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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Trinity Exploration & Production Plc | LSE:TRIN | London | Ordinary Share | GB00BN7CJ686 | ORD USD0.01 |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 39.50 | 22,867 | 08:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 39.00 | 40.00 | 39.50 | 39.50 | 39.50 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 14:42:28 | O | 10,000 | 39.624 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 15/4/2024 | 12:05 | ALNC |  Trinity Exploration's combined reserves and resources fall 23% |
| 15/4/2024 | 07:00 | UK RNS | Trinity Exploration & Production 2023 Year-End Reserves Update |
| 29/2/2024 | 13:30 | UK RNS | Trinity Exploration & Production Total Voting Rights |
| 01/2/2024 | 14:27 | ALNC | TRADING UPDATES: Genflow wins new research grants; Seeen margin rises |
| 01/2/2024 | 07:00 | UK RNS | Trinity Exploration & Production 2024 Guidance and Operational Update |
| 22/1/2024 | 07:00 | UKREG | Trinity Exploration & Production Block Listing Return |
| 11/1/2024 | 11:38 | ALNC | IN BRIEF: Trinity Exploration shares down as annual sales miss target |
| 11/1/2024 | 07:00 | UKREG | Trinity Exploration & Production Q4 2023 Operational Update |
| 04/1/2024 | 14:28 | ALNC | IN BRIEF: Trinity Exploration up after Trinidadian reform takes effect |
| 04/1/2024 | 07:00 | UKREG | Trinity Exploration & Production Fiscal Reform: Trinidad & Tobago Finance.. |
Trinity Exploration & Pr... (TRIN) Share Charts1 Year Trinity Exploration & Pr... Chart |
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1 Month Trinity Exploration & Pr... Chart |
Intraday Trinity Exploration & Pr... Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 19/4/2024 | 12:42 | Trinity: OIL PRODUCER 2020 | 7,370 |
| 16/4/2024 | 10:43 | Trinity Exploration - bickering thread 2020 | 3,688 |
| 08/3/2021 | 16:06 | Trinity Going to 1p | 3 |
| 10/12/2020 | 21:46 | Trinity Exploration & Production 2018 | 8,953 |
| 02/4/2019 | 16:49 | Trinity Exploration & Production PLC | 6,470 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 13:42:29 | 39.62 | 10,000 | 3,962.40 | O |
| 10:16:23 | 40.00 | 2 | 0.80 | O |
| 08:00:03 | 38.20 | 1,862 | 711.28 | UT |
| 07:44:13 | 39.10 | 11,003 | 4,302.17 | O |
| Top Posts |
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Posted at 15/4/2024 14:23 by nocents Sleepy:- I did consider that.I also considered it as being ratification of discussions which may have already taken place. All hypothesis. But today was an advert for the proven reality of Trin’s assets. Let us not forget that Cavendish increased their target price to £3.47p” Including the 38.7mmbbls of 2C resources into our valuation highlights Trinity’s upside potential if funding was available, increasing our target price to £3.47p, a significant c8.4times the current share price”. Nota Bene M M’s , who have slumped this. There has been a lot of buying, but this is what AIM does. Let us also not ignore Cavendish’s revision of 40% higher net cash at year end and an almost doubling of free cash flow to 33%. They foresee no SPT but they may be ignoring that it is a quarterly average . Q2 is already at $ 76.7 AR price since April 1st. Nevertheless, these are friendly figures. I assume Trin had to relegate 2p obsolete fields to zero or 2C. I doubt they would choose to do it, although they do aim the pistol at their own toes with regularity as a habit. It seems, as you say, like a cheap advert. That, or Trin are more a bunch of lemmings on the march to the cliff than I ever thought. FCF and net cash increase are worth noting though, as is the revaluation to 3.47p if funding for Galeota were available. Trin are notorious for finding dirt in the diamonds but Cavendish are very precise these days. Thoughts welcome. |
Posted at 13/4/2024 18:12 by nocents I think the bottom line is that Trinity is low profile and in AIM. Institutional investors are not interested, and Trin shot themselves severely in the foot with Jacobin. They lost the confidence of the private investor and the mm’s just slumped it as they do. I don’t think many people except us have a clue about the nuts and bolts of the company. Most people just want a quick profit asap and out, thank you very much. They probably don’t understand SPT, no hedging, discounted price etc. Even Cavendish think Trin will pay no spt at all in 2024, but I think they may. This quarter is already averaging $76.5. And oil is holding up. Last year had no hedging too but the money was squandered.Trin need to increase bopd and investor trust. And the dividend. And sell assets in Galeota. Unfortunately management have not shown the greatest competence since BD died . This has wrecked the share price. I think the big shareholders will have made their feelings known. Newlands owns over 10%. Trin should be marketing Galeota( Perenco are next door), increaing the dividend as promised, and explaining what( if anything) they have learned from Jacobin. The update in about 10 days may be a flop ( Q1 usually is) but ought not to be. No SPT. Decent profit. No capex. Let’s see if they manage to shoot the other foot or not. Disgrace if they do. 40p( 4p old money) is well below the all-time low in Covid of 55p(5.5p). I fear a year stuck in the Sargasso with no wind in our sails, but it all comes down to management competence and care. The big holders need to know the plan or should be proactive and move management out if it does not happen. Not yet though. See what 10 days bring. Have no expectations. But the ground is solid and assets plentiful. But this is Trin and it is in AIM. Grab and run index. |
