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Share Name Share Symbol Market Type Share ISIN Share Description
Trinity Exploration & Production Plc LSE:TRIN London Ordinary Share GB00B8JG4R91 ORD USD0.01
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 12.125p 149,789 08:00:08
Bid Price Offer Price High Price Low Price Open Price
11.75p 12.50p 12.25p 12.125p 12.25p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 49.08 -3.21 -1.57 46.6

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DateSubject
16/6/2019
09:20
Trinity Exploration & Pr... Daily Update: Trinity Exploration & Production Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker TRIN. The last closing price for Trinity Exploration & Pr... was 12.13p.
Trinity Exploration & Production Plc has a 4 week average price of 10.75p and a 12 week average price of 10.73p.
The 1 year high share price is 23.50p while the 1 year low share price is currently 10.73p.
There are currently 384,049,246 shares in issue and the average daily traded volume is 574,194 shares. The market capitalisation of Trinity Exploration & Production Plc is £46,565,971.08.
02/5/2019
09:33
mark10101: This is the key thing with sentiment as Cew7win stated yesterday. TRIN is debt free, with a solid cash balance that spent $12m investing in the infrastructure (some things had been put off for years) and production. Last year was a stabilising year and as Bruce said TRIN started to breath, perhaps we all expected too much too soon, I am fully guilty of that. I don’t think the market grasps the 8-10% stealth tax we had last year subsidising Petrotrin through our oil sales. We start 2019 on a fantastic base with a much more positive outlook than in 2018 yet we are half the share price. Could it be sentiment has got so low that people are jumping just as TRIN is about to blossom? Is it not the best time to compare to peers and review position when sentiment is riding high in one and so very low on another. TRIN has many possible options for generating positive sentiment, they could whip people into a frenzy about the potentially game changing HAW project, we could get excitement around Galeota, we could make a transformation acquisition, be partner of choice with Heritage. So in short TRIN have such a diverse array of options and such a strong position they do not need to hang TRINs hope on any one project. I want all T&T oilers to be successful but the recent vitriol (from people who do not own TRIN) on this thread to further their other investments is also telling. I bite my lip every time I read other forums, but as I don’t hold I do not post on those threads.
02/4/2019
15:39
spellbrook: Trinity’s low-cost production boost to 2019 profits Simon Thompson Freed from financial constraints following a debt restructuring last year, Trinity Exploration & Production (TRIN:14p), an independent oil and gas exploration and production company focused solely on Trinidad and Tobago increased average net production by 14 per cent to 2,871 barrels of oil per day (bopd) to account for 5 per cent of the country’s oil output. Capital expenditure (capex) rose four-fold to $12.5m in the 12-month trading period, reflecting investment in eight new onshore development wells, of which six were drilled in the fourth quarter, and a low-cost ongoing programme of 143 workovers, 17 recompletions, reactivisations and swabbing across a portfolio of 1,094 wells, a fifth of which are currently active. Onshore production increased by 16 per cent to 1,563 bopd and is highly profitable with an operating breakeven of $16.10 a barrel. Trinity also undertook its first offshore recompletion since assuming operatorship in 2013, and successfully so. Trinity’s East Coast offshore production increased by 15 per cent to 1,110 bopd. Group operating break even of $29 per barrel was half the realised oil price of $59.8 a barrel. So, with output rising, this meant that after accounting for supplemental petroleum tax (SPT) which is paid when the oil price rises above $50 a barrel, adjusted cash profit increased by more than a fifth to $12.8m on revenues of $62.5m. This is stated before deducting non-cash depreciation, depletion and amortisation charges ($10.7m), hedging costs of $1.1m (which have now been exited), and a $700,000 charge for share based payments. After all these charges, Trinity reported a small operating profit of $277,000. But the operational leverage of the business should really kick in this year if Trinity’s management team, who own 23 per cent