Trinity Exploration & Pr... Share Discussion Threads

[wwick] 15/1/2019 07:51

From Q2 "which has averaged 3,045 bopd to date from the beginning of October". From Q4 "average production volumes to 3,205 bopd for Q4" . So if the quarter commenced at 3,045 bopd and averaged 3,205 bopd, what could the current production rate look like?

[spellbrook] 15/1/2019 07:26

BOPD increasing and cost per barrel still under$30




Q4 Operational Highlights

17% quarter on quarter increase in Group average production volumes to 3,205 bopd for Q4 2018 (Q3 2018: 2,734 bopd)
14% year on year increase in Group average production volumes to 2,871 bopd for the full year 2018 (2017: 2,519 bopd)
Increase in annualised production was underpinned by a combination of 8 new onshore development wells coming on stream during 2018, and the continuation of the Company’s low-cost ongoing work programme of recompletions ("RCPs"), workovers, reactivations and swabbing
4 RCPs (Q3 2018: 6) and 43 workovers (Q3 2018: 38) were completed during Q4 2018, with swabbing operations continued across all land assets
With the majority of the 8 well drilling campaign having only commenced mid-way through Q3 2018, the production impact has only begun to be fully realised during Q4 2018
Offshore at Trintes the first RCP undertaken by Trinity since assuming operatorship in 2013 was successfully completed during Q4 2018 and put on production at a rate ahead of management expectations
First Phase of Field Development Plan ("FDP") for the TGAL field was submitted during the period with work now ongoing on pre-FEED studies and environmental approvals as we move towards FID

[mark10101] 15/1/2019 07:26

Very solid from TRIN, growing production to a solid 3200bopd (with the full effect of QRT4 drilling campaign to be felt) while only reducing cash balance by $0.7m is way ahead of my expectation.

[freezer1976] 15/1/2019 07:17

Operational RNS update just in. Expert thoughts welcome

[deeppockets] 15/1/2019 07:16

Looks good?

[spellbrook] 14/1/2019 13:32

A bit more buying and 16p is close

[mark10101] 14/1/2019 12:14

Yes, UT's have always been our friend in the past being present on the previous rises.

[spellbrook] 12/1/2019 08:09

PM says Guaracara will be open to all offers



As OWTU, Trinidad Petroleum talks on refinery's fate near end
IN a couple of weeks Trinidad Petroleum Holding Co Ltd's exclusive discussions with the Oilfield Workers' Trade Union (OWTU) will end, and the company will be going to the public for proposals to operate the former Petrotrin refinery, the Prime Minister has said.

Speaking on Thursday night at Conversations with the Prime Minister held at Exodus Panyard, Tunapuna, Dr Keith Rowley said with the announcement of the closure of Petrotrin's Pointe-a-Pierre refinery, now under the Guaracara Refining Company, if the union was interested Government would facilitate the acquisition.

Guaracara is one of five new companies created as part of the restructuring of state oil company Petrotrin, including Heritage Petroleum Company Ltd and Paria Fuel Trading Company, which will handle exploration and production and trading and marketing, respectively. Petrotrin as an entity will remain as a company to deal with legacy matters, and these will all be placed into one, Trinidad Petroleum.


"Let me make it quite clear – that was never an intention to give the refinery to anybody. It was to give an opportunity if they were so interested. Of course, the initial reaction was go jump in a lake."

He said the union's proposal was currently before the board but at the end of this month the company (Guaracara) will go out openly and ask for proposals from anyone in the world with the financial and technical ability who has an interest in the refinery.

"We want the refinery restarted, to be a refinery operating in this country but not at the expense of our taxpayers. If there are other people who have money and they own oil or other people's oil and they want to do business, we have a refinery to talk to them about. But they are not in the loop yet until the company goes (out to the) public. Right now the company is only talking to OWTU. And that is there first option."

He said the union was told that if by the time the company goes to the public and an arrangement acceptable to the country via the board and the Government has not been concluded, the union can still put in a proposal when others do.

"But at the end of the day we will examine their proposal to see if it makes sense, if they have the financing in place, if they have what it takes to acquire and operate a refinery. We have given them all that we said and more."

[mark10101] 11/1/2019 17:46

Double post.

[mark10101] 11/1/2019 17:46

Great week for TRIN. I sense much better times coming.

[spellbrook] 11/1/2019 17:10

nice 200k buy, be nice to move into 15`s next week

[mdw1] 11/1/2019 08:23

Oil set for biggest weekly gain in two years; Trin. about to play catch up.....

[spellbrook] 11/1/2019 07:11

There Is Still Room To Run For Oil Prices




By Nick Cunningham - Jan 10, 2019, 6:00 PM



“The oil market looks to be broadly balanced in 2019, an improvement on 2018 which turned out oversupplied,” Morgan Stanley analysts Martijn Rats and Amy Sergeant wrote in a note. “This supports a partial oil price recovery.”

The investment bank says that the plunge in oil prices has “overshot,R21; with the selloff having been magnified in December due to the global financial turmoil.

To be sure, the fundamentals did turn negative, with weaker expectations for demand, weaker time spreads in the futures market, and higher inventories. In the short run, the ramp up of OPEC+ supply before the December decision to slash output will take time to filter through the market.

Morgan Stanley argues that a similar thing happened the first time around when OPEC+ agreed to cut production at the start of 2017. Producers ramped up output in the weeks and months ahead of the deal, and that new oil set sail just ahead of the implementation of cuts.

