Bayfield Share Discussion Threads

[horneblower] 14/2/2013 10:56

I see no new thread.
What's it called?

[weissy] 13/2/2013 17:29

Anyone starting a new thread or sticking with this one?

[spacecake] 13/2/2013 17:20

Valentine's day consolidation tomorrow.

[mdw1] 13/2/2013 12:43

This is starting to look interesting.....not before time!

[retsius] 08/2/2013 09:15

BRENT CRUDE AT $117.5. Must be good for the stock.

[spacecake] 06/2/2013 12:38

I'll sit on my holding ... no more money going in from me, the risks are already too high.

[stuart14] 06/2/2013 12:24

Will be able to buy at the same price as the latest investors shortly. That has to be a good opportunity.

[retsius] 06/2/2013 09:57

ntbb feel similar at the moment lost a packet. Hoping for relist on 14/02/13 will produce some stability. The outlook looks promising but it will some time to recoup monies lost.Have been trading for years-- you`d have thought I would have learned my lesson.

[ntbb] 06/2/2013 09:53

should of stayed out of this!

[hamlette] 31/1/2013 18:50

The Trinidad Onshore Bid Round 2013 was officially launched on Monday during the afternoon session of the Trinidad and Tobago Energy Conference 2013 at Hyatt Regency, Port-of-Spain.



From the re-admission document - "Trinity plc will also seek to grow its portfolio through mergers and acquisition opportunities and new licensing rounds".

There should certainly be no shortage of news flow in 2013.

[flyingbull] 31/1/2013 15:03

Here are the February " >20% Up" and ">20% Down" oil stock competitions. Deadline for entry is later today (Thursday) at midnight.
Best of luck.
fb

[spacecake] 31/1/2013 14:59

Thanks Hamlette, nice to see he has a role and hope he sticks around for a while.

[hamlette] 31/1/2013 09:37

RNS out today confirming Admission arrangements:



The Enlarged Group will be led by Bruce Dingwall CBE as Executive Chairman and Joel "Monty" Pemberton as Chief Executive Officer (currently Executive Chairman and Chief Executive Officer of Trinity respectively) and will be headquartered in San Fernando, Trinidad.

Finian O'Sullivan will become a non-executive director post admission.

[spacecake] 31/1/2013 09:25

Finian O'Sullivan is not on the proposed directors list in new Trinity... see page 21.

[hamlette] 30/1/2013 13:30

jac1104 - Finian O'Sullivan, Executive Chairman of Bayfield Energy, is also quoted as saying:

"Securing the full US$90 million funding target demonstrates the market's confidence in the quality of the Group's combined asset base and its management team. The price reflects the continuing challenging conditions for new issues. We believe that establishing a sound financial position and the immediate acceleration of the Group's exploration and development programme will realise significant upside potential for shareholders in the near to mid-term."

Looks like a busy 2013 for Trinity in Trinidad. Has anybody any news from yesterday's Trinity presentation at the Energy conference in Port of Spain?

[jac1104] 30/1/2013 11:11

January 28, 2013 5:42 pm
Trinity in successful Aim fundraising

By Michael Kavanagh

Trinity Exploration & Production has become the first company of 2013 to successfully raise funds for a new issue on Aim in a placing at 120p that will raise $90m.

Shares in Trinity, created through a reversal into Bayfield Energy, a junior oil explorer that also holds assets in fields across Trinidad and Tobago in the Caribbean, are expected to begin trading in February.

However, although those involved in Aim's first significant new issue of the year expressed delight in the success of the roadshow, they conceded that conditions facing those attempting to raise funds on reasonable terms in the sector remain tough.

Finian O'Sullivan, executive chairman of Bayfield Energy, said the price reflected "the continuing challenging conditions for new issues".

Bayfield itself raised £54m in an IPO in July 2011 only to see its value fall from nearly £130m to £45m after unsuccessful attempts in May and June to raise more equity to fund its development commitments, which it blamed on a "further deterioration in market conditions".

However, the marriage of the two companies under the Trinity banner, which was announced in October and is expected to be formally completed on Valentine's day, creates an entity that has attracted market support for its assets and management, said Mr O'Sullivan.

He also argued the modest pricing of the placing has secured the company's financing while offering "significant upside potential for shareholders in the near to midterm".

Full-year statistics from the London Stock Exchange demonstrate the paucity of new issues among oil and gas companies that, alongside mining juniors, have been the main drivers of fundraising on London's junior market in recent years.

