Trinity Exploration & Pr... Share Discussion Threads

[nocents] 29/1/2020 16:55

MT
You shared very very readily and gratefully when you bought so much at 8.8-9p.
I feel it would be very graceful if you let this holder know whether you still hold the same amount.
It colours my perception of your missive.
It is your right not to say but that would be sad I feel and in my opinion not as honest nor forthright as your missive to Trin.

[nocents] 29/1/2020 16:45

You bought a lot at 8.9p.
Do you still hold this amount?
Take it as a given that ultimitely it is none of my business. But if you post such missives then I think it is pertinent and relevant.

[nocents] 29/1/2020 16:41

MT
I applaud you for communicating. I think all others should have the guts to do so ( not to Tracy as she is not receiving emails through no fault of her own). Direct to “[e-mail]”
Come on. Have the guts to communicate people. We paid for their release from debt . And I for one am struggling in a swrious fashion now.I am mot fortunate nor wealthy. I trusted. Fool.
I sent an almost identical email v two days ago
Except I did not make any money as stayed investedvunlike you. Other details identical.
I got a borderline offensive return message which criticized its longest term private holder ( me) for treating a business as a casino !! So 6yrs is a casino??
Long term holders wanted only. Speaks volumes does it not???
And belies the latest RNS.
Appallingly disresectful reply.
And no reply to my follow-up from 2 days ago.
Wheat-chaff. That is all I am. 6 yts of trusting that what was promised ( again in this RNS) would be delivered. Where ??? 2.7 m debt. And cash which I would like back please. No dividend. No biyback. No directors buys. No reply to my email 2 days ago.
MT
Be honest
Are you still invested in Trin to the same level??

[pavey ark] 29/1/2020 16:33

We'll go for a bit of logic here and see if it stands out.
Given that the company usually has a drilling programme lasting a certain number of days in the year (2019:125 days)it is dangerous and misleading to pick a particular date, move on 12 months, then say "aha!!you've not increased production by 10%"

The 2018 production increase was 14% but the drilling programme was in Q3 and time was available before the year end for the increased flow to contribute.
In 2019 wells were being drilled into December and as a result the 2019 increase was only 5%.(other delays with rigs and permits...it happens)
Given my previous comment on the 2019 drilling success (largely ignored by everyone)and the fact that the company intends to drill in H1 this year coupled to the fact that TRIN is not exploring but merely extracting then I would think that they will CONTINUE with at least 10% production growth (compound over three years).

CASH: They continue to add to the cash pile AND stated that the TGAL well will cost c. $120m.
This is not an exploration well as the previous management spent much more than $120m on an exploration well and found 186 million barrels.

Well, what do shareholders want ?
Ignore this find that almost brought the company down?
Splash the cash on a dividend then borrow to exploit this find?
Buy something else....why?

Seriously, I am at a loss.

[mark10101] 29/1/2020 16:12

MT you forgot to include a congratulation for achieving 30% of their performance related pay by paying off all debt, avoiding the convertible loans kicking in. The assumption as a share holder was this was a good award as it prevented dilution. Then they go and raise money, diluting share holders to fulfil that part of their performance related pay..... seemed a bit of a cheat to me.

[marvelman] 29/1/2020 16:11

Absolutely Kaos. Never seen the like by any poster on any BB....many thanks MT..facts speak for themselves and you surely know how to present them..grateful for your input

[kaos3] 29/1/2020 15:58

pure poetry

[mount teide] 29/1/2020 15:46

Sent the following email to the Company:

Dear .....

......The Trinity CEO has already received in Salary and Bonuses considerably more than the value of new shares he purchased in the Placing and Open Offer some 20 months ago.

