Trinity Exploration & Pr... Share Discussion Threads

[mawc] 06/3/2017 13:45

Or
726 - Horizonte Minerals #HZM Anglo African O&G #AAOG Union Jack Oil #UJO and Malcy
The Vox Markets Podcast with Justin Waite

[mawc] 06/3/2017 13:43

You can listen to the podcast directly

[kaos3] 06/3/2017 13:39

vox does not let me registre. not on the malcy's blog yet. is it anywhere else?

[currypasty] 06/3/2017 13:37

all set for a busy afternoon ?

[mawc] 06/3/2017 13:16

Malcy interview of Vox Markets today very enthusiastic on Trinity. Still very undervalued in his opinion.


Listen from 32 minutes in

[3dwd] 06/3/2017 12:08

Reads very well anyway ..lets see how they perform during the PM

[kaos3] 06/3/2017 12:05

notice :

I could write more but not now

[kaos3] 06/3/2017 12:00

malcy

Trinity Exploration & Production

It has been a long hard journey for Trinity recently and as a long term fan of the company, its current management and of Trinidad as a prolific oil and gas province I was very pleased to see its Lazarus like recovery. I was even more pleased to be asked in for a run through of the company early in their process of getting back on the road.

Trinity itself has been around for a long time and indeed was able to start up as an operator of assets both onshore and offshore and from East to West coasts of the island. It is not wrong to suggest that as an early mover it managed to secure some of the best acreage in the province and that it was this that meant that when things went so wrong it was able to rely on its production to keep it going. The problems arose in February 2013 when it acquired Bayfield Energy with its main asset the Galeota block which contained the Trintes field that was to cause so much grief. Trinity faced a perfect storm of problems at that time, operational problems at Trintes, cost overruns on the well offshore, difficult to manage debt and of course the oil price plunging around them and it did indeed look like the end was nigh. There was little choice but to enter the Strategic Review and Formal Sales Process in April 2015. The good news is that Trinidad has its own type of Chapter 11 and in August TRIN entered into a proposal scheme under that umbrella. Without this it would have been impossible to fend off Citi and other creditors and gave the company some six months of breathing space, indeed it appears that the court system and the Ministry of Finance were of significant help.

The good news was that as mentioned above TRIN has a formidable bunch of assets that are described as ‘nothing but robust’ and were able to be kept running with virtually no spending but with the help of what seems like a fantastic team of dedicated field workers. Indeed it was the fact that the assets remained the same but the balance sheet that was dreadful that meant that the dream lived on. Senior management was pared brutally although to some not before time, and costs were cut across the board although operational staff tended to be kept.

With six months clear space the management was able to put together proposals to creditors, senior lenders and trade creditors and of course a way of paying back the Government was also found. Once all this was sorted out with a two year convertible and a $15m fundraising the shares re-listed in January and have already started to perform well. It is also worth noting that as a result of this process the management now have a holding of 26.2%, a genuinely large amount of skin in the game and with serious participation in the most recent round.

Trinity looks to be set very soundly indeed, with the existing cash balances, proceeds from the placing and internal cash generation enabling a return to drilling I can see considerable upside. Production should increase both onshore and offshore and with costs a fraction of what they were these will be very profitable barrels. The 2P reserves plus 2C contingent resources are of the order of 41 mmboe (21 mmboe and 20 mmboe) and there is considerable potential upside in the Galeota anticline where there is a STOIIP of 700 mmstbbls to be further appraised and developed. As I have mentioned above, the company will start a modest drilling programme, firstly onshore, which should add at least 400 b/d and also offshore which is expected to add another 400 b/d. I could write more but not now, Trinity looks like it has come through its troubles and with its high quality, high value barrels and plenty of scope to grow the company through efficiency gains and economies of scale, Bruce and his team have done a great job, I hope that they remain independent long enough for all shareholders to benefit. You never know, the bucket list may beckon…

[mark10101] 06/3/2017 11:46

Not sure if it has been published yet but a tweet from Malcy seems very promising.

"@mgrahamwood: Just done @VoxPodcast where I talk about IRG/Echo, blvn/VOG and Trinity after my meeting last week. I could have taken the whole show!!!"

[aimmafia] 06/3/2017 11:12

2 million traded before lunch. Excellent volume with some chunky buys still to come through.

[shrewdmole] 06/3/2017 10:45

Big fella - puts a lot into perspective.

Enjoy the tour pal!

[jamdan1] 06/3/2017 08:26

17 paid...here we go

[aimmafia] 06/3/2017 08:23

17p ask. Year high

[aimmafia] 06/3/2017 08:11

Bang £16k slapped down. Going to be a great day here.

[aimmafia] 05/3/2017 17:32

Imo 50p by December would take us to correct value. Once work overs are completed and we are back to 3000 bopd then I suspect 55-60p would be on point.If we unlock TGAL then 80p

[saturn5] 05/3/2017 15:54

THE BIG FELLA

That's a lot of shares to hold

Whats the future THIS YEAR ?

[aimmafia] 05/3/2017 09:15

Should be a good week. Hopefully above 17p by Friday. 18-19p would not surprise me at all

[woodpeckers] 03/3/2017 18:32

Cheers Big Fella, have a good weekend!

[the big fella] 03/3/2017 17:57

Woody. Not what I meant but slightly worse for wear now to enter into any meaningful discussions. Given I own over 2 mil shares I think it is fair to say I agree. Anyway I will raise a glass to another good week.

[woodpeckers] 03/3/2017 17:54

Don't think anyone has been buying rumours, we've all been buying fact - the fact that this is openly way undervalued.

[the big fella] 03/3/2017 16:43

Indeed. I thought this would retrace after the Malcy blog (buy rumour sell fact ana sell fact and all that) but price pretty firm. The short , medium and long term investment case is compelling, and if oil stays strong these will trade above 30p this year.

[marvelman] 03/3/2017 16:38

...won't argue with that BF....literally. Great week.

[the big fella] 03/3/2017 16:37

Whoops possibly need spell check at the mo.

[the big fella] 03/3/2017 16:36

jUST BACK TO THE OFFICE. gOOD OLD FASHIONED city LUNCH "HOUR". I am 6ft 6" and 18 st so I supoose I am true to my name.