Trinity Exploration & Pr... Share Discussion Threads

[mount teide] 16/11/2018 23:13

If they prioritised share buy backs over drilling I would sell up. It would be complete nonsense at the current share price considering the costs involved raising the money.

At the current POO it's a much better investment to use the cash to increase production.

[nafafa] 16/11/2018 22:27

Big fella, one thing they have is plenty of cash, otherwise we are in deep ......!

[the big fella] 16/11/2018 20:45

I can’t see them buying back shares unless it fell another 50% from here. Costs of raising the cash would make it ridiculous to consider at the current price

[nafafa] 16/11/2018 19:11

Mark, my sentiments entirely and at current prices a buy back would realise value acquiring at less than issue. It would also serve to mop up unwanted stock, we PIs can only do so much!

[nocents] 16/11/2018 19:02

I don’t see a buyback. Or dividend. The thing I do hate about Trin is their apathy in response to market crises. I have the greatest respect for some of the BOD but their ostrich-syndrome worries me. I am still supportive of the company amd dosagree with MT re. Placing. Paying down debt has probed a very wise and not foolish or crazy decidion. I do agree that I do not see SPT being revised. I hope to be wrong but have always always said this. Trump hates taxes for a reason. Corporate tax at a hogh level strangles debelopment. I simply think Imbert wants the money and doesn’t really gove a damn about devt. The man is simply in the wrong job!! That simple. His budgets are simplistic and naive apart from their social aspects. T and T has now become a backwater and he is unlikely to respond. He never does. Please excuse mu cynicism. I really rate Trin. At $56 WTI T and T do not deserve them. SPT is too darned licrative as it is a 3 month average. They’ll get their pound of flesh alright. They do not give a damn about business...read 2017 budget. It says it all.Sorry for the negativity. I just don’t see Imbert or Trin doing anything. Apathy as a response. Even a smoothing rns woukd help like Trin used to do. Nope. I hate being negative but sometimes the truth is that way. Trump is out of control and opec does what it’s told. The media stories re. Supply or demand are not to be trusted. I want to offer a solition. But my only one is “trouble is a tunnel through which you must pass..and not a wall against which you must break your head”.

[marvelman] 16/11/2018 16:24

mark...I hate share buybacks...there is little fear of a takeover and cash in the bank is a big stick to be used when it has not been shaven down to a matchstick. The share price does not in any way reflect the fundamental value of the business and is being hammered by an overhang more than it is by the disaffection of investors. I do hope the BOD use our costly cash to better effect than buying their own shares back. Apart from anything else it would send a signal that they have no other use for it and therefore why did they feel the need to buy so much of it (with our money) over and above what was needed to pay off debt.

[mark10101] 16/11/2018 15:19

I never thought it would be needed but I wonder if the provision for share buybacks signed off at this years AGM will be deployed. With the daily volume of TRIN a small amount of share buybacks would make a big difference. Such a shame to give up so much share price ground and anything under 15p makes sense ATM given our cash pile.

I would be tempted to tell the government to get their act together regarding SPT or we will cancel any further capital expenditure and reduce headcount. Payout a special dividends to reward the patient share holders that have been so supportive over the last 5 years and wait until they reform.

[archie61] 16/11/2018 15:08

MT, Trinidad very much out of favour it seems, TXP down 30% since early August.
SPT needs to be sorted soon or big projects will be on hold.

[mount teide] 16/11/2018 13:32

28p to 13p inside 6 months - share price has got to increase by 115% just to get back to that level - difficult to see how that can happen anytime soon.

Frustrating and very disappointing that the market continues to take a different view of the operational performance and, impact of the size and discount of the recent placing compared to the management.

[princebuster2] 16/11/2018 12:23

SPT reform is not coming! Why would it. Just not gonna happen.

[nafafa] 16/11/2018 12:11

All so very frustrating. In my view SPT reform will never come, so Trin should remain as it is, producing 3,0000 Barrels a day at $30 a barrel, and use income to reward share holders either paying dividends or buying back shares. Since miniscule trade volumes are having such a disproportional unfavourable impact on the sp, it is not unreasonable to assume that any buy back now, below offer price, will have a disproportionate favourable impact on share price - it may prove for Bruce and team the best strategy for achieving their bonus related to share price target!

[princebuster2] 16/11/2018 10:52

Whatever ‘stabitlity217; there may be..this is only going south from here...plummeting oil price ..no tax reforms happening..unloved company...recent placement..but hey theres always Whitman Howards now two year old price of 38p...they clearly know there stuff!!

[nocents] 16/11/2018 10:22

MM . Short termies in the hoof. People who realze the stability (!!!) with no impending cash-calls should be buying. Like you I did. And again today.

