Share Name Share Symbol Market Type Share ISIN Share Description
Frontera Resources Corporation LSE:FRR London Ordinary Share KYG368131069 ORD SHS USD0.00004 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.63p 0.62p 0.64p 0.64p 0.625p 0.63p 94,263,029 14:12:46
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 2.5 -19.1 0.3 2.1 84.67

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Date Time Title Posts
21/10/201709:01FRONTERA AND BEYOND6,351
02/10/201718:53The Simon Cawkwell FRR Ј20 a share thread18
14/7/201514:10Frontera - troll-free thread16,583
20/11/201315:00Frontera Resources Plc - Potential Caspian Giant1,611
18/1/201222:31Frontera Resources - Marching Through Georgia72

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Frontera Daily Update: Frontera Resources Corporation is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker FRR. The last closing price for Frontera was 0.63p.
Frontera Resources Corporation has a 4 week average price of 0.36p and a 12 week average price of 0.09p.
The 1 year high share price is 0.88p while the 1 year low share price is currently 0.06p.
There are currently 13,439,016,384 shares in issue and the average daily traded volume is 136,553,591 shares. The market capitalisation of Frontera Resources Corporation is £84,665,803.22.
tickboo: JakNife, you obviously have an agenda here, do you have a short on the go? I hope so as if not you're another saddo with little to do if you're spending time on BBs and the like talking down PLCs. I doubt you're here for the greater good so you have a short. I'm holding here and am not telling anyone to buy as anyone listening to a random punter on a BB needs their head looking at. The CEO just put another £1m into the company. After years of missed targets and disappointment FRR seems to have finally turned a corner and if ud-2 is a success and can deliver 5-15 scuffs it'll be a game changer both revenue wise and improve the already impressive CPR. Reserves can be booked so balance sheet improved, revenue a lot better and FRR is a strong position re a JV. Still risky as if it's a failuer the share price will no doubt fall a lot but at leas the oil play is now in play and fully funded so there's contingency. I think FRR is in the strongest position it ever has been.
5chipper: Taken a small position this afternoon. Just seems to be something cooking. There was the conversion at a price of 1p per share; large fund raising which was over subscribed in 2 hours; large director purchase; very strong recent share price action; recent change at the top of the company... Could well be wrong but feel the risk/reward is well adjusted for to have a 'punt'. Sell out if price falls much below the .58p fund raising level - 20% ish off today's price - not too much of a risk...
loglorry1: I don't think Yara will want to allow SEDA before their Convertible is totally converted. I suspect that we'll see a relaxation of the restriction of the amount of convertible that can be done before June 2018. The company will claim that due to the rise in share price and the ability to convert at higher prices e.g. 0.47p (last time) it makes sense for both parties. That is probably a quid pro quo for Yara giving them a higher conversion price than the discounted 10 day VWAP as per the terms. Then obviously Yara will have carte blanche to smash the share price again using the CBs. As you say though that doesn't bring in any cash. They had $57K at end of 2017H1 and raised £500K post close. However cash out flow was around $5m per half year (using the 2017H1 numbers) so all that will have been spent and you have the work over to pay for. Even with a decent flow result it will need further appraisal before the spend on a pipeline and the company just has no funds for that either. Longer term you still have an enormous bond to pay off in 2020 and the significant license risk on Block 12 only a month and a half away. EDIT: Sorry its not discounted 10 day VWAP the exact terms are :- "The price at which Frontera Cayman will issue shares to YAGM will be 95% of the lowest daily volume weighted average price of the shares during the 10 consecutive trading days beginning on the first trading day after the relevant Advance Notice (the "Pricing Period"). "
researchanalyst1: JakNife, if the stock market was the perfect arbiter of value, then anomalies such as Frontera just wouldn’t occur. The reality is, the stock market is often wrong, and sometimes very wrong. The reasons can be many. But human psychology and poorly informed participants are often the causes. This is not always a bad thing as it creates substantial opportunities for the savvy investor – who rushes in to snap up decent companies that are grossly mispriced (when the company’s share price does not match the value of the underlying business…) by the market. JakNife, Howard Stanley Marks, the serial value investor and founder of the multibillion, wealth management firm Oaktree Capital Management, once opined that: "All intelligent investing is value investing; acquiring an asset for less than its value means seeing what everyone else sees and thinking what no one else thinks." JakNife, prior to any announcement, Frontera’s share price should be trading at 1.76p on the appraised value of its current portfolio. To this end, the market has grossly mispriced the stock and this should present a spectacular opportunity for patient investors willing to exploit this market anomaly. And should an announcement be dropped this week, expect the share price to ruthlessly multibag. Thus, I have only two words: OBSCENE UPSIDE.
