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TRIN Trinity Exploration & Production Plc

40.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Trinity Exploration & Production Plc LSE:TRIN London Ordinary Share GB00BN7CJ686 ORD USD0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 40.00 39.00 41.00 40.00 40.00 40.00 35,759 08:00:28
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Trinity Exploration & Pr... Share Discussion Threads

Showing 16226 to 16248 of 29675 messages
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DateSubjectAuthorDiscuss
20/1/2020
09:42
need to know how many new drills planned
spellbrook
20/1/2020
09:37
That’s what I mean. I don’t see what they could’ve done better tbh. I don’t see how results coukd’ve been better nor 2020 more promising with ave bopd for Dec. at 3,400 and cash growing exponentially with production. Even the new hedging ( which I expected) intelligently defends against SPT.
Cautious but incremental growth.
If you look at a company like Bloe ..it promised the Earth with a new horizontal well and shot to 15p. Water and sand ruined production. It now sits back at 5p and is a traders’ share 4.5-5p. Where was the honest or prident growth. Just promises. At least Trin deliver on promises.
If we see WTI under pressure and the US unable to manipulate then we will see greater growth.

nocents
20/1/2020
09:26
I appreciate there is a lot contributing to these figures but the relationship between 5% production growth and 28% cash growth is important to me. TRIN are getting the contributing factors right (technology, fixed base costs, innovation, hedging).
wwick
20/1/2020
09:22
nocent - because you are about to invest your cash
wwick
20/1/2020
09:19
So why have a $2.7m term loan with First C.?
Term loans ( term facilities) have a purpose and Trin does not need working capitsl.

nocents
20/1/2020
09:16
Very encouraging indeed Mark. Whitman Howard say "we see little downside risk". Sitting tight now and waiting for a $13m investment decision (which could be anything, anywhere).
wwick
20/1/2020
09:07
Very encouraging, WWICK I too was intrigued by the term loan.....

We had a better cash balance than expected, mid last year they expect $11.4m (according to a Cenkos tweet) which I was not happy about. The £13.8m is very good given the 3400bopd exit rate and current oil price/hedging this year they should accumulate even more cash.

mark10101
20/1/2020
09:04
Any weakness I am adding. Crazy valuation
m5
20/1/2020
09:02
Hopefully some of the posters here looking to sell have finally done so.
nocents
20/1/2020
09:00
Whitman Howard have been quiet for a while, new note out, it is short but positive.
wwick
20/1/2020
08:56
Up she rises
bmnsa
20/1/2020
08:37
Down is normal.
Most investors just want short-term exit.
There is not much more that could’ve been expected . Production for whole of Dec. 3,400 ave.
What do they expect....?

nocents
20/1/2020
08:15
A great Q4 and 2019. Now, let us look at this:
"Working capital facility put in place (currently undrawn) with CIBC First Caribbean for US$2.7 million".
What could they possibly be employing US$13.8 million cash on resulting in a situation whereby a capital facility is used. How much could such a capital facility increase by?

wwick
20/1/2020
08:14
Down, can you believe it?
m5
20/1/2020
08:06
Buzzing with action here.
nocents
20/1/2020
07:55
Does anyone have access to Research Tree’s Cenkos report?
Would love to read it.
I joined but am no longer member.

nocents
20/1/2020
07:52
Great set of results with the clear focus on cash generation. Production in line with guidance and significant benefits to come in Q1 (at no further cost) and cash balances 6% ahead of the latest forecast. Looks like a great performance from a first read through and should help to continue the recovery from this farcical valuation!
otemple3
20/1/2020
07:44
Should see some very positive media coverage of this. Together with further oil supply instability-in spite of the US rubbish rhetoric- we should see Trin’s share price recover over next week or so.
nocents
20/1/2020
07:42
They don’t believe in buybacks. Dividend very likely and ongoingly discussed.
Production growth has upped Trin to a different level now and 3,400 will increase further. Big leap.

nocents
20/1/2020
07:32
Very pleased with the production growth. Trin is farcically undervalued. I’m surprised they’ve not used some of the cash to buy back some shares. Not many shares I’d prefer to own on a 2-3 year basis!
sanmiguel1
20/1/2020
07:31
3,400 is remarkable.
Sets Trin up for a cracking Q1 2020. Especially with all new wells having Scada and HAW being selectively applied.
Decent cash