[mount teide] 16/11/2018 09:57

mark - 'Also why drill loads of wells this year (that we had the funds for) when you expect the fiscal regime to change.'

But that's what TRIN announced to do back in the spring?

Many including Paul Baay do not expect SPT to change anytime soon regardless as to what happens at Petrotrin and with the possible sale of the refinery over the months ahead.


Why drill loads of wells in a rising oil price environment?

With Brent at sub $50 back in Q2/2017, Paul Baay raised more than a few eyebrows when he announced that a recession leaned TXP was commencing a programme of four infill production development wells across their assets in T&T - the first post oil recession onshore development wells on the Island for three years.

Some 17 months of production later, the four wells which cost circa $1 million each to drill and complete have collectively generated revenue of circa $13 million net of Petrotrin's Sales Tax - completely validating the decision.

And at the current Brent price the four wells are still producing revenue net of sales tax at the rate of $8m a year.

In the oil price and well drilling cost environment of the last year, anyone in the Boardroom advocating paying down debt over production development would need to have their heads read as they would be at extreme risk of getting taken away in a straightjacket.

[marvelman] 16/11/2018 09:45

I cannot imagine that anyone apart from very long term, investors are selling here without making a substantial loss. Apologies, did I just call them "investors" ?

[nocents] 15/11/2018 21:18

Mark. I follow you re. sPT. Trin’s” future” hinges on it. It’d do ok anyway but it’d revolutionise t and t landscape. I am just no fsn ofr’ Imbert. Ve got to give him a chance even if he dorsn’t deserve it. But he has lied and deceived for too long. I doubt he has the deep understanding of economics necessary forcevery pre minister. But he has a chance whether he takes it or not. As MM said he hasxbeen bery silent. Doesxnot bode well but we’ll see. I still won’t hold my breath. Foolish man to date.
He may even see some smaller unnamed companies come close to collapse without a Placing or Rights Issue.
Next 2 months are crucial.
If he does nothing then he is an even bigger fool. This tax wascimplemented in 1972 against BP /Exxon/Chevron profits...not struggling indies.Doh! Waley wakey.
Mark I hope ypu are right . I’m too much of a cynic but still hope you are right. Good for you. You are a rock in yourself.

[mark10101] 15/11/2018 17:48

Nafafa, I think that is why TRIN has been relatively pedestrian (compared to some) with regards to new wells and TGAL. They know the landscape has to change to make a project like TGAL viable. Also why drill loads of wells this year (that we had the funds for) when you expect the fiscal reigime to change.

[nafafa] 15/11/2018 17:37

My only concern is that Trin over commits on developing new assets at a time of price instability and, apparently, no prospect of a change in the tax regime. Pouring money into new assets contradicts the message that the existing tax regime, and spt in particular, is a major disincentive to new investment.

[diseasex] 15/11/2018 09:46

Yeah but expect some bad news . If they were burning cash when oil was 70+ , placing money will be gone quickly. They should say something like “guys I know oil is tanking but we are fine, targets unchanged”. Reason I left was poor communication and disregard to pi

[mark10101] 15/11/2018 09:19

My view is the SPT reform will be tied in with the launch of Heritage oil, Petrotrin just about broke even by not paying any T&T taxes let alone the infamous SPT. It shows you how onerous the T&T taxation system is. It is pretty clear TRINS chronic undervaluation is linked to SPT. A good SPT reform is the main revaluation event we can hope for ATM. Last year they reformed royalties for Gas on the 1st December 2017 (realistically those changes only came into effect in January this year). They have had a year to show reform benefited the fiscal coffers, now it is oils terms to get the reform necessary to boost production and exploration.

[marvelman] 15/11/2018 07:47

Appears to have been quite a seamless process from the start of the original announcement Mark. I do hope though that they have not kicked the SPT reform into the long grass while all this is happening. They do seem to have been more than happy to have grabbed the extra SPT windfall revenue generated by the higher oil prices and then gone quiet on reforms.

[mark10101] 15/11/2018 07:36

They appear to be sticking to getting the new companies up and running by the 1 Dec.

[marvelman] 15/11/2018 07:31

nocents...no need to correct your precise spelling...your intended wordage is clear. This is not a thread (like so many others, unfortunately)where posters seize on spelling mishaps to demonstrate their prowess with the English language. Lets hope for a letter day today :-))

[mark10101] 15/11/2018 07:31

Nocents, could prove to be excellent purchases, wish I had more funds avaialble but my last penny went into the placing.

Things are coming together in T&T and TRIN at sub 15p is a gift.



“Boasting that the exports of crude oil now earn this country US$3 a barrel above the quoted price of West Texas Intermediary (WTI), Young quipped, “That’s why Mr Wylie was hired.”