Trinity Exploration & Pr... Share Discussion Threads

[skyship] 24/3/2024 11:32

Might there be any logic to a bid from Touchstone (TXP)?

They are a larger organisation; and they surely might be tempted to pick up for peanuts the regular cashflow and Galeota potential that TRIN offers.

They would need to offer North of 80p to be listened to; even 100p. But still crazy cheap at even that level!

[pavey ark] 24/3/2024 10:44

In any other company I would take it that "no news was bad news" but although not ruling it out I'm not sure about TRIN......this time !!

Clayton is not big on shareholder engagement and management did make it clear that there would be no news until Q1 update so ???!!!

Certainly cash is coming in but this crowd have a real flair for shovelling it out the back door.

Regardless of the reasons the share price is rather obviously not just low but ridiculously low.
No amount of "this management doesn't have a clue" can justify a market cap of $18m and when $10m cash is very possible things are surreal.......EV $8m

Even without the added value in Galeota this is a ridiculous price.

Most have their full quota and potential investors must think there is something fundamentally wrong .....no buyers.

As far as the major shareholders are concerned.....they must have been smoothed...calmed down.....hints...nods...winks about how things will be turned round but management MUST realise that they are in the last chance saloon.

No meaningful production of any kind from Jacobin would/should spell the end for some.

[nocents] 23/3/2024 17:43

Yes about 5 weeks. Last year Q1 update was 27th April.
I, and several notable others, have requested communication on anything at all from Trin, but they seem unwilling to do so, or even respond to be honest. So late April it is.
1st June 28th June last year..FY results and AGM respectively.
So we have a hiatus now for about 5 weeks. And a hiatus of about 10 months to BA drilling, if it ever happens.
And still no news from Petrofac.
The silence on Jacobin is however quite deafening. As is the absence of responses to any emails at all. The new Trin.
Curious that 1) excellent oil price2) no hedging3) meaningful spt reform4) proper cash and profit generation 6) prospective drilling at shallow virgin wells7) dividend8) multiple assets….
Yet all-time low.
They do not sit together

[pavey ark] 23/3/2024 11:11

"Operations continue across our portfolio, including at the Jacobin well and we will update the market in further detail in our next quarterly update."

The above is from their last announcement 1/2/24

Looking at the time between a quarter end and the update I get an average of 3 to 4 weeks so we have c. 5 weeks to wait for any update.
The fact that the share price has fallen 20% since the last update is unlikely to change anything.

The only thing that could prompt an announcement in less than 4-5 weeks would be Galeota/fund raising/partial sale/sale but I don't think they will give any Jacobin update....unless they have to.

[nafafa] 21/3/2024 16:17

That is not correct, the share price languishes management because under the current management investors do not themselves making a return on investment. Not even the management prepared to buy these rock bottom prices!

[nocents] 21/3/2024 12:15

It is the norm for Trin. On AIM, such shares react to buys and sells only at times. There is no intelligence behind valuation. Trin is taking home a spot $73 actual realized price at the moment. This will certainly boost profit for 2,700 bopd in Q1 with no SPT.
Don’t expect Trin to reflect rising fortunes in oil. The market wears short-term blinkers and just wants communication and news. Longer term fortunes don’t fiigure in AIM and , I would argue, the market as awhole. It is not what it was. Take money and run market now.

[aqc888] 21/3/2024 10:37

Oil price keeps going up. Trinity share price keeps goes down.
Strange.

[nocents] 20/3/2024 21:48

No not at all !
I was here when Trin squandered $10m on a dry well in 2014. Bruce put a stop to the gung-ho culture when he took the helm from Monty. Now they are back to squandering.
I once held over 3% of Trin, then lost it in the Placing and elsewhere. Prince to Pauper.
I am unable to contribute towards it. I can let the other shareholders pay for it.

[aqc888] 20/3/2024 21:24

Trinity has lost around £50m of its market cap in past few years and your worried about £0.1 million?

[nocents] 20/3/2024 21:12

Ok you pay then.
Shareholders have to fork out.
I can’t.
It could cost a large 5 figure sum I would moot.
Not that I disagree with your sentiments. I wholeheartedly agree. I wrote to the company again yesterday and said exactly this.
I wish everyone else would as well, instead of just complaining( which I do as well of course!)

[nocents] 20/3/2024 21:07

Sleepy . You may be right. I don’t know. Makes sense.

It then allows all shareholders to vote on just that resolution.
In the last AGM, remuneration was voted out as I remember.

[nocents] 20/3/2024 21:04

I am not in a position to quantify . It was a caveat from me. I just know that under the Companies Act 2016 , I think it is Section 3.11 that allows shareholders to convene a meeting . I always thought it was 10% of shareholders needed but people here are saying 5% so I don’t want to disagree if they know better. And they probably do.
I just know that shareholders are responsible for all costs if they call the meeting. I did one for Infrastrata in 2017. Wish I had stuck around. I voted in the new board and the old lot of lifestyle spingers resigned the night before when it was clear they would lose. The new board made a killing and a fortune and sold it. Became Harland and Wolfe. . As I was not clued-in as usual I made nothing.
It is just worth knowing shareholders pay.
Look up Companies Act 2016 Sections 3.10-13.

[aqc888] 20/3/2024 20:59

The cost of the egm is irrelevant. Management need to have their feet put to the fire or else we’ll be hearing half hearted “we’ll try our best” type stuff for the next 5years.

[sleepy] 20/3/2024 20:52

My understanding, which may be wrong, is that with sufficient shares a resolution or resolutions can be put on the AGM agenda.

[skyship] 20/3/2024 20:34

"an EGM costs a lot of money"

Really? Any guidance on that?

[nafafa] 20/3/2024 18:06

Nocents those large shareholders have had ample opportunity to act but evidently have done nothing.

[nocents] 20/3/2024 17:40

Lexus
I’ll stand by that.
We have been toyed with enough. This is not the company it was pre the departures of Tracy Mackenzie and Bruce.
Timing is important though.
I would suggest not pre AGM, but certainly thereafter. My opinion is that Galeota should be monetised, but I don’t think they will unless they have no choice. Salaries are good and some of us may be struggling with bills, but I doubt they are.
I don’t think 5% is impossible, but who pays for the EGM??

[nocents] 20/3/2024 17:33

I think we are just sideliners really. Those with big holdings call the shots.
But as a supporter of people power and the little man in numbers. I would agree.
I would hope Newlands et al will not tolerate any more fluster and bluster though. Last year was an indictment of the BOD’s recklessness and poor oil judgment.
However, let us not forget, no SPT Q1,a good oil price giving a bonus to Cavendish’s $66 ARP, no hedging,mini-div in June, and the possibility of a couple of bopd from 6 inches down in Jacobin. ( Hummingbirds don’t probe very deeply by nature. Trin should’ve followed example. And we still have to be told” what they have learned”. However…pistols at the ready with 5% post AGM. Don’t forget that an EGM costs a lot of money though. Who is going to pay for it??

[aqc888] 20/3/2024 15:57

If Ab wanted to take action there would surely be enough support to push over the 5% line, even if a few shareholders above don’t include themselves…

Personally I think we should hold our fire till the petrofac results are out. At which point any messing about and hesitancy over what to do next is met with a forceful EGM with management then given a clear mandate to release value asap.

[skyship] 20/3/2024 15:19

? Have I missed a post?

[nafafa] 20/3/2024 14:32

Do we not also have Arl's 24,000 ish to include, every little helps