nocents
20/1/2020
07:27
Very good results


Q4 2019 Operational Update
Strong Financial Performance Underpinned by Production Growth
Trinity, the independent E&P company focused on Trinidad and Tobago, today provides an update on its operations for the three-month period ended 31 December 2019 ("Q4 2019" or "the period"). During the period, Trinity continued to focus on growing production, generating free cash flow and protecting the business from downside risk.
The continued growth in production achieved during the period was underpinned by optimising production from existing wells and by the drilling of six new wells in the second half of 2019. The full impact of this drilling campaign has generated a strong start to Q1 2020 with all six wells now on stream and contributing to an exit production rate of almost 3,400 bopd during December 2019.
The Company ended Q4 with a year on year increase in cash balances, no debt, a new undrawn working capital facility in place and further hedges implemented to partially mitigate the impact of SPT.
Q4 Operational Highlights
-- 13% quarter on quarter increase in Group average production volumes to 3,196 bopd for Q4 2019 (Q3 2019: 2,816 bopd)
-- 5% year on year increase in Group average production volumes to 3,007 bopd for the full year 2019 (2018: 2,871 bopd)
-- Increase in annualised production resulting from the six new onshore development wells coming on stream during H2 2019, and the Company's ongoing low-cost work programme of recompletions ("RCPs"), workovers, reactivations and swabbing
-- The six well drilling campaign commenced during H2 2019, so the full impact on production only began to be realised during Q4 2019
-- The exit production rate for 2019 was almost 3,400 bopd, in line with expectations, with production levels above 3,400 bopd for much of December
Drilling Highlights
-- The six well onshore drilling programme delivered:
o an increase of 20% in Estimated Ultimate Recoverable Reserves (EUR) above pre-drill prognosis (602 mbo vs 500 mbo)
o an increase of 47% in estimated Net Oil Sand (NOS) encountered over pre-drill prognosis (1653' vs 1125')
o an increase of 54% in Initial Production rates (IP's) over pre-drill prognosis (cumulative 650 bopd vs 421 bopd)
-- The strong performance of the 2019 drilling campaign results from more robust sub-surface mapping, and a more rigorous approach to examining reservoir performance which enabled more precise risking and ranking of potential reservoir targets.
-- The drilling programme lasted 125 days and there were no Lost Time Injuries (LTI's) over the period, a significant positive result for the drilling team and lead contractors
-- The drilling programme included our first High Angle Well ("HAW") FR 1807, which has continued to perform satisfactorily:
o The well had an IP of over 80 bopd vs the 50 bopd typically expected from a conventional vertical well.
o It attained a maximum daily production rate of 118 bopd prior to the planned implementation of a gravel pack, a completion technique to arrest sand production.
o Following the gravel pack implantation, the well is currently producing 40-50 bopd (no water production). A well pump optimisation is currently being run with production expected to be resumed at 80 bopd ahead of further optimisation.
Ongoing Operations
-- 7 RCPs (Q3 2019: 10) and 26 workovers (Q3 2019: 25) were completed during Q4 2019, with swabbing operations continued across all land assets
-- Better than expected results from the initial two well trial of Weatherford's Supervisory, Control and Data Acquisition ("SCADA") production optimising platform, with a meaningful increase in production from the two pilot wells
-- SCADA roll out continued with the platform currently on 6 wells with a further roll out expected to be carried out during 2020
-- With further roll out over a longer period the full production benefits and operating cost savings will become more apparent
Financial Highlights
-- Cash balance of US$13.8 million (unaudited) as at 31 December 2019 versus US$10.2 million (audited) as at 31 December 2018 and US$15.6 million (unaudited) as at 30 September 2019. The year on year increase in cash has been achieved despite the cost of the six well drilling programme having been incurred from which the commensurate benefits are only starting to be realised
-- Working capital facility put in place (currently undrawn) with CIBC First Caribbean for US$2.7 million, providing further financial flexibility
-- The Company has continued to implement its hedging strategy which is designed to protect the Group's free cash flows by partially mitigating the impact of Supplemental Petroleum Taxes ("SPT") whilst retaining upside exposure to rising oil prices over the majority of production
-- Three further hedges were put in place, at attractive terms, during the short period when oil prices spiked as a result of escalating tensions between the US and Iran around the year end. As a result, the Company now has hedges in place over 47,500 bbls/month for the first six months of 2020 (equating to approximately 46% of its 2019 exit production) and 28,333 bbls/month for the second six months of 2020 (equating to approximately 28% of its 2019 exit production). The put spread range (where the Company receives benefit) is an average of US$50.00 to 56.00 and the call options granted (where the Company cedes benefit) apply to 35,000bbls at an average call strike of US$65.50/bbl
The Company will announce its audited preliminary results for the year to 31 December 2019, in early April. This will provide full details on production, margins, operating break-even, costs and profitability - highlighting the growing value of the Company's assets and continued strong financial performance.

avsome1968
19/1/2020
22:07
Loans drying up for shale
nocents
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