Trinity Exploration & Pr... Share Discussion Threads

[uapatel] 05/1/2018 16:35

Thanks WITJ

[whiskeyinthejar] 05/1/2018 16:25

Unapatel, it never was intended that the loans would convert. It's just security offered to the lenders -which normally gets you a lower interest rate.

I don't think the company can be clearer- its even in Bruce's incentive conditions - they plan to pay off all the debt early. And they have the cash to do it very soon.

[shrewdmole] 05/1/2018 15:51

Whiskey

That’s exactly why the big boys make money - they know that so are accumulating as are the board imho.

Let’s look at why and how and when a director can buy?!

If there’s a new deal they can’t so basically they have to buy based on the company fundamentals.

I expect more rns of director buys.

A

[uapatel] 05/1/2018 15:49

WITJ,

Taking on board your figures, the point would still be to get the CLNs removed before they are due. This would surely be positive for the SP?

I'm just trying to understand why we seem to be well behind what people view as a fair value. Im not sure this can all be down to SPT, as Shrewdmole said the company is still making money even in this environment.

[whiskeyinthejar] 05/1/2018 15:31

Its a red herring imo. Why do they need to save up?

They had $12.3 million cash at end of September 2017, face value of the loan is $6.7m

NET debt was about -$1m at end of H1, so net debt should be positive now.

[uapatel] 05/1/2018 14:40

Thanks for posting that and your view on the CLN esmerelda.

Looks promising if they do push forward on the debt and CLN as I concur this would be a great weight removed on the share price

[mark10101] 05/1/2018 14:13

Esmeralda, look like the plan to me. Main variables as you highlighted is the if we release cash in a West Coast sale and if oil continues to be supportive.

[esmerelda] 05/1/2018 13:59

I'm sure you remember the conversation last year surrounding the CLN's ross but for any newcomers here is a short summary. The CLNs cannot be converted into shares before December this year. The company can choose to buy them back before then and pay their value plus accrued interest. However to do so it must first repay all existing debt to the Trinidad government. That is the debt that is being repaid on a quarterly basis and I believe, accrues no interest. We were told in the last presentation that TRIN are ahead in repayments, ie they have paid back more than they need to. Now why would a business pay back more non-interest bearing debt than they need to? We also know the CEO has a bonus clause in his contract that is triggered if the CLNs are repaid early.

This is what I think is going to happen. When the final results are issued in May we will be told the Trinidad government money has been fully repaid. (For avoidance of doubt, the final payments will be announced as a post year end transaction so some debt will still be in the accounts as those reflect the position as of last week). That gives them another six months to get together the money for CLN repayment. With the sale of the West Coast assets plus existing money in the bank that could have all have been done and dusted by mid-year but it makes more sense to close the CLNs a month or two before they fall due so maybe around the time of the Interim results if the oil price stays high and regardless of whether the West Coast assets have gone by then.

[aimmafia] 05/1/2018 13:23

Will trin ever break out of this silly trend it's in?

[shrewdmole] 04/1/2018 20:14

Mark

What certainty?
All t and t explorers want to wait for the reform as they are using it as a squeeze on the government but we certainly know current production and costs so we are making money on low risk wells spread over a large number so if we have a few problems it doesn’t effect us too much.

Eg not a 2 well pony so an issue causes massive disruption.

It’s a rock solid investment case now - caveat I’d like to see the con at least partly repaid, but apart from that what more do you want certainty on?

S

[spellbrook] 04/1/2018 19:15

Will TRIn sell the west coast asset ?

[mark10101] 04/1/2018 19:04

SM, totally agree, that is the beauty of TRIN, doing well atm. Just would be good to get some certainty going forward so TRIN can really spread its wings.

[shrewdmole] 04/1/2018 18:36

Forget spt reform!

Trin is making money now as I type on every single day every quarter in a rising oil market.

If spt reform is forthcoming then it’s an added bonus.

For now it’s making money each day, overpaying it’s liabilities and the management ha e serious skin in the game.

S

[mark10101] 04/1/2018 15:03

WITJ, it was more the comment about addressing the nation on Sunday. The article refers to a meeting yesterday with the PM and various ministers including the energy minister. Just wondering if people with better contacts than us have herd positive vibes from yesterday. If the PM addresses the nation on Sunday he won’t want to be talking policy so maybe details to be announced today/tomorrow so he can show they are driving through with reform to help T&T’s ailing economy.

Share price certainly twitchy.

[marvelman] 04/1/2018 15:00

You have to have the patience of Job to be invested here and I have come to the conclusion I must have.

[whiskeyinthejar] 04/1/2018 14:58

I can't say if it's boosting SP, but I think Petrotrin situation is very relevant.

Petrotrin has to operate under same fiscal regime as Trinity, including SPT, and it owes billions in tax and has large bond debt. So tax system needs to suit Petrotrin's high costs, unless they sell it off.

Most of Trinidad's remaining reserves are offshore. I think proposal is to split Petrotrin into three units- refinery, offshore (Trinmar) and onshore. Offshore exploration, not just development needs to be attractive.

[mark10101] 04/1/2018 14:51

On the move again, never seen so much intra day volatility in TRIN.

[mark10101] 04/1/2018 12:20

I am still optimistic about reform and think there will be more to it than a simple SPT adjustment, so I believe it will be worth the wait.

I am wondering if the pick up in TRIN is due to some of the recent meeting in T&T. See below an article regarding Petrotrin.



“A decision has not yet been made on what form that restructuring will take but Rowley is expected give some details when he addresses the nation on Sunday evening.

The board’s report was handed over during a meeting at the Office of the Prime Minister which was attended by Energy Minister Franklin Khan, Minister in the Ministry of Finance Allyson West, Public Utilities Minister Robert Le Hunte and Planning Minister Camille Robinson-Regis. Discussions focused on options available for restructuring the wholly state-owned company.”

[aimmafia] 04/1/2018 11:17

Mr 5878 shares. Bought and sold within an hour and lost money. Who are these people?!?

[aimmafia] 04/1/2018 11:15

Sorry lads. I bought in and it tanked. Back to 13p ?

[nafafa] 04/1/2018 10:30

Mark, I broadly agree with that, just under $4 mill per qtr for the period they remain exempt of ppt. Pleased I topped up yesterday at 15.4p, hopefully we will not be seeing that opportunity again!

[mark10101] 04/1/2018 09:48

Sorry guys it is per QRT! With $30 breakeven.

[retsius] 04/1/2018 09:40

AM
I was just thinking about you!
Happy New Year,came back just as British Bulls says 'Buy!'3/01/18.
R.