Trinity Exploration & Pr... Share Discussion Threads

[sleepy] 13/2/2024 12:17

SKY - I’m a newbie here but did many of the big shareholders buy in at or around 50p some years ago?

[aqc888] 13/2/2024 12:04

The final straw for me was management talking of better communication. Then missing the January deadline and posting on 1/2/24.

[skyship] 13/2/2024 11:26

That is a very long list of surely dis-satisfied, loss-making shareholders.

Why no action from any of them I wonder. Serious cash been lost in 2023; yet not a peep out of any of them - as far as we know of course.

Another Q for JB when we get the chance to quiz him again.

[nafafa] 13/2/2024 10:55

Nocents, I agree and have a similar average to you, I prefer not to think too much about it! The BoD are hopeless at exploration so must be forced to sell assets and return cash to shareholders. I guess the next opportunity to challenge them face-to-face will be the AGM, to which we need to turn up and make our feelings known.

[nocents] 12/2/2024 19:26

I am not sure everyone here is on exactly that page, but I absolutely personally feel unrequited by the team, and with an ave. of £1.28 -1:30 , cannot see that by rebuilding balance sheets. I want a sale, and would be happy with part or full, just feel it’s about time the sharecprice was addressed. When Bruce passed away in 2022 it was £1.65. Downhill ever since. Especially 2023.

[aqc888] 12/2/2024 19:01

How about existing management agree unreservedly to sell all / large part of Trinity. Or replace them with an experienced team who can negotiate a sale. 2024 is a year where little is happening, rebuilding balance sheets, so would be an ideal time for a management change. It seems everyone here thinks current management are not aligned with creating shareholder value…

[nocents] 12/2/2024 17:28

Disagreement is healthy.
And minds can be changed, including of course my own.
I have been a slave to Trin too long.
It has fallout.
Some of it is very justified.
Agreeing to disagree is very healthy and I am willing to have Trin change my mind for me. Very.

[pavey ark] 12/2/2024 15:29

I don't think an "US / THEM" helps anyone .

I pointed out before that obvious self interest (that we all have to a greater or lesser extent) would mean that NO MANAGEMENT would want to sell Galeota.

Let's take a step back and look at Galeota on its own.

The first setback was the initial and very grand plan costing a vast sum to bring into operation.....the current management were not in control of that.

The farm out proposal in 2022 fell down because of the "grand plan" AND because of SPT at $50........I'm surprised that any other oil company even looked at it....but they did.

Screech of brakes ...new plan ...independent report commissioned (essential for any farm down/partial sale).....most of 2023..

T&T eventually bring in reform but this was only a month ago (FFS).

For all their sins management have done little wrong concerning Galeota.

An outright sale is the best bet for an immediate boost to shareholders but it isn't going to happen.....best we live with that !!

The current ridiculous share price has nothing to do with Galeota and everything to do with a loss of confidence in management but so far there has been no mishandling of the Galeota asset and it is still worth many multiples of the current market cap.

If people do have doubts about the competence of the management team then a partial sale of Galeota would help.
If management announce that they have raised the funding and are going it alone ......hmmmm!!??....maybe then is a time for a rethink.

To remove any doubt...... I am far from impressed with this management team but best to try and keep a calm head and Galeota is certainly a prize that is absolutely nowhere to be seen in the current valuation of TRIN.

[nafafa] 12/2/2024 15:24

Pavey's observation:'There is little doubt that 100% sale would generate the largest return in the shortest period of time .....but to shareholders....not management....hmmmm!!'Rings so true, the fundamental problem with Trinity is management motivation and strategy is not aligned to that of shareholders. Until that changes management will continue to go their own sweet way and shareholders will continue to suffer.

[nocents] 12/2/2024 10:37

I feel that a new partner would just extend and prolong Trin’s never-ending promises. I am all for a partialnor full sale of the company. But I realize I can have no effect. They will do whatvthey want. Unless we all clubbed together, and there are too few of us to dent their decisions.
My gut feeling is that the team will simply avoid difficultcdecisions for as long as they can. I have become that cynical I am aftaid.

[aqc888] 12/2/2024 09:01

Personally I think they should leave fresh exploration opportunities. They have enough with Galeota, BA and hummingbirds. Surely with oil production dwindling in Trinidad the logic of takeovers of small players makes increasing sense for the remaining large oilers in Trinidad? Trinity need to accept drilling new wells in Trinidad is not their strong point - due to the difficult geology or inexperienced team - and start considering a sale of the whole business as soon as possible, before their existing production dwindles further, as any buyer will be looking at the time period they need to wait to recoup their investment.

