Trinity Exploration & Pr... Share Discussion Threads

[mark10101] 27/8/2018 09:43

Thanks SB, going to be an interesting week.

[spellbrook] 27/8/2018 08:58

He said after Tuesday’s meeting between the union and Petrotrin Prime Minister Dr Keith will address the nation on the future of Petrotrin on September 2.

Quizzed on options Government could look at going forward, Khan refused to say whether privatisation or a merger with Shell could be involved

[mark10101] 26/8/2018 23:30

I have read elsewhere the union is meeting with the government on Tuesday so hopefully the Sunday address is post a Tuesday anoncment. Good to see they don’t feel the need to make the address straight after, they have had plenty of time to plan and manage this smoothly.

[whiskeyinthejar] 26/8/2018 23:23

Is it this Tuesday or next Tuesday? Article says next Tuesday.

But if this Tuesday is day of announcement, Sunday could be just Rowley explaining it more.


---------------------------------
Khan: Petrotrin can bankrupt T&T

If the current financial challenges at state-owned Petrotrin are not handled properly, the fallout could bankrupt Trinidad and Tobago.

The chilling forecast comes from Energy Minister Franklin Khan, who spoke with reporters at a conference at the Hyatt Regency Hotel on Sunday.

Khan said the situation at Petrotrin is dire as it faces serious financial challenges, systemic, operational and structural issues.

The Minister said as a former employee with the state owned company for many years it was not a nice feeling to know where Petrotrin is today.

He said, however, with the right intervention Petrotrin can serve the country well in the future.

Regarding the restructuring of the state-owned company, Khan said the plan will be rolled out next Tuesday, following a meeting with representatives from the Oilfield Workers’ Trade Union (OWTU).

Khan said Petrotrin currently has no rigs operating and limited walkovers.

Those activities have almost boiled down to zero, he added.

Prime Minister Dr. Keith Rowley is expected to address the nation through a public broadcast regarding the future of Petrotrin next Sunday.

[mark10101] 26/8/2018 23:20

A new article suggest we will know this Tuesday.

[mark10101] 26/8/2018 23:04

Interesting tweet. They have also have a Petrotrin meeting on Tuesday, should be an interesting week. Lets just hope they keep things together and any change is not disruptive for the industry. Hopefully some interesting opertunities come from it, we have the cash to capitalise on it which few T&T oilers have!

[whiskeyinthejar] 26/8/2018 22:55

Good spot. It'd seem sensible to reform SPT before flogging off any bits of Petrotrin, so they get a good price.


PM says announcement on Petrotrin next Sunday:



OPM Trinidad&Tobago @OPM_TT 3h3 hours ago

Prime Minister Dr the Hon Keith Rowley will address the nation through a public broadcast regarding the future of Petrotrin on Sunday 02 September, 2018.

[mark10101] 26/8/2018 21:13

Looks like Petrotrin restructuring is coming to a head. Lots of articles on Petrotrin over the last few days.

[mark10101] 26/8/2018 14:15

Ross’s link that is clickable.

[whiskeyinthejar] 26/8/2018 08:30

The Company Secretary for Trinity is given on website as:
"Amanda Bateman (AMBA CoSec)"

-AMBA CoSec is in fact Amanda Bateman's company:


-AMBA operate as Company Secretary to a number of companies and have a business address in Reading:


-eg Sound Energy list AMBA as Company Secretary on their website. Sound don't give any postal address for company secretary on their website. So I assume it is not required.

[mark10101] 26/8/2018 07:58

MT, write to Tracy with these concerns. She is the investor relations for TRIN and will be interesting to see her response. I totally agree nothing can be taken for granted, on the face of it TRIN is the most derisked and exciting prospect on AIM, but I have made some expensive mistakes in the past...

I do find it intreguing though that you report to have a larger holding and appear to have full confidence in TXP, where I am yet to put a penny in due to my caution. Like other posters please don’t take that as a que to go full TXP ramp, just a comment.

