Trinity Exploration & Pr... Share Discussion Threads

[spellbrook] 03/10/2017 15:14

its coming, accumalate and wait..gla

[lw425] 03/10/2017 15:10

30P+ ALL DAY LONG

[lw425] 03/10/2017 15:08

Trinity Exploration
Trinidad and Tobago 2018 Budget Highlights
RNS Number : 5901S
Trinity Exploration & Production
03 October 2017




Trinity Exploration & Production plc

("Trinity" or "the Group" or "the Company")



Trinidad and Tobago 2018 Budget Highlights



Trinity, the independent E&P company focused on Trinidad and Tobago is pleased to note proposed reforms encouraging investment in the energy sector included in yesterday's Budget Statement in Trinidad, which could have a positive impact on future trading for the Company.

The Statement specifically addresses the Energy Tax Regime:

We have started a review of the energy tax regime in order to simplify and rationalise the terms of both Production licences and Production Sharing contracts. The main objectives of this reform are to encourage investment in the energy sector and raise the Government's revenue-take

Critical areas being addressed are:

· Making the Supplemental Petroleum Tax responsive not to price but to underlying profitability;

· Extending the Supplemental Petroleum Tax to gas, which is now the country's main petroleum product;

· Reconciling and simplifying the fiscal regimes applicable to the exploration and production and production sharing systems; and

· Standardising and uniformly applying appropriate royalty rates to all crude oil, condensate and gas.



Negotiations between the energy companies and the Government are well advanced and we expect to be in a position to present the new oil and gas fiscal regime before the end of this year.*



Bruce A. I. Dingwall CBE, Executive Chairman of Trinity, commented:

"This could prove to be an extremely important change for the Company in terms of bottom line economics and Company valuation. The Government is aligned with Trinity in seeking to increase oil production and once the terms of the changes to SPT are clear we will then be in a position to quantify what the effect on the Company will be.



"On the face of it this announcement looks like good news and we continue to work hard on building on the strong first half and look forward to updating the market further in due course."

* extract taken from full Budget Statement available here hxxp://www.finance.gov.tt/wp-content/uploads/2017/10/BUDGET-STATEMENT-2018-BOOKLET-faw.pdf

[husted] 03/10/2017 14:39

November trading update will see Trin hit new high IMO.

[ifthecapfits] 03/10/2017 13:41

Nearly bought some of these when they fell through 10p. Oh well.

[mark10101] 03/10/2017 13:16

New LGO (Columbus) is motoring and similar MCAP to TRIN. If we ever got the same following/exuberance we would be knocking on the door of £1. Worth holding TRIN until it hits a few more radars.

[ny boy] 03/10/2017 10:09

Plenty of buying on L2

[mark10101] 03/10/2017 09:19

I think if we get through 15p 17.5p is the most likely cause of a little bit of temporary turbulence.

[ny boy] 03/10/2017 08:28

Morning all, 16p + close this week

[spellbrook] 03/10/2017 06:41

Malays summary worth another read...


Trinity Exploration & Production

Trinity also had results yesterday and the turnaround story gathers pace. Production, which had stalled after the 2016 lull, is picking up sharply as the 2017 work programme kicks in. To give an idea of its activity, in the 1st half of the year there were 49 RCP's, workovers and reactivations, in the second half there will be 90 in total evenly split between the three.

This means that the company's 2 rigs are at full capacity and additional rigs have had to be contracted. The success can be measured by the economic indicators per well. So far this year the NPV is $118/-, the IRR 332% and paybacks happens in 8 months, impressive or what?

Key metrics for the first half show EBITDA racing ahead of an admittedly difficult comparison by a multiple of nearly 4x, obviously prices are up but break-even price is down again and, of course, post the refinancing net debt is relatively normal with a healthy cash balance of $11.5 million.

These numbers mean that margins are up and TRIN has aggressively trimmed costs putting them into a genuine position of increasing profitability, a rare situation for an Aim company.

This combination makes the outlook very bright for TRIN, with a solid balance sheet and sales up on the increased operating activities the assets are working hard under disciplined project management from the almost entirely local team. On that subject, I met yesterday with Bruce Dingwall who I have known for some time, but also CFO Jeremy Bridglalsingh who is very impressive.

Looking forward, expect a resumption of the drilling of new wells in Q1 2018 with a 4 well + programme whilst continuing with the hopper of workovers etc, all this from a fixed cost base onshore making increased profitability going down to the bottom line.

Further out, the prospects are exciting for the offshore Galeota Ridge which could be transformational for the company. Overall, the chart looks good, the fundamentals are sound and the management are most impressive making the outlook for the share very promising indeed.

[mark10101] 02/10/2017 22:30

So we went up and up when we know one PI sold 500k shares, that shows the strength of this current rise.

[squiresquire] 02/10/2017 22:07

Its really starting to recover now, completely agree with you guys that 30p for Christmas is very likely now. Next year should be a blast when the new drilling results start to come in.

[spellbrook] 02/10/2017 21:59

More shares in safe hands recently


Joseph Piers Jennings 8,750,000
Menzies 500,000
Angus. 500,000

[whiskeyinthejar] 02/10/2017 21:37

Yeah it's a timetable that was missing. IMO people don't believe you have a credible plan until you give a timetable. I expect our friend Joseph will be buying more tomorrow. ;)

[mark10101] 02/10/2017 19:54

Thanks WITJ, good to hear they have not back tracked on the January announcements, let’s hope they stick to this time frame.

[whiskeyinthejar] 02/10/2017 19:32

Finance minister talked about new fiscal petroleum regime. Spoke about providing sufficient incentives to encourage investment. Says he expects to present changes before end of this year- changing SPT to apply to profits rather than production as we had hoped. I guess some of the buying today anticipated this news.

[mark10101] 02/10/2017 18:43

I think it is the wrong time to sell, I have been through what he has been through but he had such a large holding he had to declare his purchases when TRIN was undergoing the sales procedure rules. Each to their own, let’s hope supply dries up and some buying pressure really builds. I did not sell at 18p or any point on the way up, I did not expect anyone would get a buying opertunity at 10p again but that is the markets. I am with LAW and think 30p as we head into Christmas is possible. Beyond that they just need to deliver what we expect and the rise should continue if oil is favourable.

[aimmafia] 02/10/2017 18:22

Crl is a tool.... makes horrendous investing decisions. Why you would sell now I'll never know.

[lw425] 02/10/2017 18:17

Amazing really when you think that TRIN is profitable with 11m in cash and a further 4.5m to come in a few weeks upon completion of the minor disposal.

We have enough reserves to last 20 years before any further exploration upside on those high impact drills.

Cheapest oil producer on the London Stock Exchange by a country mile.

[whiskeyinthejar] 02/10/2017 18:11

You have to drink every time they say "Titty Dollars".

[ny boy] 02/10/2017 18:02

Not the time to sell any... Weird

[lw425] 02/10/2017 17:50

Can see this 30p+ by Dec.

So much going on.

[bones] 02/10/2017 17:42

Was that CRL's 650k I wonder? Still seems a strange time to sell. It's like someone who has been tortured eventually gets to like it and chops a bit more of his leg off.

[mark10101] 02/10/2017 17:25

CRL posted on LSE that he sold quite a few today so there is where some of the chunky sells came from, he still hold a lot but he has been through the mill with TRIN over the last 3years. Today’s rise was very encouraging giving the supply coming available.