of the equity so are well incentivised to ratchet up output further, lift average output to 3,000 bopd as they are guiding investors to expect. Finance director Jeremy Brisglalsingh is forecasting capex of $8m to $10m this year, a sum covered by house broker Cenkos Securities’ operating cash flow estimate of $15.4m. Moreover, based on an average oil price of $65 a barrel, and a 14 per cent surge in 2019 production, analyst James Mccormack at Cenkos is pencilling in a 14 per cent rise in revenues to $71.1m to drive operating profit up by 80 per cent to $12m. That’s before accounting for a slightly higher SPT charge of $7.4m. It’s worth noting that chief executive Bruce Dingwall told me during our results call that Trinity is targeting higher angle or directional wells which could double initial production rates and improve Trinity’s return on capital. The company is also making solid progress with its TGAL field development plans to exploit the reserve potential of the offshore Galeota Block which has 700m barrels of oil in place. Trinity’s share price is unchanged from when I last suggested buying (‘A game changer’, 7 January 2019) even though it’s successfully ramping up production, has plans to place to exploit the TGAL prospect, and could benefit from reform of SPT that has been earmarked by the Government of Trinidad and Tobago. Positive news flow from any one is a likely catalyst to narrow the 65 per cent share price discount to Cenkos’ risked net asset value of 40p a share which is based on 2P proven reserves of 24.49m barrels (valued at $147m), cash in the bank ($10.2m) and utilised tax losses ($47m). Buy. https://www.investorschronicle.co.uk/comment/2019/04/02/trinity-s-low-cost-production-boost-to-2019-profits/
12/10/2018
10:37
spellbrook: Trinity primed for profitable growth Simon Thompson Worth another read ....................... Trinity Exploration & Production (TRIN:17.45p) had been on my watch list for over a year when I decided the time and price was right to recommend buying the shares in this month’s Alpha Report at the current price (‘Resurrection points to a strong recovery’, 3 Sep 2018). Trinity is an independent oil and gas exploration and production company focused solely on Trinidad and Tobago, the wealthiest country in the Caribbean. It operates producing and development assets both onshore and offshore, in the shallow water West and East Coasts of Trinidad where it has nine licences encompassing 1,165 wells of which 140 are active onshore, and 40 active offshore. The operating environment is favourable. Trinidad and Tobago has the third-lowest business tax rates amongst Latin America and Caribbean countries, is the eighth-largest producer of liquified natural gas (LNG) in the world, and boasts significant proven energy reserves of petroleum and natural gas. The economy is heavily reliant upon the energy sector, which makes up 45 per cent of GDP and 83 per cent of exports. Trinity accounts for 4.3 per cent of Trinidad and Tobago’s total annual oil production. It is also one of the lowest cost producers as first-half results this week highlight. Trinity’s onshore production increased by 20 per cent to account for 1,530 of its 2,771 barrels of oil per day (bopd) output in the first half this year, and at an operating break-even cost of just $15.70 per barrel. Offshore production was up 15 per cent to 1,046 bopd, all of which comes from a 100 per cent interest in the Trintes field (2P reserves of 14.78m barrels). Trintes has a relatively benign reservoir to produce from, and benefits from high API of oil (an industry measure to quantify how heavy or light a petroleum liquid is compared with water), low formation temperatures and effective sand control, all of which are supportive of an offshore operating cost of only $27.80 per barrel. So, with the average realised oil price rising by 30 per cent to $60 a barrel, and net production up by 16 per cent to 2,771 bopd including a contribution from its small West Coast operations, Trinity’s revenues surged by half to $30m to lift operating profits by 35 per cent to $2.6m in the six-month trading period. After tax charges – mainly Supplemental Petroleum Tax (SPT) which is charged at a rate of 18 per cent and 26 per cent on net revenues (gross revenue less royalties less incentives) on onshore and offshore assets, respectively, when realised oil prices are higher than $50 a barrel – Trinity more or less hit break-even if you ignore exceptional gains. Operating cash flow of $5m covered capital