing to work for FRR and not aggressively chase their unsecured debt. Interesting that in my recollection of the court papers revealed thus far not one single specific reference to vendor debt is mentioned. Yet that debt probably now exceeds the loan note debt to Hope and Co (who of course have actually not lent FRR one single cent - they simply bought a distressed loan note in 2012).

I am convinced that very deep politics is working here, and someone one day will surely write a book about this lot. If I ever get my return I might well write it myself.


That is a cracking post Devex, very insightful indeed. I am also of view that there are some political heavyweight connections or supporters behind FRR. Just consider all the challenges FRR have to contended with over the years, from Georgian egotistical Politicians to vulture funds. In between they have drilled new wells as well secure new acreage in Moldova and now maybe in Ukraine. Any other minnow on AIM would have struggled to overcome some of these challenges. However the only issue with our theory is that we have not actually signed up or partnered with any Major yet, after so many years. And from the Court papers we know that Exxon took a look at Taribani in 2014, but decided against a JV. But maybe things have changed since then as 1)there is now more data from the 3Taribani wells, 2) flowing of Ud and 3)they have set up a camp in Georgia to explore acreage in the West. For the longer term and indeed the Black Sea strategy as a whole, Exxon (or BP) would be the best fit.

So while we await a satisfactory resolution on the court case, let us hope that Zaza is still working hard behind the scenes with securing the NY financing and/or finalising a deal with BP.

But with so many Super Majors swooping in to Georgia now (TOTAL being the last one), now would be the most optimal time to close a deal; we will see.

Just a hunch, but I believe we may have some news in the next 2 weeks…



Great post yesterday on LSE Dev. Keep up the good work for all our sakes! :clap:


"Of course we can’t guarantee that those with other agendas are locked out of FSG, particularly if they were left with shares in their names. But surely it is better to at least try and keep these people out

The other issue is that some of the shorting brigade actively tried to interfere with FRR business - eg Easy Brent emailed GOGC last September with the express intent of undermining confidence. Plus we know that some wrote directly to the FCA about various issues (they openly admitted doing this). We also have reason to believe this was very clearly orchestrated. And we think we know the names of at least some of these characters. So we have at least tried to prevent these people becoming a part of the group.

We are also not entirely sure that the main boards will carry on indefinitely in a de-listed environment - although that risk does seem to have reduced

We are simply trying to do something constructive, and we are not seeking to secure or circulate privileged information. We simply want to offer an opportunity for the company to communicate with a significant shareholder body once the current issues are progressed - and hopefully be in a position to suggest and recommend approaches that benefit all shareholders. It is probably better to leverage this as a group rather than as individuals

So we are simply trying to do something rather than nothing, and given the amount of money we have collectively spent on Company shares that is surely not an unreasonable thing to do. If you think it is wrong then simply ignore us."


Georgian Oil and Gas Corporation - updated web site. Apologies if this has been posted before but some interesting reading!


Just caught this post from YellowJerseyIR on LSE:

Shareholder contacted me to say a post going round that YJ are not still engaged with FRR - we are still on the case although waiting for an update so not much to say at the moment…


A PR firm with nothing to say… I do’nt know whether to laugh or cry!!