Share Name Share Symbol Market Type Share ISIN Share Description
Trinity LSE:TRIN London Ordinary Share GB00B8JG4R91 ORD USD0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.875p -4.86% 17.125p 16.75p 17.50p 17.00p 16.75p 17.00p 452,998 16:35:29
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 28.6 -7.8 -5.7 - 48.36

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Date Time Title Posts
21/11/201715:34Trinity Exploration & Production PLC4,918
14/2/201713:30Trinity with volume charts1
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2017-11-21 16:53:0916.7555693.13O
2017-11-21 16:25:5416.8841,8847,070.86O
2017-11-21 15:46:2716.8712,5582,118.53O
2017-11-21 14:25:3817.308,5001,470.50O
2017-11-21 13:08:2716.885,109862.50O
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DateSubject
21/11/2017
08:20
Trinity Daily Update: Trinity is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker TRIN. The last closing price for Trinity was 18p.
Trinity has a 4 week average price of 16.25p and a 12 week average price of 9.99p.
The 1 year high share price is 20.75p while the 1 year low share price is currently 1.88p.
There are currently 282,399,986 shares in issue and the average daily traded volume is 866,741 shares. The market capitalisation of Trinity is £48,360,997.60.
15/11/2017
11:40
tomps2: TRIN presentation at ShareSoc November 2017 CEO Bruce Dingwall c. 40 minutes Http://www.piworld.co.uk/2017/11/15/trinity-exploration-production-trin-at-sharesoc-growth-seminar-november-2017/ Introduction to Bruce Dingwall – 00:38 Trinidad and oil production – 02:22 Trinity’s oil fields – 03:30 Trinity’s law and national landscape – 04:13 Corporate snapshot – 05:47 Who are we? What do we do? - 06:54 Trinity’s reserves – 09:18 Oil production in 2017 - 09:40 Trinity’s key metrics – 13:45 EBITDA margin: 27% – 14:42 Cost base down 57% since 2014 – 15:48 Peer group comparison - 16:44 H2 2017: increased work programme - 17:46 Momentum - 18:33 2018-19 outlook - 23:20 Margin comparison - 23:55 Summary – 24:19 Q&A Why is the share price so undervalued? - 25:05 What’s the likely CAPEX over the coming years? – 27:54 Could you explain how the tax and royalties work? - 29:50 Why has it taken so long to get to cash flow positive? - 32:06 What is your dividend policy? – 33:55 What are institutions asking for Trinity to achieve before they take a stake? - 24:25 Why is the share price so low, what do you need to do? - 36:05 Why is the performance not consistent? - 37:25 With the history of Venture Productions, who has stayed with you? What are your plans? – 38:09
05/10/2017
10:54
whiskeyinthejar: The tax changes alone could double the share price imo. SPT is 18% on land, 25% on new fields and 33% in shallow water when oil is sold at prices over $50. The tax is higher offshore than onshore because wells are more productive (economic). So we know Trinitys major potential is to ramp up offshore. Onshore Trinidad wells don't produce much, but Trinity can drill 300-800 bopd wells offshore and has 700 MM barrels of STOIIP. It has a funded route to 5,000 bopd in 2-3 years. This is why Trinity should be trading at a premium to other oil Trinidad companies. They don't have Galeota Ridge to develop. Anyway, getting rid of SPT is potentially a huge deal particularly for Trinity with its offshore focus. Anyone looking to aquire Trin should be ready to pay much more IMO.