expenditure of $4.4m. I was expecting as much, but what prompted me to recommend buying the shares are prospects from this point onwards, and a very attractive valuation. Indeed, far more informative are the fresh forecasts from house broker Cenkos Securities, which point towards 2019 pre-tax and post-tax profits of $12.4m, which factors in an operating profit of $20m less SPT of $7.4m and nil corporation tax charge to reflect the benefit of past tax losses. This forecast assumes annual revenues of $72.2m and is based on a conservative-looking average oil price of $63.32 a barrel. If achieved then a net cash inflow north of $16m from operating activities will cover $14.3m of capital expenditure next year. On this basis, expect EPS of 3.2¢ which implies the shares are rated on a forward PE ratio of only 7. They are also priced on less than half risked net asset value (NAV) of 38p a share based on 2P proven reserves of 23.18m barrels and cash in the bank. Risked NAV is even higher at 47.2p a share if you factor in almost 24m barrels of Trinity’s 2C resources. It’s important, though, to understand why a £67m market capitalised company that has just hit break even could be making net profits close to £10m next year. Summer fundraise a game changer Up until the company’s 2013 reverse takeover of Aim-traded Bayfield Energy, another operator in the country, Trinity had a successful track record under the leadership of Bruce Dingwall, the founder and former chief executive of Venture Production, a UK oil and gas company that was acquired by Centrica for £1.3bn in 2009. Mr Dingwall led a management buyout of Venture’s Trinidad and Tobago assets, and built up a business producing 1,500 barrels of oil per day (bopd) by the time of the takeover. However, a major shortfall in Bayfield’s production coupled with increased costs forced Trinity to seek a settlement with its creditors two years ago after oil prices plunged to their lowest level since the 2008 global financial crisis. Not surprisingly investors have been cautious since then. However, a $20m (£15.5m) equity raise at 15p a share over the summer was a real game changer, wiping out liabilities to the convertible loan note (CLN) holders and other creditors who backed Trinity’s rescue plan in December 2016. Holders of 88 per cent of the CLNs opted to convert into equity at the placing price, a resounding vote of confidence. Trinity’s senior management team purchased almost 15m shares and own 24 per cent of the share capital, so they have skin in the game. As a result of the equity raise, Trinity is freed of financial constraints and a cash pile of $19m (£14.6m) means it has the funds to embark on a high-margin, low operating expenditure programme to boost onshore production at a time when the price of black gold is surging. The plan is to target between 8 and 10 new wells each year, and at a cost of $12m, in order to grow annual production by 10 per cent. Boasting an onshore operating break-even point sub-$16 per barrel, and with 80 per cent of the cost base fixed, then rising production combined with higher oil prices will have a significant operational gearing effect on future profitability. Interestingly, there is no problem finding oil in Trinity and Tobago as the geology is characterised by large oil in place volumes, but low recovery factors and well productivity resulting from low reservoir energy. Importantly, the geology doesn’t require complex completion techniques or fracking, rather efficient execution and use of pumps. Initial production rates from wells tend to range between 50 and 100 bopd, with decline rates of around 10 per cent each year. If all goes according to plan then Trinity should be able to lift production by a quarter to 3,500 bopd by 2020 from its accelerated onshore drilling activities. The financial returns are eye-catching with the pay-back period only 10 months on a new well based on a $60 per barrel oil price. Trinity is also unhedged for next year’s output so will benefit from the surging oil price whereas it was previously forced to lock into hedging arrangements to guarantee cash flow for its creditors. As investors cotton onto the transformation in Trinity’s finances and operational prospects, and the company delivers the step change in profitability I am anticipating, I can see the share price make headway towards my 28p target price as the discount to risked NAV narrows. The short-term profit taking post results represents a buying opportunity well worth exploiting. Buy.
