Trinity Exploration & Pr... Share Discussion Threads

[nocents] 28/6/2024 20:50

Et tu Brute.

[aqc888] 28/6/2024 18:46

Nocents, this sounds like one of your investments! Interesting podcast

[nocents] 26/6/2024 09:25

They should be deeply ashamed but clearly are not. Nick Clayton’s arrogant comment in the AGM RNS shows this. They have lined their bank accounts at our expense, even on their departure, and it is frankly
despicable.
I do not expect TXP to treat us much better at all , but can they at least do their job properly?

[nafafa] 26/6/2024 00:51

On 26 April an RNS stated that Trinity had embarked on an idle well study, I would not be surprised if the study does not identify a number of easy wins to maintain or improve base production, so another nice little give away bonus for TXP. The inept self serving management at Trinity have let shareholders down so badly, they should be ashamed of themselves.

[nocents] 25/6/2024 19:09

Buenos Ayres environmental licence was applied for a while ago. Drilling ought to take place early next year. No reason why Txp should hold back. Mr.Baay has already made his plans clear for 3 deeper wells. BA seismic data has already shown positive allegedly. But as with all drilling, caveat is necessary.

[davidblack] 25/6/2024 14:03

Yep TXP got the deal as they were likely the only T&T approved buyer? Plus the Trinity directors just essentially quit post Jacobin.

I am guessing TXP will JV Gallota but pay their slice of the exploration so they will get a fair deal. Not sure the Trinity directors were brave enough to do that.

Txp itself will have grown by 500% asset wise by the time the Trinity deal closes in six months. So expect a little indegestion for the first while? Thankfully the Buenos Ayres, Cipero and Charuma new acreage is off limits till the environmental permits are in place so they have 24 months to focus on the core.

[sleveen] 25/6/2024 11:22

No more bickering needed now.

[pavey ark] 25/6/2024 10:53

Davidblack, I have a reasonably large holding here but have not been paying much attention.
I am still here because I see a bounce/rise in the price if all the guff about TXP potential comes good ......no sign yet !!!

Another reason I'm still here is that the deal with TXP was so massively in their favour and as I could do little about it I thought it better to take shares in the company that had pulled off such an advantageous transaction.

Simple soul that I am I could never see how a company with $20m debt would be in a better position to develop the LARGE AND PROVEN reserves of Galeota than a company with $10m cash (and rising).

Clayton will tell you that this all came about because we wouldn't let him issue millions of shares for Galeota ....ignoring the fact that his trail of disasters meant that the shareholders didn't believe the management team competent or trustworthy.

As an old friend of mine was fond of saying "it is what it is".....let's see where we are going to.

(I didn't vote as I couldn't decide what outcome I actually wanted.)

[davidblack] 25/6/2024 09:00

So Pavey what are expecting profits wise?
Or have the Trin directors swallowed that cash as revenge for shareholders constraining them?

[che7win] 25/6/2024 08:30

Bought 5104 TRIN at 43p, won't stay here long.

[pavey ark] 24/6/2024 22:31

Clayton got things very wrong with TRIN and has shown with this and other comments that he is not only incompetent but he also certainly lacks class.

Not convinced that the TXP management are that great but the bar has been set at a very low level with this TRIN management.

H1 will show TRIN with a realised oil price of c. $71+ and NO SPT.....in H1 2023 the SPT offshore was $3.3m.

While our expensive management team have done little in H1 ( except setting up their payoff deals) TRIN will have produced cash that makes the current share price ridiculous....even by TRIN standards.

Now it's about time we got some positive news from TXP ....due by now ???!!!

[davidblack] 24/6/2024 20:37

Well Trinity holders sent a robust message to the Trinidad ministry of energy that they need a new home for their capital and these assets. Hopefully TXP can recover some of the lost ground? Fingers crossed.

[andrewbyles] 24/6/2024 18:29

I don’t think the outcome of the takeover vote was ever in any doubt.

Unfortunately, Nick Clayton has again shown, with this quote, why he was the wrong man for the job: "This is the second consecutive year that shareholders have been unwilling to support Resolutions which deal with the Board's ability to raise new equity, and has been a contributing factor to the Company evaluating its strategic options which ultimately led to the Directors recommending the all share offer from Touchstone." Over the past 12 years, Trinity, Bayfield and Old Trinity raised over $200 million in equity from shareholders (most recently at 150p per share) and have little to show for it (it’s mostly been converted into tax losses). Since 2022, millions of dollars of shareholders’ money was spent buying shares back at over a pound. Having raised all the equity and having bought back those shares, it’s foolish to expect shareholders to hand over more money and to agree to see their equity significantly diluted by selling new ones at 30p.