Posted at 07/4/2024 16:29 by aqc888 Question;What stimulants could cause the share price to rise substantially and what are the odds of each? Galeota bid from rival producers; Share price effect - could see it rise to 150p Farm out deal of Galeota- similar to above Opportunistic bid from rival for whole company - should see share price rise to at least 100p Oil discovery in BA - increase in production would cause share price coupled with high oil price to reset to a sensible level approaching 100p Oil price maintains current level and first 15% distribution is made - skeptics will have to concede the share price needs to re rate or the dividend will be obscenely high. Share price will reach 60-80p. Now what could cause the share price to fall?… Slow further decline in bopd… this is already well factored into share price, minimal effect I’d say. Jacobin confirmed as flop - already baked into share price. My point being there are possibilities of substantial increases |
Posted at 29/2/2024 20:21 by andrewbyles There are a number of ways in which Trinity needs to improve communication with shareholders, but they mainly concern how it deals with actual news. There’s no point in making a short statement about not very much just so that they can say they’ve issued a communication (if there’s no news, there’s no news).Ways in which they could improve communications include: 1. It’s unlikely that no work has been carried out on Jacobin since the middle of January. It would have been helpful and still could be helpful if they put some little updates on Twitter and other social media. Things like a photograph showing the pump arriving or a note that a planning meeting took place to discuss a recompletion at the Forest level. The sort of thing that reminds us that they are at work trying to boost production, profits and the share price. 2. When there is substantial news, they need to make the most of it. Over the coming month we can expect the announcement that the Buenos Ayres licence has been formally granted (it’s disappointing that the government still insists on doing things so slowly - at the recent Energy Conference the PM lamented the culture of “not doing anything on Monday if it can be done on Friday, and not doing anything on Friday because it can be done on Monday”). They could just announce that, which wouldn’t tell us much that we don’t already know (although the licence isn’t certain until granted, so it will be something). However, a few more months of planning will have gone into Buenos Ayres since they last mentioned it. They may have better ideas about where they’re going to drill first, how long it’ll take, what they hope to find, what the chances are, what the cost is and how things are going to be structured (BA may be able to take advantage of some of the enormous tax losses). Using the licence announcement to provide us with as much of that detail as possible provides an opportunity to boost confidence and the share price. 3. They need to set out a clear vision for expanding the business. They’re on the back foot at the moment as 2023 was supposed to be our year, as was in many ways 2022 (the Galeota farm out was due and drilling was planned to resume earlier in the year than it did). This can’t be done overnight and we may have to wait to the Final Results, but they need to explain in detail what happened with Jacobin and what’s been learned. They need to explain how growth is going to be financed. At the moment, borrowing money and spending all of the cash is unlikely to boost confidence (something that’s unlikely to change even if new or additional directors were appointed). The fall in Trinity’s share price since 2022 and its performance since 2016 (it’s below the 2016 fundraising of 49.8p and well below the 2018 fundraising of 150p) is appalling. If you think the large shareholders are nonchalant about this, I suspect that you’re very much mistaken. I’ve had meeting with the directors and made my views known, and I’m sure those with larger holdings (and larger losses) have done and are doing the same. |
Posted at 29/2/2024 10:49 by nocents The difficulty now is the return to lack of communication. We should hear Q1results in April and FY in May. But the absolutely laughable share price reflects lack of confidence in management decisions and what they promise. Why are we not updated re. the pump or the Jacobin upper strata testing for production? I am not sure that change of management is the panacea. It may be. I don’t know. No matter what we do, we can’t seem to get them to communicate on a real-time basis though.I have emailed Vigo, but even this never used to happen!! Trinity would answer emails personally. This hands-off approach is pure defensiveness. I think sinking back to 40p just brings out the grinch. Trinity’s slump( after personal massive losses in 4D and Ncyt) have changed life this end dramatically. Jacobin was sold in a great fanfare as a 63% appraisal well. Looking back, how amateurish that was. 2024 could just be dead-zone without some kind of action. I hold a twelfth in value of 2018. Losses have devastated life and more importantly health. For the first time in 10 years, I have lost confidence in the company and, although I may well be talking tripe, I would consider any action whatsoever if I thought it could revive the share price….and along with it, life and mental health. So, it seems to be just a waiting game but not sure what we are waiting for. I doubt news of a farm-in for Galeota is imminent. At this price, how foolhardy to self-fund Galeota. Risk would go through the roof. No onshore drills( so much for Hummingbirds). BA not until next year I would say. April results would reflect no hedging, no spt at all and a good realized price around $68. May results ..we know already. If Jacobin were going to pay for itself, it would be yielding something. It is March. Why do we know nothing( except for a pump)? According to asset value, we should be at £2. 