11/10/2018
13:03
mark10101: Posted by GO on LSE and posted here with his permission. Hello... I started investing in Trin at around 9.7 p. I now own just a little below the threshold of 3% having come down from something over 4%. I was of a size then that allowed me to participate in the placing...the placing took me by surprise (as it did us all). In order to avoid dilution of my holding I partially participated in the placing (hence dilution below 4% at time of placing) with money that I had set aside for a tax bill. The tax bill is due at the end of the year. As the year has rolled forward I have been prudently selling in a way so as not to disrupt the price in order to not be caught out in December needing to sell shares in Trin with no buyers in sight...none of us, myself included, would want to see that! I started selling at 21 p and finished selling at 17 p...my tax bill is covered. Confounded, Ross Annan, CRL and WITJ know who i am...over the last ~16 months I have sought on this board and the other one to put out reasonable posting with good information flow of my findings about Trinity and the landscape of T&T. This company still has great fundamentals and I still have many shares. I stopped posting and I stopped putting things out there as a good shareholder citizen (spreadsheets etc) for the following reasons: It presented no upside for me and the contacts that I respected from these boards, I now know personally as they all wanted my spreadsheet...we chat elsewhere. I no longer wanted to participate on Boards that seems to have attracted such a low caliber of commentary. I just don't understand it...if you hate Trin and hold it...sell it and move on...cut your losses or make a profit but life is too short. For me, I know that employees of Trinity read these boards and I cannot imagine how their morale fares knowing they are representing some of the shareholders like many who post here. Trin is a long term proposition and therefore what is the point in posting with any frequency? Life is too short when there is no healthy debate. I am posting here again because my name seems to be the reason that some are mentioning the share price is down at 15 p with no end in sight. I am extremely pleased to see TXP doing well with its drilling! For me it demonstrates what can be done in Trinidad & Tobago and presents a really hopeful scenario for Trinity (who has embarked on a comparable journey in case we have all forgotten). I cannot understand certain embittered posters continue to smash Trinity (who seemingly hold shares in the company WTF?)...these characters are really upset about the placing so exact their anxst on the shareholder base rather than talking to the company...Tracy confirms she has never heard from any of these people...again, pick up the phone? How is smashing Trinity shareholders on the Trinity board about a decision that most of them are suffering from any decent way to behave? Its not like selling barrels of oil is a zero sum where it is either theirs or ours!? JPJ
26/9/2018
12:48
spellbrook: Summer fundraise a game changer Up until the company’s 2013 reverse takeover of Aim-traded Bayfield Energy, another operator in the country, Trinity had a successful track record under the leadership of Bruce Dingwall, the founder and former chief executive of Venture Production, a UK oil and gas company that was acquired by Centrica for £1.3bn in 2009. Mr Dingwall led a management buyout of Venture’s Trinidad and Tobago assets, and built up a business producing 1,500 barrels of oil per day (bopd) by the time of the takeover. However, a major shortfall in Bayfield’s production coupled with increased costs forced Trinity to seek a settlement with its creditors two years ago after oil prices plunged to their lowest level since the 2008 global financial crisis. Not surprisingly investors have been cautious since then. However, a $20m (£15.5m) equity raise at 15p a share over the summer was a real game changer, wiping out liabilities to the convertible loan note (CLN) holders and other creditors who backed Trinity’s rescue plan in December 2016. Holders of 88 per cent of the CLNs opted to convert into equity at the placing price, a resounding vote of confidence. Trinity’s senior management team purchased almost 15m shares and own 24 per cent of the share capital, so they have skin in the game. As a result of the equity raise, Trinity is freed of financial constraints and a cash pile of $19m (£14.6m) means it has the funds to embark on a high-margin, low operating expenditure programme to boost onshore production at a time when the price of black gold is surging. The plan is to target between 8 and 10 new wells each year, and at a cost of $12m, in order to grow annual production by 10 per cent. Boasting an onshore operating break-even point sub-$16 per barrel, and with 80 per cent of the cost base fixed, then rising production combined with higher oil prices will have a significant operational gearing effect on future profitability. Interestingly, there is no problem finding oil in Trinity and Tobago as the geology is characterised by large oil in place volumes, but low recovery factors and well productivity resulting from low reservoir energy. Importantly, the geology doesn’t require complex completion techniques or fracking, rather efficient execution and use of pumps. Initial production rates from wells tend to range between 50 and 100 bopd, with decline rates of around 10 per cent each year. If all goes according to plan then Trinity should be able to lift production by a quarter to 3,500 bopd by 2020 from its accelerated onshore drilling activities. The financial returns are eye-catching with the pay-back period only 10 months on a new well based on a $60 per barrel oil price. Trinity is also unhedged for next year’s output so will benefit from the surging oil price whereas it was previously forced to lock into hedging arrangements to guarantee cash flow for its creditors. As investors cotton onto the transformation in Trinity’s finances and operational prospects, and the company delivers the step change in profitability I am anticipating, I can see the share price make headway towards my 28p target price as the discount to risked NAV narrows. The short-term profit taking post results represents a buying opportunity well worth exploiting. Buy.