05/10/2017
07:08
wingspan: Article should read for those who care: Shares in Trinity could ‘triple in value’ says broker Production, profit and cash flow are heading in the right direction 05 October 2017|Smaller Companies Issue: 05 Oct 2017 - Page 37 Tight control on costs and increasing production have increased profitability and cash flow at Trinidad oil producer Trinity Exploration & Production (TRIN:AIM) and provide a catalyst for the share price. Trinity completed a $15m restructuring earlier this year which has reduced net debt from $34.3m to just $1.2m. The company’s cash balance has also improved by 125% to $11.5m as of 30 June. The share price enjoyed a rally earlier in 2017 but has stalled over the past six months while the market awaited confirmation of the facts. We think now is a good time to buy as Trinity is targeting the ‘low hanging fruit’ in its portfolio, according to broker Cantor Fitzgerald. An increase in operating activities across its core assets during July and August has restored production levels to 2,600 barrels of oil per day (bopd). That puts it on track to hit year-end guidance of between 2,600 and 2,800 bopd and a near term target of 3,000 bopd. Management is targeting 3+ year BOPD number nearer 5-7,000 BOPD assuming a successful program kicked off by second half ramp up in well overhauls. The target should mainly be achieved by low-cost work on existing wells and drilling some additional production wells on the onshore portfolio. Executive chairman Bruce Dingwall tells Shares the company may drill on its offshore Trintes field in 2018 which will be a strong catalyst for the share price. At current WTI oil prices Trinity will be able to deliver decent profit as the company believes it can make money above an oil price of $28.2 per barrel. Trinidad has pointed to an overhaul of the SPT which will be economically significant for TRIN. The first oil deposits in Trinidad were discovered in 1866 and the first well was drilled in 1867 with continuous production beginning as early as 1908. Trinity is a material player in this industry – accounting for more than 3% of the island’s total oil production. Dingwall says although the regulatory system can take time to navigate, ‘it is also very process-driven, so you know where you stand’ and TRIN is locally run. The island has plenty of infrastructure including roads and equipment. The sub-surface is also very well understood because there has been so much drilling. This reduces the risk of production wells underperforming. Dingwall may already be familiar to investors in the UK oil and gas sector. He founded North Sea-focused Venture Production in 1997. The company was floated on the stock market at 170p in 2002 and subsequently acquired by Centrica in August 2009 for 845p per share. Dingwall insists his current company is ‘not an idea; it is a well-established profitable business’. Through a well aligned and experienced management team holders can look forward to a strong broker update soon, strong quarterly update early next month and a period where the market re-evaluates the value of this business - BUY Target price 40+ Pence
05/10/2017
06:35
gersemi: Shares in Trinity could ‘triple in value’ says broker Production, profit and cash flow are heading in the right direction 05 October 2017|Smaller Companies Issue: 05 Oct 2017 - Page 37 Tight control on costs and increasing production could improve profitability and cash flow at Trinidad oil producer Trinity Exploration & Production (TRIN:AIM) and provide a catalyst for the share price. Trinity completed a $15m restructuring earlier this year which has reduced net debt from $34.3m to just $1.2m. The company’s cash balance has also improved by 125% to $11.5m as of 30 June. The share price enjoyed a rally earlier in 2017 but has stalled over the past six months. We think now is a good time to buy as Trinity is targeting the ‘low hanging fruit’ in its portfolio, according to broker Cantor Fitzgerald. An increase in operating activities across its core assets during July and August has restored production levels to 2,600 barrels of oil per day (bopd). That puts it on track to hit year-end guidance of between 2,600 and 2,800 bopd and a 12-month target of 3,000 bopd. The target should mainly be achieved by low-cost work on existing wells and drilling some additional production wells on the onshore portfolio. Executive chairman Bruce Dingwall tells Shares the company may drill on its offshore Trintes field in 2018. At current oil prices of around $56 per barrel Trinity should be able to deliver