[mount teide] 26/8/2018 01:02

MBF - 'Your comments about the company secretary are however just bashing nonsense' Really?

I found the exact same arrangement at the high flying tech company Globo and posted the information on ADVFN - along with the declaration that as a result i had taken out my original investment and just let the profit run.

It proved to be both a good and bad decision - good because i got my original investment back, but bad because the $6figure paper profit i let run was lost after the Globo management were subsequently found to be anything but as straight as they were purporting to be - they misappropriated over £100m by convincing the auditors the money was on deposit in reputable banks, when in fact there was nothing in the accounts but loose change.

Where equity investment is concerned its wise to take nothing at face value and treat all management with a very healthy dose of scepticism - this approach has since served me well at MPL, where i exited with a modest loss after proving that the management had blatantly lied in a number of company statements - and so avoided the fate the of the Institutional Investors, who have currently lost 99% of their £110m 'investment' - the loss of the other 1% is just a matter of when not if!

[mustbefunny] 25/8/2018 23:37

You are either a concerned investor or a basher. You are right to query what has happened since the fund raise as the company has been a lot quieter after than before, not to mention the unexplained 3m drop in cash at the last statement. We shall see in September.You comments about the companysecretary are however just bashing monsense

[dunderheed] 25/8/2018 17:28

Have they not 'advertised' their intentions in prospectus plus the fact that they will update operations with the financials in September?

Maybe they're not answering e mails linked to imminent update anyway out-side of that time table?
Maybe they had eyes on acquisitions as well which they are also working on currently?
Whilst I realise it is a gap since the funding - I don't think their is any evidence yet they are being 'laid back' and I'm a pretty impatient fella actually!
Come September and update of they haven't achieved much then I'll be the first shouting and jumping up and down!

[oilandgas1] 25/8/2018 17:12

I agree .. you cannot use words like hitting the ground running and still nothing 2 months later .. debt free , oil price steady and share price under performing .. drill news is required..

[dunderheed] 25/8/2018 15:42

MT they're not going to share such information solely with you so what do you expect? Let's wait until September update and see operations progress then.

[mount teide] 25/8/2018 15:21

'The market makers want our shares, so they artificially drop the price to try and scare nervous, impatient or leveraged holders into selling.'

Nervous or leveraged holders:
The smart money might suggest that if the management created waterfall drop from 27p to 15p has not sent them immediately stampeding for the exit door nothing will!

Impatient:
Anyone finding themselves at the same share-price 18 months following a period when the POO has more than doubled could hardly be described as impatient! Disappointed would be more accurate!


Like i am, in not getting a reply to an email requesting the management get their finger out ref the drilling programme which received the cash to fund it over two months ago!

One month later we had this from management:

'Drilling contract signed for the initial six well campaign.
In its Q1 2018 Operational Update.....the preparation for infill drilling operations has been ongoing with Trinity's dedicated subsurface teams working up incremental locations for future drilling....this preparatory work has enabled Trinity to hit the ground running with an accelerated and fully funded drilling campaign commencing in H2 2018.'

Hit the ground running? We are now over a month since that 'update' and two months since they received the cash to fund it, and just 4 months from year end and, yet still to hear anything about when and where the drilling campaign will commence.

Fired off second email to the Company, including one to the Nomad asking if they're happy with the fact that the Business Address of Trinity's 'Company Secretary' is actually a three bedroom semi detached house on a run down residential housing estate in Reading? - because i am not!


AIMHO/DYOR

[spellbrook] 25/8/2018 13:02

At trins current price plus price of wti and cash in the bank we could be a takeover target

[husted] 24/8/2018 18:30

Double post.

[husted] 24/8/2018 18:30

Its mostly buys so tree shaking is going on here.

The market makers want our shares, so they artificially drop the price to try and scare nervous, impatient or leveraged holders into selling.

[diseasex] 24/8/2018 18:04

yeah but we are moving south..

[spellbrook] 24/8/2018 15:45

Nice to see oil starting to moving north again