10/9/2018
07:10
spellbrook: Great and investorsprsentation , all coming together Trinity Exploration & Production Notice of Results Intraday Trinity Chart Intraday Trinity Chart 10/09/2018 7:00am UK Regulatory (RNS & others) TIDMTRIN RNS Number : 0189A Trinity Exploration & Production 10 September 2018 Trinity Exploration & Production plc ("Trinity" or the "Company") Notice of Results for the Half-Year ended 30 June 2018 Investor Presentation Trinity (AIM: TRIN), the leading independent E&P company focused on Trinidad and Tobago, announces that it will notify its results for the half-year ended 30 June 2018 on Monday 24 September 2018. Investor Presentation The Company will be hosting an investor presentation in London on the evening of Monday 24 September 2018. Executive Chairman Bruce Dingwall, and Chief Financial Officer Jeremy Bridglalsingh, will summarise the half-year results and: -- Provide insight into the underlying business trends; -- An overview of the ongoing positioning of the Company; and -- Outline the key milestones expected over the next period The investor event is open to all investors and will be held from 16.30 for a 16.45 start at a venue in the City. This will be followed by drinks and canapes, and a chance to network. If you would like to register to attend the analyst or investor briefing or require further information, please email trinityexploration@walbrookpr.com or call the Walbrook PR team, below. For further information please visit: www.trinityexploration.com or contact: Https://uk.advfn.com/stock-market/london/trinity-TRIN/share-news/Trinity-Exploration-Production-Notice-of-Results/78220530
27/7/2018
10:48
mount teide: marvelman - 'There is surely still a hefty overhang being sold off by the fortunate few who can make a profit from the many of us who have paid the price of their good fortune.' Spot on - the fortunate few who never had any interest whatsoever in TRIN other than to take advantage of the short term money making opportunity offered to them by management in return for supporting the huge placing at a massive discount to the recent highs WANT THEIR FAT PROFITS NOW - until their greed is fully sated the share price will be going nowhere. What a difference 2 months and a huge surprise placing has made to my investments! 13.5p TXP - May 18.5p TXP - July +37% 27.5p TRIN - May 16.5p TRIN - July -40% Buying TRIN at the peak in May would today require a 133% share price increase just to match the performance of my TXP investment over the last few months. AIMHO/DYOR From an investor still smarting at being hoodwinked by the TRIN management as a result of them consistently highlighting that debt was being reduced far faster than planned - the result? A share-price increase to 27.5p allowing the management to deliver a 15p surprise placing for themselves and friends to benefit from. The benefit of hindsight suggests systematic manipulation of the share price from 27.5p by some of those who would benefit from the placing. Don't expect any help or sympathy from the FCA for what has gone on - they consider that a drop in suspicious trades prior to the announcement of equity placings from 30% to 20% of ALL transactions over the last 10 years is progress! If their forensic analysis is so good that they are able to accurately measure the level of insider trading activity - it begs the question why are so few people ever charged for these offences? Answers on a postcard to the SFO! The long in the tooth cynic might suggest it could have something to do with the fact that the FCA are funded in FULL by the very industry they have responsibility to REGULATE, and it wouldn't be good for business to have too many shysters exposed!