decent profit as the company believes it can make money above an oil price of $32.8 per barrel. Mature oil and gas industry Trinidad has a mature oil and gas industry. The first oil deposits were discovered in 1866 and the first well was drilled in 1867 with continuous production beginning as early as 1908. Trinity is a material player in this industry – accounting for more than 3% of the island’s total oil production. Dingwall says although the regulatory system can take time to navigate, ‘it is also very process-driven, so you know where you stand’. The island has plenty of infrastructure including roads and equipment. The sub-surface is also very well understood because there has been so much drilling. This reduces the risk of production wells underperforming. Dingwall may already be familiar to investors in the UK oil and gas sector. He founded North Sea-focused Venture Production in 1997. The company was floated on the stock market at 170p in 2002 and subsequently acquired by Centrica in August 2009 for 845p per share. Dingwall insists his current company is ‘not an idea; it is a well-established profitable business’. -
22/9/2017
11:23
whiskeyinthejar: There's nothing wrong with borrowing to invest. Trinity say just one infill well at Trinites will produce 300 bopd. At $50 thats $5.5m in revenue per year. Most of that would be profit as our costs are mostly fixed and already covered. Trinity have identified 20 in fill drilling targets at Trinites. So when they get around to it, potentially thats 20 x 300= 6000 bopd. Or $110m per year in revenue. Im not sure how much drilling they will do next year, but the more they drill, the more they can afford to drill. However the drilling is cheap and the wells hold their production. Low decline rates. Low risk as it's all 3D mapped. They say they can drill these targets from existing platforms. Trinity bonus requires them to get the share price to 35p and the BOD own 25% of the company so our interests are aligned. Perhaps theyll farm out TGAL to raise funds. It's all here. Particularly page 20. Http://www.trinityexploration.com/wp-content/uploads/2017/06/Trinity-Corporate-Presentation-Conference-June-2017-Final-Draft.pdf
15/9/2017
12:30
che7win: Oil goes one way, Trin share price the opposite?
10/9/2017
22:28
whiskeyinthejar: Most of my shares in Trinity were bought after I sold out of another AIM oil company -Ithaca. I tripled my money on Ithaca over 18 months. There was no strike it rich event. But the share price steadily rose as market anticipated production growth. So Ive no idea how fast Trinity share price will rise, but Im absolutely certain we don't need exploration wells. We already got millions of barrels of oil. A golden rule of trading is to keep your emotions out . Advfn posters who go chasing excitement arent therefore traders IMO, they are gamblers. Most traders lose, all gamblers lose. Anyway, this is time of year when capex budgets are agreed. Trinity has plenty of cash. A couple of offshore in-fill drills ought to be cheap, low risk and capable of adding 1000 bopd of production. But I dont know what Bruce has to announce on 25th. However he seems to be placing significance on it with a investors event the same day as the update and results. In any case, IMO it's difficult to imagine with production now growing, and market anticipating ever more production that we will be stuck on 10p for too much longer. An improving story usually means an improving share price.
28/8/2017
14:06
whiskeyinthejar: Oil price is certainly a factor in TRIN share price I think, but not necessarily the spot price itself as rossannan says. It's fear and greed, rather than arithmetic. The wti bottom for this year was mid June at about $42. But TRIN is roughly at the same price now as it was in mid June. Rising wti does help us though. But its the direction of wti though thats often more important, rather than the spot price. eg wti at $45 on a rising trend will encourage investors to buy shares in oil companies, but if wti is at $50 and falling day by day they'll tend to wait to buy oil shares, hoping to buy cheaper later. In fact I think the company has made some modest progress since it peaked at 18.5p in March and IMO there's no fundamental reason for it falling back almost 50%. But the story IMHO has been this down trend and waiting for confirmation that the bottom is in. However, it looks like we may have finally bottomed so we might get a run up now ahead of trading update. Especially as production has bottomed now and should continue trending up now I think.