There were just 11 new issues on Aim of oil and gas companies last year, raising £178m. But a welter of further 312 issues from those already traded – many from distressed companies at highly dilutive prices – raised a further £471m.

A similar picture is painted by the mining sector.

Matthew Coakes of RBC Capital Markets, who helped organise the Trinity placement, argues that a financing drought faces many smaller oil and gas companies.

"The IPO market remains very challenging," he said. "While we are seeing a rotation into equities and more risk on attitude by fund managers, they have been burnt by previous flotations and the bar is very high to get a new company listed. It is particularly tough at the smaller end of the scale."

Smaller companies that face a tougher time obtaining conventional equity or debt on acceptable terms have a variety of options open to them.

Tom Cross, executive chairman and chief executive of Parkmead Group, is among directors to have provided loans to their quoted companies. Mr Cross made his fortune building North Sea operator Dana Petroleum until it was acquired for £1.87bn by Korea National Oil Corporation at the end of 2010.

As his Aim-quoted vehicle attempts to perform the same trick, his personal loan of £8m has helped Parkmead to make two acquisitions in 2012 – Deo Petroleum and onshore assets of Dyas in the Netherlands – as it attempts to build a portfolio of significance.

Bowleven, the west African focused oil and gas explorer, has also managed to avoid low-valued takeover approaches or the need to raise large development funds on dilutive terms through striking a deal with the UK's largest oil services company by market value, Petrofac.

Last November Petrofac agreed to invest up to $500m in a project to develop gas reserves off Cameroon in return for a cut of future production revenues.

Kevin Hart, chief executive of Bowleven, described that deal as offering Petrofac a type of "synthetic equity" while leaving Bowleven able to bridge the funding gap for its share of the development.

Further up the scale EnQuest, a leading North Sea operator, last week became the first UK oil company to launch a bond on the London Stock Exchange's retail bond market in an attempt to raise £150m.

But executives at other oil and gas companies who have struck unconventional financing deals to keep their projects on the road have come unstuck.

Last week Aminex announced Stuard Detmer was stepping down as chief executive with immediate effect. His departure came just a week after the company, which has exploration assets on east Africa, announced it had struck a short-term bridging loan of $8m at a coupon of up to 15 per cent, as the cash-strapped company continued with attempts to sell interests in the US.

[luminoso] 30/1/2013 11:08

Have to agree stef77. I got out on re-opening day with a 20% loss but made a healthy profit on them last year,so no regrets. A flurry of buys, presumably from Trinidad, allowed an orderly exit on the day. My prediction of a 15p open and drift towards 13p still looks about right for short term. Long termers could do very well, especially placees at 12p, if all goes well, but I have lost interest in this now and won't return. Thanks to all for the helpful posts on here.

[stuart14] 30/1/2013 11:07

Watching here, would invest at 12p if given the chance.

[stef77] 29/1/2013 21:55

Spacecake
unfortunately you are right, they are getting WTI prices. I went through Trinity's admission doc specificcaly looking for this point and I couldn't find it. you'd think that one "small" detail like that should be in the heading. anyway I got out yesterday, took the loss. I just can't see how it can avoid going down to 12p when they'll issue half of the co's shares at that price.
C'EST LA VIE!

[spacecake] 29/1/2013 09:18

Hi Ultra,

Big document... it seems that the current trinity owned side of the merger is being valued at WTI prices and the Bayfield side at Btrent. When the merger is completed will the WHOLE business be Brent, WTI or a mixture ?

To pick up all the references to WTI use the adobe search feature on the left.

I did find this..... page 43

"Since the amendments to the COSA in
September 2012, the payment terms have been improved in Bayfield's favour and are now based on a
reference price for Brent crude discounted by 9.5 per cent. This represents a significant improvement on
the terms of the original agreement, in which pricing was defined as a 17.5 per cent. discount to WTI, and
has resulted in an increase in the price per barrel of US$27 and in a significant improvement in the
profitability of the Trintes Field."

However the Trinity Economics valuation assumptions use a WTI model.... Page 132, 133 is worth looking at.

[hamlette] 28/1/2013 21:06

Trinity getting a mention here.....opening speech at the 2013 T&T Energy Conference.

[pjhutchy] 28/1/2013 19:44

This will come back from here I think. Once the merger is completed interest wil return and volume

[ultrapunch] 28/1/2013 17:56

On what page was that price information given Spacecake? tia.

I see that BEH are providing most of the 2P and 2C to the merged company.