Trinity Exploration & Pr... Share Discussion Threads

[spellbrook] 16/4/2018 07:42

The planned reduction in RCPs undertaken was due to a switching of technical resources to drilling and to the deployment of the Company’s primary workover rig to the completion of the two new development wells, which should contribute to higher production levels from Q2 2018 onwards

[shrewdmole] 16/4/2018 07:42

whats not to like.

increased activity, increased reserves due for audited accounts in may, $1.7m debt reduction and still increased cash at bank marginally.

I wasn't expecting this as I thought they would put something out early may with the audited accounts.

moving some of those 2c to 2p reserves should help add value.

s

[bones] 16/4/2018 07:37

Update (late RNS due to LSE I guess):Summary:Q1 Operational Highlights-- Group average production volumes maintained at 2,721 bopd for the three-month period (Q1) ended 31 March 2018 (Q4 2017: 2,777 bopd). Production was largely flat due to a planned reduction in recompletions ("RCPs") over the period (Q4 2017: 20 vs Q1 2018: 4)-- The planned reduction in RCPs undertaken was due to a switching of technical resources to drilling and to the deployment of the Company's primary workover rig to the completion of the two new development wells, which should contribute to higher production levels from Q2 2018 onwards-- The Q1 average production rate was further muted due to reduced sales volumes at the end of March, which coincided with the Easter weekend. As a result, April has benefitted from a higher than usual opening stock position-- TGAL Field Development Plan ("FDP") work continued during the period, focusing on a phased, risk mitigated, low cost FDPStrong Balance Sheet-- Cash balance of US$12.2 million (unaudited) as at 31 March 2018 (31 December 2017: US$11.8 million)-- Liabilities continue to reduce ahead of schedule with quarterly repayments to the Board of Inland Revenue ("BIR") and Ministry of Energy and Energy Industries ("MEEI")-- Outstanding balances payable to the BIR and MEEI of US$4.2 million (unaudited) as at 31 March 2018 (31 December 2017: US$5.9 million)-- This represents total repayments of US$3.6 million ahead of the amount envisaged under the ratified repayment plan

[mark10101] 16/4/2018 00:15

Ross, my post pointed out we can easily pay off CLN by October if we just use new profit coming in this year. If we sell the WC asset and it transacts quickly then we will be free of debt/CLN by the summer/4 months.

I am not sure which I prefer, keep the WC assets and still be clear of the CLN by autumn or sell it and have a swelling cash balance by the end of the year.

Using numbers (rather than vague fearful statements) can you post the scenario where this gets tight? I just can not see it with oil where it is and our profitability.

[whiskeyinthejar] 16/4/2018 00:03

I remember Robin of Loxley. He created a lot of threads.

Current cash buffer will exceed all debt plus what we spent last year on capex. Even if it didn't, it's still no reason to allow CLNs to convert. There's other ways of raising money.

[ssrover] 15/4/2018 23:47

o/t PANR sorry what was that valuation at the end of the interview £3 to £8! PANR are currently at 19p... wow!

[esmerelda] 15/4/2018 22:23

No, you're not being a little harsh with Ross, he's behaving in a way that should arouse concern to those who listen to his opinion on any share he claims to hold. He is, of course, wrong to raise this as an issue and you are right in what you say WITJ. The Board have said they are targeting the closure of the CLNs before year end and have the cash in bank to do that today, regardless of whether the West Coast assets are sold.

Intersting, his style of posting reminds me of a poster from long ago, Robin of Loxley I think the name was.

[whiskeyinthejar] 15/4/2018 22:10

I thought you were a farm manager? No matter, Im just tired this dilution nonsense, clumsy attempt to change subject.I think I'll leave ADVFN and go open a bottle of wine.

[whiskeyinthejar] 15/4/2018 22:01

I don't know,. Busy time of year for you on the farm I guess?

[ffp] 15/4/2018 21:42

OK, now is Ross a male or female here?

WITJ, good post...

[mark10101] 15/4/2018 20:10

FFP happy for my posts to be diluted, just not TRIN!

[wwick] 15/4/2018 20:00

Mark, post something original and stop copying ih_669936 :-)

[mark10101] 15/4/2018 19:41

Not sure what happened there as my post 51 came up with a funny user name....

[mark10101] 15/4/2018 19:40

Ross, have a look at the numbers in the header to cheer yourself up. We averaged $62 WTI Jan, $62 Feb and $63 March. That is $3.6M profit net of all taxes, operational cost, G&A and the hedges since the last reported numbers for end Dec. That means using our $11.8M cash for the new wells/workovers we can use recent profits to pay down our debt, we should have got it down to $2.3m by end of March.

We are 2 weeks into this month (with higher oil) so effectively 1 month from today we could have cleared all our government debt from profit generated since the beginning of the year.

Again using our substantial cash balance for the new drills/workover program, new profit could clear the CLN by October providing oil stays around what it has been so far this year.

So a 3 Month buffer, throw in the West Coast asset sale which could happen this year I personaly am confident we will clear the debt and the CLN.

[ih_669936] 15/4/2018 19:37

Ross, have a look at the numbers in the header to cheer yourself up. We averaged $62 WTI Jan, $62 Feb and $63 March. That is $3.6M profit net of all taxes, operational cost, G&A and the hedges since the last reported numbers for end Dec. That means using our $11.8M cash for the new wells/workovers we can use recent profits to pay down our debt, we should have got it down to $2.3m by end of March.

We are 2 weeks into this month (with higher oil) so effectively 1 month from today we could have cleared all our government debt from profit generated since the beginning of the year.

Again using our substantial cash balance for the new drills/workover program, new profit could clear the CLN by October proving oil stays around what it has been so far this year.

So a 3 Month buffer, throw in the West Coast asset sale which could happen this year I personaly am confident we will clear the debt and the CLN.

[spellbrook] 15/4/2018 10:34

The Attack on Syria Could Upend Long-Quiet Oil Markets

[melody9999] 15/4/2018 08:47

WITJ - I agree on the debt. In fact I don't see why there is so much fuss about the debt given that TRIN are making good money with the current OP.

Many companies out there with debt and making much smaller margins than TRIN.

[spellbrook] 14/4/2018 18:15

Oil prices vulnerable to 'super spikes' again as geopolitics heats up

[whiskeyinthejar] 14/4/2018 14:18

After capex and over paying debt, Trin is sitting on a fat cash lump sum so they don't need to rein anything in.

It's the usual rubbish from Ross. He doesn't want share price to rise until he's quite ready.

Actually I think it's reasonable expect the market will gradually price-in clearing the debt BEFORE all its gone rather than after. So we should see the share price up to new highs over the summer especially with trading updates coming up in May and June (agm).