30/7/2015
06:26
cammy3: Trinity Exploration and ProductionIt's no secret I have a very substantial holding in Trinity with a base cost now just over double the current share price. Trinity is an oddity in the E & P sector and is very misunderstood. It faces challenges not dissimilar from most E & P companies in this space - the misunderstanding arises around the assets, their intrinsic value and the step change the Board are trying to achieve in the production and reserves profile of the company.AssetsOnshore Assets producing c.2000-2,500boepd of low cost oil. Break even at c.8-10USD per barrelTrientes field produces the balance production of c.1,200 boepd but through lack of capex has generally underperformed. Optimisation of well design is a key factor and this has not been forthcoming in this oil price environment,TGAL discovery - c.200boepd (management best estimate of 186mboe gross) which they are looking to develop jointly in phased approach with Trientes with a partner (yet to be agreed).Centrica gas assets (40mboe of ready to develop assets. 6 wells already drilled and can be brought online with infrastructure in place). The deal has yet to complete and part of the FSP is aimed at funding the balance of the purchase price of 20.5m USD. these assets are extremely attractive. Trinity is paying $25m for them, Centrica having spent $220m on the exploration, appraisal and wells.(NB. Opex cost of production now 22USD (probably lower as management not taking salaries). Overall, excluding 1P and 2P reserves, the above provides Trinity with over 70mboe of developable reserves.)FinancialsThis is where there is much confusion amongst many pi's invested here as to where the holes in the finances lie. I have summarised below:Cash 7.3m Receivables (oil and VAT of11.2m) 27.2mInventories 11.5m Assets 46mLess:Debt 13mTrade payables 33.9mTax payable 18.4mLiabilities 65.3m There is therefore a working capital deficit of c.15-20m USD depending on current position. In addition the company needs to find an additional 20.5m USD to fund the balance of the Centrica purchase. the board have stated that the debt to Citi will be repaid from proceeds realised from the strategic review. I have no doubt there will be a refinancing and likely project finance available for gas fields but this would be post liquidation of the Citi principal.Objectives of FSP (As I see it)In my view it is pretty simple:1. Through whatever means necessary plug the working capital deficit and ensure that gas deals can complete. Ultimately this means raising in my view 45-50m USD whilst ensuring that the company can be relatively self supporting going forward.2. Work out the least dilutive and most value accretive way of doing this. The Board in their recent analyst call stated that this would most likely take the form of a combination of sales, farm outs and potentially a strategic investor. This seems sensible but it is admittedly a lot to achieve in this market. We can take some comfort from the fact that Trinity was approached with a number of offers/proposals for a range of its assets so whilst encouraging, we would hope that the recent oil price weakness or any lack of competitive tendering as a result does not hinder them moving towards simultaneous closing of deals.Encouragingly, more recently Monty stated in the AGM statement that the progress made to date had underlined their belief in the value of the companies assets.Value realisationThere are clearly a number of routes that Trinity could proceed along. I would suggest the most likely is the following:1. Sale of onshore assets for up to $25-30m.2. A strategic investor who will take up to 20-30% of the company. (See similar scenario with IOG). I would also suggest that the price paid would be at a decent premium to the current share price.3.A farm out of Trients/TGAL to develop on a phased basis in accordance with their FDP4. GSA (supposedly ready) and farm out of of gas fields along with debt/project finance.Its a tall ask, but Trinity have been working on it for a while. Clearly there will be some dilution but this does not bother me one iota. The reason being, the current market cap is £10m and I think any equity would be via a strategic partner at a premium. The equity market directly I would argue is currently closed off on valuation grounds. given the upside valuation of assets below to believe there is not significant upside from 10p you would have to believe that the equity issuance would be so penal (ie 300% of current equity in issue). I think that is commercially not viable.From a valuation perspective, I refer to Jeffries Broker note which attaches a price target of 16p to Trinity until the upside scenario becomes more clear in terms of whether they can pull the above off. their upside case on a risked basis is 45p (unrisked of 102p).Individual Asset Valuations:Jeffries conservatively value the onshore assets on a risked basis of 25p per share (valuing each onshore barrel at $6.2) or in USD terms $39m.The Trientes undeveloped aspects and the TGAL discovery have risked values of 48p and 40p per share respectively. The unrisked values are set at 109p and 142 