20/3/2018
11:08
spellbrook: nice volume after yesterdays trades, for anyone new popping in worth another read BELOW...... Join the Caribbean oil rush as Trinity Exploration & Production looks set to drum up healthy returns Having spent the early part of his career at giants such as ExxonMobil and Lasmo, he co-founded Venture Production in 1996, a business ultimately sold to Centrica for more than £2billion. Dingwall left Venture in 2004, acquired its Trinidadian assets and set up Trinity Exploration a year later. He has been hard at work ever since. Many people associate Trinidad and Tobago with carnival celebrations and Caribbean holidays. But Trinidad is a major oil-producing nation, with companies such as BP, Shell and Chevron all operating off its coast. Trinity has cut overheads, trimmed its workforce and is now increasing production. The current price reflects Trinity¿s troubled past rather than its future and the shares are a bargain +2 Trinity has cut overheads, trimmed its workforce and is now increasing production. The current price reflects Trinity's troubled past rather than its future and the shares are a bargain Trinity is a smaller beast, but it is a significant local player, with a substantial onshore presence and offshore assets too. Earlier this month, Dingwall released figures showing that production rose more than 10 per cent from the first half of 2017 to the second half. Average production totalled 2,600 barrels a day, rising to 3,000 barrels during December. This year, the company aims to achieve daily production of between 2,800 and 3,000 barrels, rising to at least 4,000 by 2020. The company owns licences to more than a thousand wells but has been focusing on just 140 to keep expenditure down. Over time, new wells will be drilled, but Dingwall is determined to keep costs low, as Trinity is now one of the leanest oil companies in the industry with total costs of just $30 (£21.50) a barrel. Midas verdict: Trinity was hit hard when the oil price collapsed and the group is still feeling the pain. But Dingwall is nursing the company back to health, backed by an enthusiastic and dedicated workforce. Prospects are brighter than they have been in years, the group's long-term ambition is to reach daily production of more than 7,000 barrels and brokers believe the share price should more than double over the next 12 months. Adventurous investors should snap up some shares now. At 15.5p, they could prove a rewarding investment. Traded on: AIM Ticker: TRIN Contact: trinityexploration.com or 001 868 653 7651 Http://www.thisismoney.co.uk/money/investing/article-5513405/MIDAS-SHARE-TIPS-Trinity-Exploration-set-healthy-returns.html
18/3/2018
16:19
spellbrook: For anyone new that joins here’s the full article, good luck all TRINNERS.you need luck, tips, investors, to pick a winner and just maybe this little beast is waking up.. MIDAS SHARE TIPS: Join the Caribbean oil rush as Trinidad-based Trinity Exploration & Production looks set to drum up healthy returns By Joanne Hart, Financial Mail on Sunday PUBLISHED: 22:01, 17 March 2018 | UPDATED: 11:54, 18 March 2018 At its height in 2014, Trinity Exploration & Production was valued on the stock market at about £150million and the shares were trading at 159p. Then the oil price slumped and the Trinidad-based oil producer found itself with too much debt, too many staff and a bloated cost base. Chairman Bruce Dingwall was forced to issue nearly 200million new shares as part of a comprehensive restructuring package. Today, Trinity's valuation has shrunk to £44million and the stock is 15.5p. Out of the doldrums: At its height in 2014, Trinity Exploration & Production was valued on the stock market at about £150 million and the shares were trading at 159p Out of the doldrums: At its height in 2014, Trinity Exploration & Production was valued on the stock market at about £150 million and the shares were trading at 159p However, Trinity has cut overheads, trimmed its workforce and is now increasing production. The current price reflects Trinity's troubled past rather than its future and the shares are a bargain. Dingwall was born and raised in Trinidad and has spent more than 30 years in the international oil and gas business. Having spent the early part of his career at giants such as ExxonMobil