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I rescue this post from our comments section as iut merits a wider audience. Waseem Shakoor was scathing about last night's Frontera (FRR) rampfest. Evil Banksta was there and reports:
I was there last night, the audience and its questioning was definitely hostile. The very first comment was an aggressive shout from someone of "Zaza, flow rates!". Zaza then went on to give some total bullshit about why he couldn't give flow rates from just one part of the well as they intend to drill multiple sections. It was obvious that if the flow rates had been good he would have spun that in the RNS and last night - hence the initial flow rate must have been poor.
Apparently in a presentation last year he had promised that there would be "gas within five weeks", then in a later presentation he had said "gas within three weeks" and an even later one he had said gas by Christmas referencing "Christmas presents" and connection to the gas pipeline by year end. Last night he tried a joke of "I didn't say which Christmas", which went down like a lead balloon. The presentation details are not all RNS'd like last night's, Yellow Jersey send out a private email to people and arrange meetings in some local pub!
Elsewhere Zaza showed a laughable video which he claimed evidenced oil flowing at 1,000 barrels of oil per day (it actually showed oil coming down a gutter and being directed into a mud pit) but it was later pointed out that the video was from 2008!
Someone pointed out the $33.5m of debt and that there were preference shares as well. Zaza had previously waxed lyrical about how one well in Trabinani was going to produce just under $30m of revenue over 10 years but it was clear that even if it did then (a) there are costs that that revenue will need to pay, and (b) the debt and prefs will have to be paid first. It was at this point that Zaza made his recockulous comment that he would deal with the debt in 2020 and expected that he could convert it to equity at five times the current share price. This was after he'd talked about banks lending FRR money to pay for a connection to the pipeline - it was all pure and simple bullshit.
Regardless though, there were plenty of deluded donks lapping up his slick words in the bar later.
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