respectively. Clearly, these assets need to be farmed out. the value of the developed assets at Trientes are probably neutral at present until further capital can be injected to enhance performance. We have to hope they are not a liability. With farm out and higher oil prices/infrastructure cost savings via economies of scale Trinity should be able to access a good proportion of the risked and unrisked upside here.Then to the gas fields. These, I have stated before are the golden goose - if they can complete the deal by raising the 20.5m and funding the devt then the upside case is very significant. Jeffries value conservatively, with large discounts for success case ahead of financing the risked values of the 1a1b fields as 33p and the unrisked value of £2.13. Clearly this has been heavily discounted due to the fact the deal/financing has not been concluded. This is why I am relatively comfortable that even with some strategic dilution, it would take an enormous amount to render the current share price reflective of value. As it stands the share price represents the uncertainty of Trinity being able to consummate the various parts of the necessary financing rather than the value of the assets. They will have to give some away, but doing so should enable them to access a step change in production and valuation.Overall, its high risk high reward. Its a brutal market, and Trinity have not just one but potentially multiple deals to do to pull this off. I understand the GSA/farm out of the gas fields was almost ready pending completion. But, asset valuations will continue to be hit by lower prevailing oil prices. the big risk is that they cannot consummate deals. Whils tI believe equity will be issued at a premium I would be surprised if equity was issued as part of the FSP on current valuations. Equally, they need to turn the VAT debtor into cash and we need to be updated on progress here otherwise this will hold up recapitalisation. The book on Trinity is now very tight. 20k of stock will move the price a penny. In these markets uncertainty is penalised so Trinity must now secure the deals they have promised. Is they do, the upside from here is very significant. If they don't, the gas fields must be relinquished. Not one for the feint hearted but still potentially massive upside at this level. They have an extremely strong board with a strong track record. I think this could drag on for longer whilst Trinity put their ducks in order. All the pieces need to fall together for it to work.
23/7/2015
14:04
griff2711: Excellent write up on motley fool by a large shareholder:Trinity Exploration and ProductionIt's no secret I have a very substantial holding in Trinity with a base cost now just over double the current share price. Trinity is an oddity in the E & P sector and is very misunderstood. It faces challenges not dissimilar from most E & P companies in this space - the misunderstanding arises around the assets, their intrinsic value and the step change the Board are trying to achieve in the production and reserves profile of the company.AssetsOnshore Assets producing c.2000-2,500boepd of low cost oil. Break even at c.8-10USD per barrelTrientes field produces the balance production of c.1,200 boepd but through lack of capex has generally underperformed. Optimisation of well design is a key factor and this has not been forthcoming in this oil price environment,TGAL discovery - c.200boepd (management best estimate of 186mboe gross) which they are looking to develop jointly in phased approach with Trientes with a partner (yet to be agreed).Centrica gas assets (40mboe of ready to develop assets. 6 wells already drilled and can be brought online with infrastructure in place). The deal has yet to complete and part of the FSP is aimed at funding the balance of the purchase price of 20.5m USD. these assets are extremely attractive. Trinity is paying $25m for them, Centrica having spent $220m on the exploration, appraisal and wells.(NB. Opex cost of production now 22USD (probably lower as management not taking salaries). Overall, excluding 1P and 2P reserves, the above provides Trinity with over 70mboe of developable reserves.)FinancialsThis is where there is much confusion amongst many pi's invested here as to where the holes in the finances lie. I have summarised below:Cash 7.3m Receivables (oil and VAT of11.2m) 27.2mInventories 11.5m Assets 46mLess:Debt 13mTrade payables 33.9mTax payable 18.4mLiabilities 65.3m There is therefore a working capital deficit of c.15-20m USD depending on current position. In addition the company needs to find an additional 20.5m USD to fund the balance of the Centrica purchase. the board have stated that the debt to Citi will be repaid from proceeds realised from the strategic review. I have no doubt there will be a refinancing and likely project finance available for gas fields but this would be post liquidation of the Citi principal.Objectives of FSP (As I see it)In my view it is pretty simple:1. Through whatever means necessary plug the working capital deficit and ensure that gas deals can complete. Ultimately this means raising in my view 45-50m USD whilst ensuring that