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TRIN Trinity Exploration & Production Plc

46.50
0.00 (0.00%)
30 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Trinity Exploration & Production Plc TRIN London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 46.50 07:35:54
Open Price Low Price High Price Close Price Previous Close
46.50
more quote information »
Industry Sector
OIL & GAS PRODUCERS

Trinity Exploration & Pr... TRIN Dividends History

No dividends issued between 30 May 2014 and 30 May 2024

Top Dividend Posts

Top Posts
Posted at 18/5/2024 12:23 by nafafa
Andrew, after yesterday's further decline in TXP share price they will be acquiring Trinity for less than £18m. Looks like TXP need Trinity's cash to keep themselves going. I have held TXP shares for a number of years so have followed the company, I have not been particularly impressed; many promises but a tale of lack of delivery and disappointing performance. I am becoming increasingly concerned about this acquisition. I believe the best solution for Trinity shareholders is to maintain their independence and to change their strategy. As I have stated previously, if the company concentrates only base production (2p reserves 12m barrels) with no further exploration, it could significantly cut overhead and afford to pay a dividend of $8 to $10m a year at current WTI, that is 20p a share and potential additional bonus as unexploited assets could be sold off. I do not believe management have even considered this strategy, because it does not suit their agenda, although I do not doubt that it would provide the best outcome for shareholders. Trinity management should be forced to reconsider.
Posted at 13/5/2024 17:47 by nocents
The Hummingbirds are a series of onshore wells which were targeted by Trin last year. Jacobin was the first, but they were too adventurous and went too deep, obverspending and not appreciating the geological hurdles enough, mainly the almost inevitability of sand and a smaller available oil deposit mixed with fluids. It was hyped to be an almost cert., which was a serious error. That’s when Txp jumped in at the opportunity of a cheap buy last October. Trin could no longer afford to drill the remaining Hummingbirds and focused on Buenos Ayres, a virgin well, for early 2025 drilling. Already applied for environmental licence well in advance.
There is no reason why the Hummingbirds should not be targeted at shallow, i.e. Forest/Cruse levels where most of Trin’s oil comes from . Two thirds.
Txp would do well to play safe and drill cheap and shallow post seismic surveys. They can use Trin’s hi-tec seismics. Trin wasted money going deep in Jacobin. Over $10m I think. They should have stuck to what they know best. Forrest shallower Jacobin bopd output due in 10 days. No reason why it should not be reasonable as plenty of oil found there.
I am curious why no date for AGM yet. Is it possible that someone else is interested? I always doubted it but news on the AGM is well overdue.
Posted at 08/5/2024 14:38 by nocents
hxxps://theoakbloke.substack.com/p/trinity-touch-stone

Worth reading.

I am not sure that the large holders of Trin’s shares would have given their irrevocable support to Touchstone if they were as defeatist.
Also worth listening to the Trin presentation again. Trin were unable to unlock the assets and believe that TXP can. Worth noting the substantial growth of FcF for TXP too. I am not saying fall for hype, just not to throw the barrel of babies out with the bathwater. Txp are not Trin. The analysis above makes some very salient points.
Posted at 06/5/2024 10:17 by pavey ark
A few fairly random points this morning:

1. I take it that the largest shareholders were tipped that "something" was going on or TXP picked up on disquiet but either way this explains the lack of action by the major shareholders...... the board were smart enough (for once ) to see that their time was up.

2.The new shares are 19.9% of the TXP total .....at first I thought this a strange figure but I take it that companies can issue under 20% without shareholder approval.

3. Trying hard not to look at TXP drilling, financial forecasts etc but it looks like we have gone from a dull uneventful year with TRIN to a bit more activity/interest from TXP.
I think that most people have decided that this is a done deal so what happens if we get even a small amount of good news from TXP and the share price returns to 50p+......does TRIN go to 75p+ ?

We now have a self fulfilling prophecy here.....TRIN shares rise BECAUSE of smallish uptick in TXP which then makes the deal even more likely to go through.....no deal and the price falls back.
If the TRIN shares don't rise immediately on a rise from TXP then TXP holders will/should sell TXP and buy TRIN.

4. Where does this leave the TRIN price ?.....hmmm if, as everyone expects, the deal goes ahead the the question is....where does this leave the TXP price?

50p looks a rather easy target and if the upcoming results/updates are positive then 60p is very possible.......but TRIN is a bit of a steal so we have to add that in.

I could see the year end TRIN equivalent price being at or over 100p ........something none of us imagined possible before this deal.
Posted at 04/5/2024 10:51 by pavey ark
I had a look and the TXP shareholders (ADVFN posters) are far from pleased with their management but the winder market simply had absolutely no faith in the TRIN management.

I intend to vote for the deal for the simple reason that I consider it the best way to realise the value in TRIN....and my shareholding.

Since the approach by TXP their share price has certainly outperformed TRIN (hardly difficult).
The G&A figure for TRIN is over $7m a year so a lump can be taken from this.

Regarding the TXP share price ..it responded to some good drilling results and was over 50p for most of April then fell away.....if ,as some TRIN holders are saying, this is a good deal for TXP then the TXP share price should respond.

Would like to see someone else coming in here but it looks like a done deal.
Posted at 03/5/2024 22:38 by sleepy
Having invested for decades without having bought a small oil company i started to buy shares in TRIN this year. I am concerned about the competence of the TRIN board and that they may not have got a good/best deal for shareholders.