I voted against the remuneration report and reappointment of the directors with the 420,000 shares in my ISA (I couldn’t my other shares). I’m surprised more shareholders didn’t.

[che7win] 24/6/2024 18:08

Vote has passed

[lexus880] 24/6/2024 17:56

This is what I have
Share Holder Date Percent Date Percent
David Newlands 21-Feb-24 10.07% 01-May-24 10.64%
Angus Winther 21-Feb-24 8.02% 01-May-24 8.02%
Gavin White 21-Feb-24 7.51% 02-May-24 7.51%
David Segal 21-Feb-24 5.12% 07-May-24 10.44%
Scott Casto 21-Feb-24 4.06% 07-May-24 7.92%
Andrew Byles 21-Feb-24 ??? 07-May-24 2.57%
Edward Malthy 21-Feb-24 ??? 09-May-24 2.55%
Andrew Sibbald 21-Feb-24 ??? 13-Feb-24 1.86%
Jack Dingwall 21-Feb-24 ??? 14-May-24 3.77%
Timothy Robinson 21-Feb-24 ??? 23-May-24 1.88%
James Rank 21-Feb-24 ??? 28-May-24 1.00%
Charles Anthony 21-Feb-24 ??? 11-May-24 1.44%

[davidblack] 24/6/2024 13:23

Any idea of the vote?

[nocents] 23/6/2024 15:55

D-day Monday.Decision day.
I would like to know who increased their holdings.
I would also like to hear from Txp regarding projected FCF from Cascadurra, when it is likely to come on line, and what their ‘24 and’25 plans are. This share price , like Trin’s, has become farcical. Who is not losing money, and some considerably. I am about 75% down . And having lost large 6 figures in 4D, it hurts as there are now sadly only a few pennies in the coffer and life has degraded..
I don’t expect a share resurgence in ‘24, but TXP was hardly producing until recently so clearly their vision is on growth. Trin’s tax exemption may help, they may ( I hope) dispose of Galeota at some stage, but 2025 could see a decent drilling campaign.
Maybe.

[pavey ark] 22/6/2024 11:22

flyinghorse1, a rare post from me these days and was going to bring up another point ....but....what are you on ? ....can you work a calculator ?

"Will TXP alter the terms of engagement even if Trinity share holders 71% agree--as a TXP shareholder I surely hope they do."......what ?!!!

Heading out now but very willing to take this further.

Lexus880.....I missed that.. can you give more detail...thanks.

[nocents] 22/6/2024 10:50

Terms cannot be altered post-vote.
Not sure what these risks are(??). Trin carries negligible risk and decent reward. TXP has around $20m debt but Trin can help with that, as can FCF. The ‘market’ has not marked down this deal. It is simply responding to people selling some TXP. Buying Trin makes more sense but Trin’s price in turn reflects TXP only until end Q3 or whenever date of enactment. This is a very good deal for TXP!! 20% dilution for what they get!! Not sure I follow your logic.
Galeota will not be developed by Trin, and Paul Baay has repeatedly made it clear he is mainly interested in onshore development. Galeota can however be used for considerable tax losses, which may merge with BA , and could possibly be sold off . A large producing oil company borders Trin’s asset.
It would be an error for Trin holders to reject this offer. I do not see the share price recovering this year personally, but TXP has plans and the cash flow( with Trin) to develop cretacious migrated oil (3 wells at $10m), and BA. It needs to diversify away from gas as gas prices are fixed and negotiated rather low in Trinidad. Oil is unlikely to drop as Russia is not going to stop, and Iran supports it. I suppose if China invaded Taiwan there could be a trade embargo which could cause a global recession, but it is not that simple. Oil is likely to stay high for 3-5 years imo. The correct long term reduction of emissions is the way forward but in the short term Russia has kyboshed it.
So TXP need to get the oil out of the ground asap . And gas. Talking 3-5 years IMO.
Lexus. Who has added??

[flyinghorse1] 21/6/2024 20:28

Essentially this proposed deal has weakened the TXP share price, indicating that the initial terms are far to generous (in the market's view).
I suspect that on reflection its a sensible move to merge , but Trinity carries considerable offshore cost risk(Development capex/abandonments), TXP, future gas volume delivery risk.
Will TXP alter the terms of engagement even if Trinity share holders 71% agree--as a TXP shareholder I surely hope they do.
I guess the coming week will be interesting.
FH

[nocents] 21/6/2024 10:52

I agree.
Am interested to know who has increased shareholdings though? Gavin White at 7.5%??