[nocents] 11/2/2024 17:00

Totally. ( answer to Skyship)
But you can take a horse to water…..
I do not feel that we are of much significance to any decision. Large holders( as a group) certainly. But the cynic in me has met too much self-seeking, particularly of late, and sometimes people have to be pressured to make the shareholder-friendly decision(s).
Otherwise radio silence prevails.
I suspect this may be needed here.
But, as always, am happy to be wrong.
Interminable waiting is not really good enough now though, hence my support for the last past of Andrew’s post ..” if all else fails” …call to arms.
Am hoping implicit pressure will not need explicit pressure.

Only just read the preceding post.( PA)
I echo that a sale of Galeota in part or full, would benefit shareholders….but not management. Hence my considerable doubt and suspicion of zero action.
Does our well-being really matter? I mean really?
Decisions willl be made for other reasons( notwitholding influential shareholders’ only). Hence my wariness.

Question( anyone?) :- Am I right that we are due a 1p dividend at some stage? No ideas when?

[pavey ark] 11/2/2024 15:56

As we are sharing.... my loss is c. 26% and my break even was under 80p but I sold half of my 18th Dec purchases (these were at 31.5p and 32.5p).
I have no problem selling these as I bought because the market had simply lost the plot .....sold half at 47p and will think about the other half at 60p.

I have no intention of selling my remaining shares at anything under 100p and even then would look for more.

My current spreadsheet was started in Nov 2019 and my TRIN holding was only 10% of present holding.
I may have paid a little bit more for these shares but only 10% of current holding so no big deal .....the spreadsheet did throw up a surprising total of 53 buy/sell deals since Nov 2019...obviously a bit more buys than sells).

People certainly seem to be under the impression that TRIN have shut up shop and nothing is going to happen for 6-9 months ....I don't go along with that.
I would be very surprised if management want to even think about selling Galeota but there are quite a few options in between doing nothing and 100% sale.
There is little doubt that 100% sale would generate the largest return in the shortest period of time .....but to shareholders....not management....hmmmm!!

Let's see what plan they come up with....let's hope it's a cunning one.

[skyship] 11/2/2024 13:14

Well. I'm *only" down 39% thanks to picking up a few more down in the low 30s. Still, my biggest ever loss in over 50yrs of investing!

Nevertheless, hopeful of seeing a profit here before end 2024.

Assuming TRIN does the right thing; and frankly the obvious thing...SELL Galeota.

[nocents] 11/2/2024 12:50

Trin are not noted for dynamism. Nor communication. It’s like it has to be squeezed out of them. I hope the larger shareholders can flex their muscles appropriately. I have lost a lot of confidence in the BOD in just 4 months. More than in ten years.
Re. Galeota, I fear lassitude or delays or even inaction. My loss of trust runs deep. I feel there has to be real dynamism. It is not the modus operandi of JB or JK. They need to feel the heat in my opinion. Companies like Perenco need wooing.
I am on a 75% loss. Another holder here similar. Some are ok as we read today..75p ave. I wish. Being loyal has not paid off.
Bod need to provide a 2024 of share-care.

[skyship] 11/2/2024 11:33

I suspect that all concerned know full well inaction not really an option; and also that Galeota remains the key to a recovery in the Company's fortunes.

It is an asset they are unable to exploit on their own; so it has to be marketed. They will know all prospective players - jeez, even we know a few! Hopefully they will get a move on...

[nocents] 11/2/2024 10:04

I would agree with post 3533 fully.

[aqc888] 10/2/2024 22:41

Trinity has a poor record of assessing risk with its eldorado and jacobin record. Shareholders have no appetite for any more “risks” the board think are reasonable. Stick to building balance sheet and Galeota. Forgot the rest. No more gambles with shareholders money… we can go down the casino with our own money if we want. I don’t want anymore failures. Jacobin was the ‘best’ hummingbird. No more. Dividends and serious zero risk prospects only from now on. The “exploration” part of trinity should be reserved for Galeota only. Personally I only want to see production of oil - apart from Galeota. Trinidad is too risky, for exploration, as we’ve seen.