and Lasmo, he co-founded Venture Production in 1996, a business ultimately sold to Centrica for more than £2billion. Dingwall left Venture in 2004, acquired its Trinidadian assets and set up Trinity Exploration a year later. He has been hard at work ever since. Many people associate Trinidad and Tobago with carnival celebrations and Caribbean holidays. But Trinidad is a major oil-producing nation, with companies such as BP, Shell and Chevron all operating off its coast. Trinity has cut overheads, trimmed its workforce and is now increasing production. The current price reflects Trinity’s troubled past rather than its future and the shares are a bargain Trinity has cut overheads, trimmed its workforce and is now increasing production. The current price reflects Trinity's troubled past rather than its future and the shares are a bargain Trinity is a smaller beast, but it is a significant local player, with a substantial onshore presence and offshore assets too. Earlier this month, Dingwall released figures showing that production rose more than 10 per cent from the first half of 2017 to the second half. Average production totalled 2,600 barrels a day, rising to 3,000 barrels during December. This year, the company aims to achieve daily production of between 2,800 and 3,000 barrels, rising to at least 4,000 by 2020. The company owns licences to more than a thousand wells but has been focusing on just 140 to keep expenditure down. Over time, new wells will be drilled, but Dingwall is determined to keep costs low, as Trinity is now one of the leanest oil companies in the industry with total costs of just $30 (£21.50) a barrel. Midas verdict: Trinity was hit hard when the oil price collapsed and the group is still feeling the pain. But Dingwall is nursing the company back to health, backed by an enthusiastic and dedicated workforce. Prospects are brighter than they have been in years, the group's long-term ambition is to reach daily production of more than 7,000 barrels and brokers believe the share price should more than double over the next 12 months. Adventurous investors should snap up some shares now. At 15.5p, they could prove a rewarding investment. Traded on: AIM Ticker: TRIN Contact: trinityexploration.com or 001 868 653 7651
08/3/2018
23:32
whiskeyinthejar: Trinity Exploration & Production (LSE:TRIN) Market Cap: £43.6m Price: 15.6p Spread: 8.6% Cash: £8.4m Source: Trinity Our third pick is the turnaround story of Trinidad and Tobago based Trinity Exploration & Production. Trinity heralded 2016 as a “transformational period” for the Group; with the company on its last legs and the share price plunging to pennies, it would have been hard to imagine the position that we look at today. The company is beginning to look up, with CEO Bruce Dingwall saying that they are “breathing oxygen again.” An Operating Update from the 5th of Feburary revealed that these claims were well supported, with a reported production rate of 2,777boepd for the three month period, an 11% increase QoQ, and an expected sustained production rate above 3,000boepd to be achieved in late 2018 announced. Trinity have massively cut their net debt positon to $0.1m from $38.0m in 2016, which leaves Trinity with only $5.9m left to pay on the loans that the company took out to make the turnaround possible. This is $2.9m below the amount envisaged under the ratified repayment plan. Now, with multiple production sites, and payment facilities from the restructuring coming to an end, Trinity are well placed for natural growth in production and cash flows. After the restructuring, only vital assets were kept and so the balance sheet looks streamlined and a lot healthier than it had done in the past, especially with their large relative cash position (c.20% of market cap) offering safety. The share price now sits around 15-16p, but with a RENAV of around 32p (oil prices factored in at $50bp) we believe that Trinity has the potential to see significant upside in the near future. We note that Trinity's full year results are out in early May, and in our eyes, any good news could act as a significant catalyst for the shares to cap off a very important 2017." Https://www.cjexposure.com/single-post/2018/03/07/Gaining-Exposure-to-Oil-Gas
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