tickboo: To be honest they should have done this a while ago. Now SN and Zaza are properly aligned I assume they don't want more and more dilution over and above existing authorised headroom. I assume they'll want a result on the udabno drill, get the share price higher before diluting for working capital. Zaza over here again next week so the approach is going to remain which bodes well. If udabno is a result this will be massive and a genuine game changer - heard that before but I think Zaza is focusing on short term revenue and getting the share price up.
dodge city: You can imagine what a $5mill fund raising is going to do to the share price. No wonder the share price is falling. This could easily go sub 0p.
nobull: "If you have questions about the geology then look at the updated presentation on the Frontera web site. You might find it answers a lot of questions." The only thing the geology has yielded in Georgia FOR SHAREHOLDERS (as opposed to for the host government) is a small amount of commercial gas sales, and these are too small to keep the cost of capital low enough to have a viable business, and in any case because of the high cost of capital, these revenues get sucked off by salaries and death spiral financiers first. As long as Nicandros talks about adding "value creation INITIATIVES" and "value POTENTIAL", you know he has no interest in creating or adding VALUE (one adds bets for the CEO to take, while the other gets the share price up)- I switched off the presentation as soon as I heard "value creation initiative". I have no idea if the 'conference call' was a monologue again or not or whether the presentation was full of talk about "technical successes" (non value adding type of success) but if the VCIs had 100% chance of failure, Nicandros would be in jail. If they have only a 0.5% chance of success, then Nicandros is a law abiding citizen. I imagine if the latter is true, then to go on selling new shares you have to downplay or hide the low probability of success where the probability is a combined one that includes both the geology and the behaviour of the Georgian Govt., things FOF does not ask technical questions about. I still own my shares, but I have never felt more disillusioned with Nicandros. He is not a fraudster, but is the closest thing to it you can be, without actually being one, at least while he continues to avoid proper shareholder accountability and while he continues to talk "technical success" and "addition of value POTENTIAL". Nobody knows better than he does the real chances of success and ,that once the Georgian exploration licenses expire the loss of past exploration expenditure is crystallised for even the most rose tinted investors (Devex, Mole, SB) (even if the accounting policies long ago recognised the same expenditure as a loss). What happens when the Georgian exploration license expires? Nicandros has shipped in a whole load of replacement bets (Moldova), which leaves the company no nearer to the commercial success it craved in 2005 (the share price has already discounted all that, with its £1.50 to 0.3p move). Only a complete shareholder rebellion will make Nicandros change his behaviour. With plenty of people around to submit tame questions, the chances of that are slim. Avoid, despite even a share selling 'business' offering what traders need, share price volatility, as there must be better chances of success with genuine oil and gas explorer developers. AIMO. DYOR.