The $20m raised according to the Conditional Placing and Offer Docs was to:

* Accelerate production to >10% a year

* Selectively pursue acquisitions and other value accretive opportunities

* Repay a combined $5.5m of debt and other liabilities

Well, lets carry out an audit to see how the management has performed since raising that huge amount of cash at a massive 40% discount to the share price just three months prior:

Production increased by 16.1% in the half year prior to the $20m Placing - in the 18 months since it has increased by 13.2% or 8.8% per year - barely half of the rate achieved before the management got their hands on the $20m!

No acquisitions or other value accretive opportunities have been made in nearly 2 years.

The debt and other liabilities were paid off.

The Auditors Report would say the management has failed to achieve the primary aim of the huge placing - TO ACCELERATE PRODUCTION TO >10% A YEAR. As a consequence the market gave its judgement on the performance by voting with its feet - some two years later the share price is nearly 40% below the placing price. Do you think shareholders may have a case against the management for failing to do what they said in the Placing and Open Offer Docs, considering how much cash they are still sitting on?


After exiting Trinity at circa 16p (around my average price) on announcement of the placing - largely in disgust at the size of the placing and its discount to the prior share-price - I reinvested the proceeds in another AIM oiler that has since achieved the following:

Production up 525% from 3.2k bopd to circa 20.5k bopd

Operating cash flow up 1,400% from circa $20m to estimated $300m

Net Debt down from circa $120m to negative net debt

OPEX reduced from circa $40/bbl to circa $20/bbl and remains on a declining trend

Increased 2P NAV 825% from $80m to $740m

Increased 2P Reserves 241% from 16.6 to 56.7 mmbbls

Bought 40.5 mmbbls of P2 for $82m Net($2.02/bbl - $4,100/ flowing barrel) - Assumes latest acquisition will have a net zero cost on completion in H2/2020(incredibly its on target to generate a $20m cash surplus after paying off the gross price).

Reduced corporate charges and overheads by greater than 50%

Share-price is up over 150%.

Do you think I made the correct decision after giving your organisation two years to prove my investment funds were worthy of your trust, for no return?

Yours .....

[astorcourt] 29/1/2020 13:45

Thank you Mr Pavey Arc, a good commentary to start things off.

[nocents] 29/1/2020 13:27

But I’m not gonna randomly gamble on a “ multibagger” . Frying pan to fire.
Gamble on those who will.
Sometimes darkest before dawn.
Quicker sellers sell the better.

[nocents] 29/1/2020 13:13

There is investing and there is gambling. Gamble what you are very comfortable losing.

[elias jones] 29/1/2020 13:01

russiaguru each to his own and all that i just think LEK will gain quicker and more steady.I sense some big news brewing right now there.

[russiaguru] 29/1/2020 12:57

Elias isn't 88e a better bet shorterm than lek, the bod seemed to be in on the recent shenanigans.

[bmnsa] 29/1/2020 12:54

Moved all mine into CIR.

[elias jones] 29/1/2020 12:52

Im moving half my holding here over to LEK,will get bigger and better returns quicker in my view even though TRIN has been good to me and still a big fan.

[russiaguru] 29/1/2020 12:43

Because they need the funds to sit pretty for the next 15 years and are insulated from any oil price volatility

[marvelman] 29/1/2020 12:33

So why did they need to fleece so much additional money from unsuspecting LTH's when all it has been doing is sitting in the bank for minimal interest for such a length of time?

[russiaguru] 29/1/2020 12:26

Oilinvesfor my thoughts as well, it's a shame in some ways.

[oilinvestoral] 29/1/2020 12:11

People get bored with TRIN quite quickly. They have no exploration plans and their development drilling is aiming at increasing production by 10 percent every year. Most aim punters these days are looking at companies doubling tripling and quadrupling production and revenues

[nocents] 29/1/2020 10:40

Yeah. Curious that!! Lost a few quid.

[spellbrook] 29/1/2020 09:56

128,394 didnt stay long

[bloooarra] 29/1/2020 09:41

Well, to answer, my 'year' runs April to March. That's always been my financial period. So 'this year' will end in two months time, 'last year' began in April 2018.