40p. What is going to change this? Newlands? Segel? Winther? Castro? Etc. They need to unite to bring about change. I don’t believe they are inactive, but , as ACQ says, are we past the point of no return here? Do they need to bring radical change if no clear plan is in sight?? I need the share price to rise 200% just to break even. Life has become unexpectedly very tough , and I am not sure I see any clues ahead as to the way forward, apart from the spt bonus. That won’t bring us back. News of a partner( anyone interested?? Hello Perenco!!) . ANY news on Jacobin whatsoever. Any communication would be nice! “ Shareholders of the world unite” K.Marx revisited I may be wrong about much I write. But we sit below the 55p (5.5p) of Covid Lockdown and at the level in 2016 when Trinity was on the road to Administration! So where to from here. Communicate please, Trinity. |
Posted at 25/2/2024 20:25 by andrewbyles Shareholders have suffered the most as a consequence of the substantial fall in Trinity’s share price, but that fall has affected the directors too.First, Jeremy Bridglalsingh owns 565,591 shares, James Menzies owns 115,000 shares and Nick Clayton owns 30,000 shares. Angus Winther, who stepped down at the 2023 AGM, owns 3,213,299 shares (8.10% of the company). Since January 2023, the value of their shareholdings has fallen by about £450,000, £91,000, £18,000 and £2.55 million respectively. Further, David Segel was a director until February 2022 and his family trusts have lost about £3 million since January 2023. Second, a generous package of long term share incentives was awarded to the executives in 2017. As the 2023 Annual Report explains, “The final vesting of the 2017 One Off Award was due to occur on 30 June 2022. However, as the three-month average VWAP to 30 June 2022 of 130.Op was below that prevailing at 30 June 2021 the remaining 1,214,744 unvested options lapsed.” Had the required targets been met, those shares would have vested at zero cost to management and would have been worth at least £1,579,000 (assuming that the share price had to be at least 130p). Further, at the current share price it’s unlikely that any of the outstanding a LTSIs are vest-able. Moreover, considering production levels and the share price, it’s unlikely bonuses are payable. If management wants more than their base salaries, they need to get the share price and production up. |
Posted at 25/2/2024 19:43 by aqc888 If Trinity were a house it would be a worn out old shack on some prime real estate.The discussions over whether management can maximise returns are now as pointless as talking to a builder about whether to repair the roof of the Trinity shack or improve the insulation etc. Forget it. The only serious value shareholders will now see is the sale of Trinity or a substantial part. The management took their opportunity to create value and have failed with the share price hitting crazy lows. The management have not decisively exploited these lows by buying shares themselves, and have thereby sealed their fate as busted. Trinity shareholders have been battered, the situation in Trinidad shows that total production of Trinidad is reducing. It’s the time for consolidation of oilers in Trinidad as a country, due to its dwindling bopd, and its most certainly time for a weaker oiler like Trinity to be bought out. |
Posted at 25/2/2024 04:29 by andrewbyles We’re nearly two months into 2024 and Trinity’s share price continues to disappoint - it’s lost two thirds of its value since the beginning of 2023 and for now has settled at that level.It’s worth remembering some of the recent comments made by Trinity’s management. First, on September 20th 2022, as part of the interim results, shareholders were told, “The first six months of 2022 was a period of consolidation for Trinity, positioning the Company strongly for the second half of the year and beyond. Stable production and higher oil prices boosted our revenues in the period, the benefit of this will be fully felt when our hedges expire at the end of 2022. Towards the end of the first half the Company commenced a potentially transformational drilling programme onshore Trinidad. The six-well programme is ongoing, with drilling of the most notable wells, a horizontal well and a deeper appraisal well, due to start in the coming months. I believe this has the potential to meaningfully increase our scale, and as such prove to be the start of one of the most exciting periods in the Company’s history. I am also pleased to announce the Company’s intention to implement a new Capital Allocation Policy which is likely to include the payment of a regular dividend and a share buy-back programme to further deliver value to our shareholders.” Second, on June 2nd 2023, in the Annual Report, shareholders were told, “During 2022 Trinity put in place the foundations for an ambitious growth programme, developing a series of catalysts to drive shareholder value that we are now starting to execute in 2023. This important process has involved taking tough decisions based on identifying the most efficient allocation of capital across the portfolio” and “We are a forward-thinking company, harnessing the benefits of new