nobull: A Dilutionary Tale... A loss making company with 18 bn barrels of oil in place, near Tibilisi, Had an unaccountable CEO who financed the company with debt to charge his shareholders to bet (the negative equity) He drilled as slowly as he could (increasing the debt), claiming he needed to do everything by the book (a Georgian ruling) and when oil prices fell, he profited from the rising finance charges and and converted his debt into shares, at a price of his choosing. When finally he started to produce, and oil prices rose, shareholders found no longer was it theirs but that of CEO Stevie. A Dilutionary Tale. Copyright Nobull April 2015 Whether the above portrays our company accurately or not is a moot point. It may not be right in every detail , but it is possible it is has grain of truth about what is really going on in our company. Now you might say who but a fool would invest in such a company? First, there was the £1.50 to 1p share price graph, with the downward trend strong in the months around the time the CEO converted his debt into shares, and falling share prices often attract the ‘reversion to mean’ bottom fishers. The mistake they make is not to realise each year they buy an FRR share, while the share has the same name and par value, the underlying entitlement to profit participation in Block 12 dwindles, making the lower cost shares no better value for money. The technical term is dilution. Second, there are the ‘ten-bag rerate on a change from cash guzzler to cash gusher’ believers who don’t realise the CEO is already rich and is happy to get rich slowly by compounding his more certain 15% returns on the debt (compared with the less certain but potentially larger irregular returns from oil exploration), a 15% rate of return for which he needs to supply a service, with his loaned capital: allowing shareholders to bet with it on exploration/challenging oil field development outcomes (Mirzaani 5 years of fraccing intentions but no change in Mirzaani production levels). Third, there are ‘the CPR is my saviour’ brigade. Their mistake is that he hardly ever does CPRs (2 in 8 years), and they don’t bring in the cash to get rid of the debt (the last one did not), and the CEO chooses the timing of when any money comes in from a farm-in or sale of a fixed asset so that enables him to manipulate the strength of the debt holders’ bargaining power to obtain a satisfactory conversion price into equity that suits himself. Fourth, some people confuse 18 billion barrels of prospective resources with a physical quantity of oil that can’t just be sucked out of the ground not realising the oil has not even been found yet, and that when it is found there is no guarantee it will be economic to extract, a risky activity which could involve throwing a lot of money away to get nothing back at all. (Prospective resources are hardly an asset in the short term, and not when the exploration license is short). Fifth, the CEO may get help from particular shareholders (Outrider Management) in manipulating the price. The latter may have a fuller kit of betting tools (RPNs, CLNs, Equity purchases through placings and equity purchases in the secondary market; we only have one betting tool, buying shares in the secondary market). These institutional shareholders are specialists in extracting value from consensual restructurings such as profiting from changing the terms of conversion. (They maybe have the same goals as the CEO – to get richer slowly, but certainly). The CEO may get help from the Georgian Govt. with creating delays – we never had an explanation for the gas permit delays, and we don’t know if the Georgian Govt., or if people connected to it, are holders of some of the other debt instruments. Sixth, the CEO made his equity stake public (which makes some people think this is a safe bet) but kept his much larger debt stake more hidden. Related party transactions are in the accounts, which he published only at the last possible minute, when he was forced to by the listing rules. AIM listing rules and Cayman/UK/Delaware Company Law do not require the identities of the debt holders to be revealed other than as the quantity owned by related parties in the annual accounts. While there are rules to compel disclosure of director dealings in shares, there are none for director purchases of the company’s debt. Material changes in debt levels do not need to be RNSed. Seventh, the institutions were under no obligation to obey the notifiable interest rules – they were overseas distressed debt trading /restructuring specialists who profit from small shareholders’ ignorance of the technical matters like inducement charges and adjustment of the conversion terms, and they understand the importance of a business model where the value creation, if there is any, comes in lumps under the control of the CEO, so that the conversion price can be better manipulated to suit their interests. Eighth, slacking companies are more difficult to detect on AIM without the discipline of quarterly reporting like companies listed on the ASX have to suffer – lifestyle companies get outed quicker there. We won’t necessarily know until 30/9/15 whether a paid-for Varang rig is on site at Taribani (by then it will be too late to change the likely size of the finance charges we are faced with next year). There is no requirement on AIM to report underdelivery on a prior stated target or intention, and the latter can be stated ad nauseam to get the share price up ahead of placings. (The Taribani 8-well work-over program might be just an intention that never happens– there was no picture of the company owned fraccing fleet). Slackers loaded with debt should have a share price chart like we have. Ninth, people with high entry prices are easier