Trinity Exploration & Pr... Share Discussion Threads

[mark10101] 14/3/2016 14:16

Hi Lazarous, interesting. I still interpret things as stated earlier, they state the "seller was unable to satisfy the required conditions" as we are the sellers that would suggest they are blaming us for it not going through. I do agree with you on selling the the best asset (in current oil price conditions) looked a bit short sighted and I prefer to remain whole and seek proper financing if the markets now allow.

[lazarus2010] 14/3/2016 14:11

mark10101 14 Mar'16 - 13:51 - 2710 of 2711 0 0



Personally I think Trin realised that without the land based production they were phooked, as the offshore is probably unprofitable at current WTI and would have eaten into any cash reserves; therefore necessary to retain the land based assets to subsidize offshore production. Probably Trin failed to provide all the info on purpose, causing the deal to collapse.

I was in touch with TXP very recently and I was informed that the only thing holding up the deal was T&T approval, rather than anything to do with Trin...so I think the email response from TXP was bs!

From TXP today

Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX:TXP) announces that the previously announced agreement to purchase certain Trinidad onshore producing assets for US$20.8 million (the "Agreement") has been terminated pursuant to the terms of the Agreement, as the seller was unable to satisfy the required conditions precedent prior to the March 13, 2016 backstop date.

[awise355] 14/3/2016 13:56

This is interesting.Trin cancelled so they have more than a desperate aset sale. Looks very positive if they can re-finance and survive with the share issue in roughly the same form as now then this could really motor upon good news!

[mark10101] 14/3/2016 13:51

They blamed TRIN for the deal not going through. Why would a lower bid work. Why did TRIN not want to proceede with the deal. Could it be the debt markets are thawing and reserves/production based lending is now an option for Trin. It worked for Touchstone themselves, maybe TRIN have decided this is the best route forward. It is the one I prefer.

[jamesiebabie] 14/3/2016 13:19

TXP to put in a new lower bid based on lower Poo?

[mark10101] 14/3/2016 13:15

It explains clearer the deposit situation but also shows they are still interested in the assets. Like I posted earlier I would prefer to see Tinity properly debt financed and with all assets in tact, let's hope this is somthing that the managment can achieve fairly quickly.

[mark10101] 14/3/2016 13:11

Interesting

[davr0s] 14/3/2016 10:51

See that the car crash continues here. My holding down to less than a tenner now - sits like a sore in my PF

[mdw1] 14/3/2016 10:37

Buyers coming in now; debt is a problem but the steady increase in WTI should make refinancing considerably easier.

[retsius] 14/3/2016 09:40

Jungmana
$2.08 million is to be released to Touchstone,not to Trinity. Is not that what the statement said?
Cost cutting has been heroic and on balance I am pleased the sale did not go through, but the co. Is still lumbered with $40 M debt,that's the killer.

[comedy] 14/3/2016 08:57

ross...ive rejigged a few this morning..done classic mistakes..ie solld the winners and bought more losers...will no just forget about all the stocks for a month or so...lets see which horses survive...and which get put down...if lg carry on selling here and placing??? then who knows how low they will take it...the joys of aim stocks one week...up almost £25k in portfolio...next week down £15k??? gl hope all works out on your stocks..take care.

[12bn] 14/3/2016 08:39

Another rossannan loser I see,LGO punishment wasn't enough. On my reckoning Rossannan you are down to 2 rats tails and a piece of string left to invest! :)

[comedy] 14/3/2016 08:32

at least we are top off something.ie top of leader board for fallers on advfn:) go go thunderbirds:)

[comedy] 14/3/2016 08:31

lol couldnt make it up ross...get kicked in nuts from moil when it should 5 to 10 bag on ep news...get kicked by tpl as the big boys take as much of it up on cheap before deal completes...and now 3rd in row..deal here chucked out window...glutton for punishment bought some more:)

[mark10101] 14/3/2016 08:09

I would prefer to hold onto all our assets and see this through, my investment has virtually become academic now....

[sleveen] 14/3/2016 08:08

Still a high risk play IMHO.

If financing on reasonable terms is obtained this could fly, but TRIN now have negative current assets of $40m following termination of the Tochstone deal.

[jungmana] 14/3/2016 08:06

Mark - we will only receive the $2.08m deposited in escrow. Big loss to touchstone as we still hold onto all our assets.