Trinity Exploration & Pr... Share Discussion Threads

[marvelman] 24/9/2018 21:47

....I was referring to the lates half year accounts nafafa...the balance sheet is clean because we have all contributed heavily towards making it so...but going forward was that p & L the standard or a blip...I was expecting a profit at operational level even after SPT. If we are relying on T&T tax reforms to ensure a profit then we could be waiting for a very long time

[nafafa] 24/9/2018 21:34

Not sure of the merits of going over what occurred three years ago. I think lessons were learnt. Since Jan'17 they have achieved a clean balance sheet and a cash pile of $10m plus, a pretty impressive performance.

[marvelman] 24/9/2018 21:06

Any explanation as to how they turned 30 million of turnover into a loss?.....or better,how they intend to change future revenue into a profit?

[nafafa] 24/9/2018 20:43

Cynic, I am not aware that he has been offered an all expenses to T&T!!!

[nafafa] 24/9/2018 20:29

Always good to attend these things, it’s the informal chat afterwards which is most revealing, all good. Malcky also attended and remains very upbeat!

[dunderheed] 24/9/2018 19:37

No skeletons but anything exciting?!
Did you go?

[nocents] 24/9/2018 19:23

Post meeting. Solid . No skeletons.

[mdw1] 24/9/2018 16:58

Why doesn’t somebody put that to Dingwall and his chums tonight?

Perfect opportunity to gain some clarity around the figures.

[mdw1] 24/9/2018 16:57

Why doesn’t somebody put that to Dingwall and his chums tonight?

Perfect opportunity to gain some clarity around the figures.

[marvelman] 24/9/2018 14:55

Operating profit of 2.6m was then wiped away by SPT of 3.7m making a loss....no other way to frame it.

[rollthedice] 24/9/2018 14:47

Operating profit before exceptionals was actually up marginally (2.6m vs 1.9m) which is nothing to get excited about but with poo still climbing and debt now fully repaid full year accounts should see further improvements.

[marvelman] 24/9/2018 14:25

Does anyone know where the royalties of 10 million emanate from?

[marvelman] 24/9/2018 14:23

Actually made a loss before exceptionals and tax credits. Royalties and SPT took half of gross revenue.With the government taking such a chunk this is not a profitable business based on the bare numbers in the interims. The "profit" has basically been generated through tax credits. Out of the bottom line number of 15,889 17,000 was courtesy of exceptionals and tax credits.....anyone see it differently?.

[nocents] 24/9/2018 13:43

Morning Star and Stockwire both say profits halved from same period last year(?). I can’t see it. Are they right or wrong?

[otemple3] 24/9/2018 13:40

Keep the faith DH. It is always demoralising when the price falls after good news but eventually quality and fundamentals will play out. We are in a pretty unique position and now it is just for the BOD to exploit it and also communicate it to a wider audience (starting tonight I hope). I think we are in for a very exciting 12 months and think 20p will be a very distant memory by thenGLA

[nocents] 24/9/2018 13:40

Morning Star and stockeire say proofits halved from same period last year. I don’t get it. Is this right or wrong?

[mustbefunny] 24/9/2018 13:35

It seems the way of the markets now that any news other than positive surprises will be sold into. There wan't anything unexpected in todays announcement so down we go .

[rollthedice] 24/9/2018 13:31

Brings to mind the Warren Buffett quote ~ The stock market is a device for transferring money from the impatient to the patient.

It always amuses me when buyers flood in when a share has spiked and rush for the door when prices have already dropped on an overreaction to news or non-news! Two great ways to lose money.

The results were pretty solid and hopefully TRIN can build results/shareholder value on the back of them.... eventually!

[dunderheed] 24/9/2018 13:25

Yeah I know. Just getting a bit fed up actually I thought these were really solid results this morning bwtfdik - lol!

[rollthedice] 24/9/2018 13:20

I wouldn't worry about today's drop as it'll reverse soon enough as the fundamentals are right. TRIN is in a far better state now and should reap rewards of higher oil price. (IMHO)

[dunderheed] 24/9/2018 13:05

F me this isn't looking very good I've been holding Trin small values for years and recently bought quite a few in the placing.
I'm starting to think about elsewhere for my money as this seems a great position but just isn't being recognised as such by the market.
Really interested to hear feed-back from today's meeting and feeling a little deflated at the moment?

[wwick] 24/9/2018 12:01

Would anyone attending today please seek clarity on ____ "Government-led onshore and nearshore bid round expected in Q3 2018" ____ "Acquisition opportunities arising" ____ "Pending fiscal reform: Supplementary Petroleum Tax" ____ "Potential sale of West Coast assets (discussions ongoing)" ____ all taken from the June 18 presentation ___ very grateful for any feedback, thank you

[spellbrook] 24/9/2018 11:32

Trinity Exploration & Production
A ‘transformational’ interim from Trinity who reported production of 2,771 b/d in the period, up 16% and revenue growth up 49% at $30.1m. With a 58% increase in EBITDA to $9.3m or $18.6 per barrel, operating break even was $28.50 pb. The cash position is now very healthy, the pro-forma number post the raise is now $19m after the $20m raise after the period end. Production guidance for this year is for an average of 2,800-3,000 b/d and although there is no official guidance for next year I am working on a figure of c. +10%. The medium term target is for 7,500 b/d which would indicate something from the East Coast which is discussed below.

Trinity got to work with the drill bit very quickly and drilled 2 new wells in the period, 7 recompletions and a continuous campaign of 62 workovers and reactivations. Since then they have accelerated their onshore drilling programme with a planned 8-10 wells p.a. which means that the onshore programme will be self funded by 2020 and with continued double digit growth. The East Coast Asset Development continues and the company are reworking the TGAL FDP which offers the chance of a ‘step-change’ in production in the medium term.

Trinity are in a very strong position to outperform within the sector, they offer a stable and well funded platform for growth with ‘significant reserves and resources’ able to provide a meaningful period of growth in the short, medium and long term. The company have worked as hard as anyone I know in the industry to reduce costs over recent years and have an underlying very low, fixed cost base which contributes to those high margins. Finally, It is worth noting that the management have 24% of the equity in the company which means that they are more than usually aligned with the other shareholders in Trinity.