As a result, in the first half of 2017, inventories barely budged, even as production fell. It took several months before all of those additional barrels arrived at their destination and became integrated into storage facilities, and ultimately worked off by the market. It wasn’t until the second half of 2017 that visible inventory data began to demonstrate significant declines. Morgan Stanley says a similar thing might happen this year, which could cap oil prices at $65 per barrel.

[nocents] 10/1/2019 20:42

SB. Good article. This was never going to be a repeat of 2014-6 as that real bear market never yet became a full bull market. Oil has just been played like a harp by the US ( and media )and Saudi wishes to restabilise.
2019 looks interesting for oil stock holders....especially deeply undervalued ones as here.

[spellbrook] 10/1/2019 18:30

Oil Enters Bull Market As Shorts Are Wiped Out







By ZeroHedge - Jan 10, 2019, 11:00 AM CST

After crude suffered a near record, 44% plunge in the fourth quarter, one which left commodity funds reeling and both OPEC and oil exporting nations in a panic, oil stormed back into bull market territory, as investors who’d abandoned crude just a month ago were lured back by an OPEC-led campaign to bring runaway supplies in check coupled with algos who turned from net short back to long.

WTI crude closed above $52 a barrel, staging a powerful, 23% recovery after hitting an 18-month low on Christmas Eve. Brent, likewise, finished the day up 22% since bottoming out.

After ending 2018 in a deep bear market, oil sharply reversed course on signs that oil exporters will follow through on last month’s pledge to slash production, with Saudi Energy Minister Khalid Al-Falih repeating that the plan was on track Wednesday even if DOE energy stocks showed a smaller drop in inventory than expected. The bigger catalyst in recent weeks, however, was hope that the U.S.-China trade war may be ending, boosting demand from the world's largest oil importer adding to oil’s momentum, even if hopes that the just concluded trade talks would lead to any immediate resolution turned out to be false.

“‘Sentiment went from completely negative a couple of weeks ago to very positive right now,” said Matt Sallee, a portfolio manager who helps oversee $16 billion in energy assets for Kansas-based Tortoise. “Everyone̵7;s just focused on the Saudis and they seem quite determined."

There's hope... and then there is reality which saw a whopping 10.6 million barrel surge in distillates and over 8 million barrels of gasoline added this week, numbers which were generally ignored by the market, which instead has been focusing on the recent plunge in the dollar, the result of a far more dovish Fed, which has helped support oil prices as the dollar decline made commodities priced in the U.S. currency more affordable.

“There is further upside to come in prices, as we see more evidence coming through that members of OPEC+ are complying with their new production cut,” said Warren Patterson, senior commodities strategist at ING Bank NV. “We see the market largely balanced over the first half of 2019.”

[gabrieloak] 10/1/2019 15:16

Mark10101...

Definitely catching up on Trinity day today.

What you have just posted is potentially great news (40 mins old, so fresh)!

There was a sense of uncertainty last year with how the Petrotrin / Refinery overhaul would affect the POO received by Trinidadian oil companies...and the market dislikes uncertainty.

From this article it would appear that there may be efficiency and transparency on pricing.

One caveat: what is the handling fee...time will tell?

Good luck all long term holders...

G

[mark10101] 10/1/2019 15:02

"but the good news is that the first few shipments of crude oil were reported to have received prices in excess of the West Texas Intermediate benchmark.

This improved pricing should also help smaller oil companies who traditionally sold oil to the refinery prices lower than WTI. Other local operators have announced plans to increase investment in new production and there is some exploration activity happening."

[nocents] 10/1/2019 12:24

Mark. Agree. We are still sub-Placing price . I think the Placing may have been done with things in mind. At the time oil was high and it was not necessary. It has turned out well as no CLN dilution at aclow oil and share price price. But to have cash in the bank at a bulnerable market time would be a very strong position..and it was.
I don’t think Trin is just coasting here. Times in T and T they be a’changing. I feel convinced that advantage has been taken of the liwcoil price. To be sub-Placing(15p) and have risked NAV of 38p with similar broker targets is counter-intuitive. Simon Thompson hails Trin as a “Buy”. I hail it as a “ giveaway”. In the fourteens...yes totally.

[mark10101] 10/1/2019 10:51

SB, we have had the chance to sell at 18p, 20p and even 27p. I have not sold as I feel Bruce has the ambition to deliver somthing much greater in the coming years. I really hope Bruce has done some deals late last year. There are many small T&T oilers that were struggling at $70, some may have been very receptive to coming onboard with TRIN given our current financial strength. Interesting times!

[spellbrook] 10/1/2019 07:28

Is 2019 going to be TRIN time

Trinity Exploration & Production (TRIN:14p), an independent oil and gas exploration and production company focused solely on Trinidad and Tobago that I highlighted in the autumn (‘Resurrection points to a strong recovery’, 3 Sep 2018). The 2018 fourth-quarter oil price reversal dampened sentiment and Trinity’s share price is 17 per cent under water, but the investment thesis still holds.

Indeed, with Trinity achieving output of 3,000 barrels of oil per day in October, and bringing on stream six new wells in 2018, it is set up to further expand production this year. The debt-free company retains a cash balance of US$17.6m (£13.8m), equating to 25 per cent of its market capitalisation of £54m, part of which is being recycled into its profitable onshore drilling programme. It is lowly rated, too, with the shares priced two-thirds below risked net asset value (NAV) of 38p a share based on 2P proven reserves of 23.18m barrels and cash in the bank, one of the deepest discounts in its peer group. Buy