I think TRIN is subscale and can see logic in putting TRIN and TXP together (also very happy to accept a better offer from someone else)

My understanding is that what is currently proposed would result in TRIN shareholders having about 20% of the enlarged company. Is this reasonable/fair? TRIN shareholders could achieve a 25% interest with an offer of 2 TXP shares for 1 TRIN share.

The proposal requires a 75% vote in favour. Assuming 80% of shareholders vote then it could be defeated by holders of about 8 million shares. The largest shareholder has 4m shares. There may well be others who would support an attempt to improve the offer and with £2 million, not a large amount of money to some people, and the support of the largest TRIN shareholder then TXP could be forced to renegotiate their offer (or let it lapse which I sense that they would be reluctant to do)
Posted at 01/5/2024 13:07 by nocents
Lol. Welcome back. Watch this space in a year post BUenosA and Galeota. Baay may even sell off parts of Galeota to Perenco next door. Sensible move to accumulate cash. Trin has no debt , holds cash and is cash generative. Even pays a div which I hate to lose. P/E of less than 2. TRin is being bought for a song and I am not a hugely happy bunny with b/e of £1.29p but we’ll see. The deal may not go through at 75%. However, I think Baay has more about him that could deliver than JB of Trin. Near term catalysts are also Jacobin shallow oil late May and 1p div in June.
Sold far too cheaply though. Trin’s tax exeption alone makes it worth 3 times 60p!! Shame. Trin is not run by businessmen, just salary recipients clearly. Good to dispose of them accordingly. But TXP really shouldn’t be at 40p anyway. Should be well over 50p.
So before higher production, but debt holds it back. Trin was a giveaway, assuming it gets the green light. I resectfully feel my old colleague Bruce roll in his grave.
I don’t think Perenco will enter the fray, but I feel it’d be a hostile bid. Trin’s BOD are exiting with bursting bank accounts on overpaid salary and TXP have bought for peanuts.
Posted at 01/5/2024 12:11 by redtrend
che7win - even with TXP's potential increase to 14,500 by year end, not all "boepd" are equal. TXP is 82% gas!!! At current 8,500 bopd, their realised boepd is a mere $26.53 boe! In comparison's to TRIN's $70+ boe.

You then have TXP's high net debt position of $23m Q1 2024, with 2024 capex of $33m, I very much doubt they'll reach their target of $25m Net Debt end of 2024.

TRIN currently has Net Cash of $9.1m incl VAT receipts. When you take this in to account, TRIN's share price at 60p is on a FCF and PE of less than 2. To acquire assets with a payback of <2yrs is quite a feat, far <2yr payback when you remove TRIN's overpaid board. By time deal is done, TRIN's net cash position will be even more. I would guess >50% of acquisition price will be paid by TRIN itself from its Net cash position TXP will inherit! This is before you even chuck in the huge tax losses to be utilised and huge potential of Galeota @ 7,000 bopd.

It's a good deal for both companies considering TRIN's management has been found lacking, but TXP is getting a far far better deal imo.
Posted at 01/5/2024 10:35 by nocents
Yes. Forest upper levels will be producing then. Trin is good at these levels. Got to be good at something. Their error was placating the govt. and their own arrogance with a deep well. Paul Baay wished them luck but does not generally support high risk deep drilling. Trin should’ve known about the sand. Seismic is not enough. Jacobin ought to produce decently from Forest level. Late May we will get flow update. They should have stuck to shallow drills. Foolish waste of money.BOD are shambolic PB is charismatic but can draw people into hype. Caveat.
But he has had ambition from the start, something Trin lacks. Txp does spring up cash-calls, but at 40p and with cash generative production from itself and Trin , should hopefully not need to.
It is not(!) a done deal. Let us not forget this. Trin’s financed assets put it at 10 times 36p s/p.
Please would you fill us in on the 3 wells drilled, 2 coming online and when/forecast bopd ( oil not gas??). And the Ortoire/Cascadura and other blocks. You throw out that production is expected to double??
We have been spun yarns here re. Jacobin, so all is with salt, but please save us trawling through RNS’s ! Thanks!!
Posted at 13/4/2024 18:12 by nocents
I think the bottom line is that Trinity is low profile and in AIM. Institutional investors are not interested, and Trin shot themselves severely in the foot with Jacobin. They lost the confidence of the private investor and the mm’s just slumped it as they do. I don’t think many people except us have a clue about the nuts and bolts of the company. Most people just want a quick profit asap and out, thank you very much. They probably don’t understand SPT, no hedging, discounted price etc. Even Cavendish think Trin will pay no spt at all in 2024, but I think they may. This quarter is already averaging $76.5. And oil is holding up. Last year had no hedging too but the money was squandered.
Trin need to increase bopd and investor trust. And the dividend. And sell assets in Galeota. Unfortunately management have not shown the greatest competence since BD died . This has wrecked the share price.
I think the big shareholders will have made their feelings known. Newlands owns over 10%. Trin should be marketing Galeota( Perenco are next door), increaing the dividend as promised, and explaining what( if anything) they have learned from Jacobin. The update in about 10 days may be a flop ( Q1 usually is) but ought not to be. No SPT. Decent profit. No capex.
Let’s see if they manage to shoot the other foot or not. Disgrace if they do.
40p( 4p old money) is well below the all-time low in Covid of 55p(5.5p).
I fear a year stuck in the Sargasso with no wind in our sails, but it all comes down to management competence and care. The big holders need to know the plan or should be proactive and move management out if it does not happen. Not yet though. See what 10 days bring. Have no expectations. But the ground is solid and assets plentiful. But this is Trin and it is in AIM. Grab and run index.

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