the company can be relatively self supporting going forward.2. Work out the least dilutive and most value accretive way of doing this. The Board in their recent analyst call stated that this would most likely take the form of a combination of sales, farm outs and potentially a strategic investor. This seems sensible but it is admittedly a lot to achieve in this market. We can take some comfort from the fact that Trinity was approached with a number of offers/proposals for a range of its assets so whilst encouraging, we would hope that the recent oil price weakness or any lack of competitive tendering as a result does not hinder them moving towards simultaneous closing of deals.Encouragingly, more recently Monty stated in the AGM statement that the progress made to date had underlined their belief in the value of the companies assets.Value realisationThere are clearly a number of routes that Trinity could proceed along. I would suggest the most likely is the following:1. Sale of onshore assets for up to $25-30m.2. A strategic investor who will take up to 20-30% of the company. (See similar scenario with IOG). I would also suggest that the price paid would be at a decent premium to the current share price.3.A farm out of Trients/TGAL to develop on a phased basis in accordance with their FDP4. GSA (supposedly ready) and farm out of of gas fields along with debt/project finance.Its a tall ask, but Trinity have been working on it for a while. Clearly there will be some dilution but this does not bother me one iota. The reason being, the current market cap is £10m and I think any equity would be via a strategic partner at a premium. The equity market directly I would argue is currently closed off on valuation grounds. given the upside valuation of assets below to believe there is not significant upside from 10p you would have to believe that the equity issuance would be so penal (ie 300% of current equity in issue). I think that is commercially not viable.From a valuation perspective, I refer to Jeffries Broker note which attaches a price target of 16p to Trinity until the upside scenario becomes more clear in terms of whether they can pull the above off. their upside case on a risked basis is 45p (unrisked of 102p).Individual Asset Valuations:Jeffries conservatively value the onshore assets on a risked basis of 25p per share (valuing each onshore barrel at $6.2) or in USD terms $39m.The Trientes undeveloped aspects and the TGAL discovery have risked values of 48p and 40p per share respectively. The unrisked values are set at 109p and 142 respectively. Clearly, these assets need to be farmed out. the value of the developed assets at Trientes are probably neutral at present until further capital can be injected to enhance performance. We have to hope they are not a liability. With farm out and higher oil prices/infrastructure cost savings via economies of scale Trinity should be able to access a good proportion of the risked and unrisked upside here.Then to the gas fields. These, I have stated before are the golden goose - if they can complete the deal by raising the 20.5m and funding the devt then the upside case is very significant. Jeffries value conservatively, with large discounts for success case ahead of financing the risked values of the 1a1b fields as 33p and the unrisked value of £2.13. Clearly this has been heavily discounted due to the fact the deal/financing has not been concluded. This is why I am relatively comfortable that even with some strategic dilution, it would take an enormous amount to render the current share price reflective of value. As it stands the share price represents the uncertainty of Trinity being able to consummate the various parts of the necessary financing rather than the value of the assets. They will have to give some away, but doing so should enable them to access a step change in production and valuation.Overall, its high risk high reward. Its a brutal market, and Trinity have not just one but potentially multiple deals to do to pull this off. I understand the GSA/farm out of the gas fields was almost ready pending completion. But, asset valuations will continue to be hit by lower prevailing oil prices. the big risk is that they cannot consummate deals. Whils tI believe equity will be issued at a premium I would be surprised if equity was issued as part of the FSP on current valuations. Equally, they need to turn the VAT debtor into cash and we need to be updated on progress here otherwise this will hold up recapitalisation. The book on Trinity is now very tight. 20k of stock will move the price a penny. In these markets uncertainty is penalised so Trinity must now secure the deals they have promised. Is they do, the upside from here is very significant. If they don't, the gas fields must be relinquished. Not one for the feint hearted but still potentially massive upside at this level. They have an extremely strong board with a strong track record. I think this could drag on for longer whilst Trinity put their ducks in order. All the pieces need to fall together for it to work.Twitter : @oilinvestorlanc
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