datasets, software, processes and technologies to drive efficiency and responsibly deliver hydrocarbon-based energy. Trinity’s investment case is based upon resilient, low-cost production; near term, deliverable catalysts with the potential to achieve incremental growth; and a medium-term hopper of organic opportunities capable of delivering transformational growth. On behalf of our shareholders, we are focused on delivering significant growth in production and free cash flow, allowing us to pursue new growth opportunities and deliver sustainable returns to shareholders. Our strategy and business model are designed to deliver this core objective.” In addition to those specific comments, for many years Trinity has ended it RNSs with, “Trinity's portfolio includes current production, significant near-term production growth opportunities from low-risk developments and multiple exploration prospects with the potential to deliver meaningful reserves/resources growth.” Unfortunately, 2023 wasn’t Trinity’s year and, instead of growing, the business shrank (Trinity produced 2,975 bopd in 2022, but in 2024 is forecast to produce between 2,600 and 2,700 bopd - if Jacobin manages to contribute any meaningful production there’s a possibility that figure may be revised upwards). Obviously this isn’t good enough. Whilst I’m not in favour of replacing the board (at least not yet), things cannot continue as they have before. In the first instance, the board needs to consider whether the company has the ability to deliver on the aims set out above (eg, does it have the necessary expertise and financial resources). Trinity has a core net asset value of 201.5p (arguably the company is worth much more than that as the core net asset value doesn’t take into account the company’s significant 2C resources, the investment in Buenos Ayres, the investment in the Hummingbird prospects or even the VAT refund), which is more than four times the current share price. If the board isn’t confident that the company can deliver, it has a duty to explore selling the company or part of the company to a larger company that can deliver on those aims and in doing so close the gap between the current share price and core net asset value. If the company believes it does have the ability to deliver, it needs to set out clearly and compellingly how it will do so. I think that will include: 1. Reducing costs so as to maximise profitability from the base production; 2. Explaining exactly what has been learned from Jacobin and why it’s appropriate to drill further wells, especially on Buenos Ayres; 3. Demonstrating that base production can be maintained (when you strip out ABM-151, 2023 was a terrible year for base production even allowing for the one-off problems with Trintes following the fire); 4. Bringing in a partner to develop Buenos Ayres and Galeota (a partner will provide two things: confidence in the drilling programme and a financial contribution towards the cost of that drilling); 5. Maximising returns to shareholders (reducing costs, maintaining base production and bringing on board a partner to fund fresh drilling will each make dividends more affordable); and 6. Making more of an effort to engage with shareholders and potential shareholders. Trinity urgently needs to set out a deliverable vision and set about persuading people of it (eg, by attending the various investor presentations). |
Posted at 16/2/2024 11:06 by aqc888 With the current share price at less than 25% of the recently reported NAV why is everyone dancing around what should happen next? Is Trinity a family heirloom that makes everyone want to hold it anyhow? Nope. Does Trinity hold some kind of emotional attachment that would be hard to let go?!?! Nope. Would its asset be difficult to sell? Nope! Does everyone want to see the disaster of Trinity’s share price loss removed from their portfolio? Yes. Do management have to follow shareholders wishes if pressed? Yes. Would just the mere mention of the start of a formal process to sell Trinity/assets make the share price rise? Seriously though, one has to ask will Trinity ever be priced at a premium to its nav? Highly highly unlikely I’d say, therefore an offer of a slight discount would be ideal for everyone… |
Posted at 10/2/2024 18:44 by arlington chetwynd talbott Yes, the BoD are saying let us bank our salaries for another year and then we might have something meaningful for you. Not good enough, but they will undertake some kind of charm offensive in a few months to keep the natives (a disappointingly complacent lot) from becoming restless and it will all likely trundle on.Sleveen suggests switching into TXP, but after all this time, although it is clear to me that TRIN no longer has a competent BoD and that things are finally happening at TXP, it is also clear that Trinidad itself appears to be part of the problem. If the TRIN share price recovers modestly at some point in the coming months and folk then switch into a solid non-tech blue chip of their choice (one paying substantial but well covered dividends that they can reinvest), the majority of those folk will in the medium term (if not the short term) likely find themselves doing better than those remaining in TRIN - even if its dividends do continue - and wondering why on earth they ever bothered with TRIN and companies like it. TRIN is a frustrating itch that I have resolved to stop scratching until the next (meaningful) RNS. I am clearly not persuading anybody to see TRIN for what it has become, let alone sack even one single member of the BoD. |
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