Trinity Exploration & Pr... Share Discussion Threads

[nocents] 20/7/2024 16:37

“ Multiple oil-bearing reservoirs”!!
3 bopd per reservoir.
We have been taken for a ride. It seems the norm in the stock market now, particularly AIM. Bruce at least had some integrity and honour, and pride in the company. This BOD did not have a clue about oil, nor did their esteemed geologist James Menzies. Their incompetence is astounding.
Regarding TXP, I would not expect quite the same incompetence. Baay seems to understand gas and oil better, although I expect he does not give a fig about shareholders. However Trin holders will own 20% of TXP. This will allow them to have some influence , although not 50% as in Trin. It is good to be wary of TXP. Shareholders are cannon fodder across the board these days. Didn’t used to be so.
Paul Baay did express his desire last October to enter the FTSE 250. Yes that could be pie in the sky. Sales talk. Or true. He has offshore now to market or farm out with no spt. Trin’s off shore with no spt ($73 a barrel Q2) . About $3m savings in admin. A host of drilling prospects at $1m each. No hedging. Oil not just gas. Is txp a lifestyle company like Trin became? Maybe. Maybe not. I think Baay is certainly more proactive. But shareholders. We mean diddly-squat but could combine to exert a pressure group. This is not Trin. Baay is more cautious re. deep drills. Txp should be producing quite a lot of cash with Trin from here.
I have lost so much that the little I would get back is exactly that, almost irrelevant.
The more large shareholders there are in TXP the safer they will be.
Yes I am very wary too. But I saw this reach £1.50 in 2021. Trin never got above the old 16p. In 2019 they were both 10p!!
Trin has wearied us. They deserve nothing but shame. But we must let our aims evolve as the new company does.
But we should never trust them.

[nafafa] 20/7/2024 12:34

About a 50 year payback on Jacobin, what an absolute shambles and a disgrace. The director should be absolutely ashamed of themselves. I am not sure that we will do much better under TXP, they appear to exhibit many of the same shortcomings as the Trin management being overweight in numbers and operating a business solely in their interests, not shareholders. Post merger I hope the shares will at least achieve 50p, Trin 75p i equivalent. At that point I will get out. Andrew, I would suggest you do much the same before you see your investment there, dissolve. It is a shame you avoided joining any shareholder action some months ago. That was the only opportunity that shareholders could have had to make their case.

[andrewbyles] 20/7/2024 00:58

As a reminder, here’s what Trinity said during last July’s update:

“Trinity is delivering on important catalysts within our refreshed strategy. We are greatly encouraged by progress at our Jacobin well, testing the first of our nine deep Hummingbird prospects and where we reported multiple oil-bearing reservoirs in the Lower Cruse interval; the well sidetrack is drilling ahead and making good progress.”

Last year Q2 production was 2,824 bopd and the company had over $11 million in cash.

A year later it’s clear that the strategy failed and that there was no delivery. All bonuses and share options granted over the past three years should be forthwith returned, but obviously won’t be.

[nocents] 19/7/2024 17:56

Thanks for that Andrew. Fitter and leaner is good by me.

[andrewbyles] 19/7/2024 17:02

From Malcy:

This final update is as unexciting as its previous few quarters with its slow production decline and is ‘due to deferral of some well recompletion and workover activities from Q2 2024 to Q3 2024 on Onshore and East Coast assets’ which exhibits a lack of drive although it keeps guidance at 2,600-2,700 bopd. Jacobin’s 30 yes 30 bopd after reperforating, what might it have been before that one wonders?

But Touchstone will benefit from greater economies of scale and more importantly recurring annual cost synergies which they believe will be ‘significant’ which also tells you something about the cost base and the combined beast will be leaner and fitter on a pro forma combined basis. So farewell Trinity, I had hoped some time ago that it would stay independent but that wasn’t to be.

[nocents] 19/7/2024 15:03

I am afraid after 11 years of being in Trinity that I saw it fall to pieces on the death of Bruce. At least he knew his oil stuff. Without him I am 100% convinced that it would never have used Trin’s “ Article 11” and managed to refinance. The management has been abysmally poor and dare-I-say slovenly. A year of hedging, 3 dry conventional wells, a horizontal drill bit that vanished with the intention to drill, an incredibly downright stupid assessment of Jacobin which I think that I could have managed better( yes really)by doing the research and risk assessment decently with zero ignorant hype ( the coup de grâce which finished all credibility) , an arrogant chairman who blames shareholders (??!?). All this plus more. I just can’t believe the ineptness, but maybe that is my naivity. 4D, Ncyt, Pog etc. Then Trin. Stock market is Wild West. Never used to be. Directors seem to spin yarns and do what they want with no consequences and nice chunky payouts after it goes belly up.
TXP may be no better. I hope they are , but who knows? At least they had the nouse to snap up a drowning Trin for sixpence.
So we’ll see. Cascadura? Don’t know. Coho, don’t know. Galeota and Hummingbirds? Don’t know. I dearly hope they are not slapdash like post-Bruce Trin. Unbelievable. 30 bopd.. Just over a barrel an hour. Well done Trin(!?!)
Nota bene…no commentary in RNS. First time ever. Goodbye Trin. Putting us out of our misery? …. , yes. Even if the merger does not live up to my expectations, I won’t miss the appalling inept management and unwillingness to take responsibility Mr. Clayton.

[andrewbyles] 19/7/2024 13:19

If Jacobin continues producing at that rate for 40 years, we should get our $10 million back.

It seemed to me at the time that Trinity’s carefully planned and researched programme of deep well drilling was the sensible approach, but the extra expense and delay no longer looks as though it was worth it - 30 bopd is less than a cheap conventional well is supposed to produce and we could have drilled ten of those for the same money.

I’m pleased Touchstone are putting us out of our misery.

[che7win] 19/7/2024 11:45

Jacobin producing at 30 bopd, RNS out

[andrewbyles] 14/7/2024 18:27

In just under three weeks, Trinity will become a subsidiary of Touchstone (it’s probably the fastest transaction Trinity and the Energy Ministry have managed in the past decade; hopefully, that augurs well for the future).

Based upon previous years, we’re due a quarterly update next week or the week after. It would be nice if Trinity could provide a bit of good news before the takeover (might Jacobin even be producing a bit from the higher levels following May’s re-completion?), but it’s possible that we may have to wait for some sort of Touchstone update in early August.

Touchstone has been rather quiet on its plans following the merger and it would be nice to hear what the plans are. The combined group is going to have more resources to develop new wells and fields, but the combined opportunities are so great that I doubt it has the resources to quickly progress them all. My hunch is that Touchstone will announce some sort of farm-down or partnership with a large independent to exploit the offshore licences and maybe even some of the onshore.

Obviously, we’ll have to wait and see. After a terrible year or so, I’m hoping for some positive development news in August and success with the new Cascadura wells in September. Touchstone’s share price got close to a £1 last summer and hopefully it won’t be too long before we see that sort of price again.

[che7win] 05/7/2024 08:25

These should be at 50p to match TXP..... Just sayin....

[nocents] 02/7/2024 17:26

Are we not expecting a Q2 or H1 update at some stage in July.
Txp is floundering too. Are they not expecting Cascadura to come online at some stage?
Seems we are back to the usual radio silence from both companies. ( our fault of course, Mr. Clayton).

[nocents] 28/6/2024 20:50

Et tu Brute.What a kind soul you are.

[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 ???!!!