to fool with ‘overpromise underdeliver’ because they want to believe. They tend to hang on, hoping for improvement. Tenth, there is a category of people who haven’t mastered what has taken me most of my life to master: money goes to those who don’t need it and secondly, if you can see a ten bagger, then someone richer than you will find a way to get your shares off you legally, giving you a two bagger, while they go on to get a five bagger with them (Low ball all cash offers by a cornerstone investor). The believers in “Steve will have a coherent plan”, “Steve is in it for the long term”, “Steve loves us”, etc. may be living a delusion. Steve is probably only listed here to get placings away to pay his salary and to create a business that will be worth having in the future, but the point at which the business is worth having is may be the point at which we will wake up and find we own very little, at least if the way it is being run now continues. Capitalism. Animal spirits. Money doesn’t grow on trees. You don’t get paid for research (no need to worry you’ve discovered 18 bn barrels oil, and that nobody else knows that FRR has it) – you get paid, if at all, for risk taking. The fact some people don’t understand the risks they are taking may give them the illusion that money really does grow on trees. Respect for long term FRR shareholders is paying back the debt from cash generated from operations, stopping the dilution, making sure Steve does not adjust the terms of conversion UNDER ANY CIRCUMSTANCES, and if that means making hard decisions about losing exploration licenses, then so be it – I do not understand why our gas revenue money should be used for high risk exploration if no farm-in partners are interested, especially when using the gas revenue enables our BOD to compound its returns at 15% p.a. risk free and then to dilute us out of existence (we will own 50% less of Block 12 next year if the share price flat lines at 1p, because that will create an inducement charge of $28.244m). I hope more substantial shareholders will call an EGM to get answers out of our CEO if he doesn’t start managing the dilution risk and the finance-cost blow-out risk appropriately, and that means talking about it in RNSs. And if respect for long term shareholders creates a short term 8 bagger, then that is not my fault. For the record, I have fallen into categories 1, 2 and 9. (Category 1 more for not appreciating the dilutive effect of the high finance charges rather than for believing in reversion to mean – the latter investment strategy is more suitable for producers over the economic cycle whereas this is a development play i.e. category 2).
nobull: Joeyboy128, thanks, but of course I still own my stock, so it doesn't please me to see the FRR share price going down, although I see its descent, in the absence of answers from FRR, is totally justified.
nobull: The Skipper, many thanks for that. It doesn't make much difference whether I vote in favour or not (holding too small). I do see from your answer that it is in my interests to vote "yes", and that it is unreasonable not to, but it is also unreasonable to let FRR work at a snail's pace and pretend that our cost of capital doesn’t matter (it never discusses this) (current liabilities exceeding current assets wasn't my main concern, the topic the Nomad assured you about? – I just assumed, unwisely perhaps, that our BOD would issue itself a load more 15% interest bearing RPNs to pay for ones maturing about now). My concern is the HIGH COST OF CAPITAL (particularly those convertibles), because if you don’t have cheap finance, you have less chance of ever being a viable business, and a greater concern is the fact that the BOD doesn’t appear to be in the least bit concerned about this at all. If the BOD have a sure fire plan, with detailed steps I can put ticks against, to get the cost of capital down, then why not tell me what it is? Having blind faith last time in Mirzaani riding to the rescue to save us from that sky high $100m inducement charge was a mistake. I don’t want to be in that position again just listening to a load of tosh that Mirzaaani will flow at 300 bopd, that gas sales will rise and that Varang will create new revenue streams, and then for all these things to happen too late and then get finished off with another inducement charge, and then just be told they did their best. The time to demand better performance is now, before it is too late. An example of a company that communicates well is AVM. Dire host country (Burkina Faso is less safe than Georgia?), balance sheet is terrible (going conecern worries, priced to go bust, high cost producer, loads of debt, and vulture funds owning some of its debt e.g. Elliot Partners, the hold-outs who are trying to screw Argentina), a market cap. that is half FRR’s, and AVM is a 40 bagger if gold were to return to $1829 per oz.) and AVM’s balance sheet now is where FRR’s will be in 6 month’s time if FRR does not work faster, and yet AVM manages to answer questions in regular analysts’ conference calls. So why can’t FRR? If you want to be taken seriously, you answer investors’ concerns (whether they are justified or not, as long as they are genuine concerns). Of course there are many ways to answer them: an elegant way is just to get the FRR share price up! Mr Nicandros’ equity stake is then more valuable than his debt stake, and then we know he is working for us. Just my view. Verdict: FRR can do better – still thinking of voting “no” even though that is a stupid course of action. I look forward to the next operations update answering my concerns, and it coming out before I have to vote. P.S. Many thanks again for all the hard work you have done.
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