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By Tom Winnifrith | Thursday 12 April 2018
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
An industry source in Georgia has been in contact to relay news on Frontera Resources (FRR) which is not good at all. I offered the company the chance to refute or deny the allegations via its morally bankrupt PR agency Yellow Jersey but I have had no reply, not even a plea to extend my deadline. You can draw your own conclusions from that. My source writes:
The Production Sharing Agreement (PSA) was singed in 1997 and currently only has 5 years remaining. The Georgian Government has not given Frontera an extension and has been trying to force Frontera to relinquish more than 50% of Block XII.
Georgian Oil and Gas Corporation (GOGC) is taking Frontera to arbitration court in Stockholm to force Frontera to relinquish at least 50% of Block XII. GOGC and Frontera have already chosen their judges and the third neutral judge for the court is in the process of being selected. As soon as the third judge has been selected, GOGC will announce that it is in arbitration with Frontera.
The Georgian Government does not like Frontera as for many years Frontera has tried to use/exert US political pressure on the government. The fracturing method that Frontera is using in the Taribani field will not succeed as the clay content is too high.
That does not read too well for Frontera, arguably one of the most over-ramped and over-valued stocks on the AIM Casino. Perhaps it would care, even at this late stage, to comment?
The stance at 0.59p is sell.
PS The reason that Yellow Jersey chief spinner for Frontera Tim Thompson works there is because I exposed his dirty tricks campaign activities HERE so meaning that his previous employer let him go. As I said..morally bankrupt.
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