Share Name Share Symbol Market Type Share ISIN Share Description
Trinity Exploration & Production Plc LSE:TRIN London Ordinary Share GB00B8JG4R91 ORD USD0.01
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 5.70 423,518 15:04:17
Bid Price Offer Price High Price Low Price Open Price
5.60 5.80 5.75 5.70 5.70
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 49.08 -3.21 -1.57 22
Last Trade Time Trade Type Trade Size Trade Price Currency
16:25:37 O 25,000 5.70 GBX

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Trinity Exploration & Pr... Daily Update: Trinity Exploration & Production Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker TRIN. The last closing price for Trinity Exploration & Pr... was 5.70p.
Trinity Exploration & Production Plc has a 4 week average price of 5.40p and a 12 week average price of 5.40p.
The 1 year high share price is 15p while the 1 year low share price is currently 5.40p.
There are currently 384,049,246 shares in issue and the average daily traded volume is 1,087,489 shares. The market capitalisation of Trinity Exploration & Production Plc is £21,890,807.02.
pavey ark: Well, just back from my run and I can confirm that that tides are still ebbing and flowing and the sun is still moving across the sky. The situation in the equity markets would suggest that things aren't even a little bit normal. I'm pretty confident about my cash predictions for Q1 so would point out that the TRIN share price is now , less cash, the princely sum of 2.5p. The options cash would take .5p off that. So there you have it......TRIN is being priced at 2p a share. Time to give the garden a tidy and check if the plants know that the end is coming. Again, I'm not saying "buy" ....I'm just saying this looks a bit strange.
pavey ark: slicethepie, the guy is very rich and by the standards of most here very well paid (too much ---almost certainly). Have you considered that he is on holiday, taking the edge off the Edinburgh winter, I would be. They did the presentation rounds (extensive: not just the ones that we have videos for) in October and November and produced a very excellent and detailed trading update at the end of January. The price continues to fall so there is nothing else they can do except wait for calmer heads to prevail. You are all being led by irrational posting which, of course, is everyone's right in twitter world but I expect other poster to ignore these outburst........obviously this is a bit of an outburst....pot kettle perhaps but at least this outburst may go some way to balance the others. For those of you not keen on background research I will tell you that the cash per share was 2.7p at the year end and now easily 3p/share and I can see NO circumstances that would stop it reaching 4p by the end of the year.... so with some predicting a 7p-8p share price it would certainly time to go way , way over any sensible shareholding limit here. I shouldn't spoon feed like this but the WTI price for YTD has been $56 for the first half of Q1 so if WTI stays about $51-$52 the average price will be c.$54 add in the premium that Trin seem to be getting ($1-$2) some options gain and Q1 looks fine with lots of cash generated and perhaps a couple of HAWs in Q2 A drop in WTI below $50 in Q2 would be a great result for TRIN but the share would probably get marked down with all the other much, much more vulnerable, debt ridden, high cost companies that are loved by small oil investors. In the YTD I calculate that TRIN has produced 150K barrels of oil at the average price of at least $56 and a breakeven of c $25 you can see that the cash has been coming in. Just a thought, it would appear that cash, adding to a pile of cash is something that small oil investors just can handle. EDIT:I will personally be enraged if TRIN don't send out a Valentine Card and chocs to each and every ,very special , private wait a minute ....I've just realised that since I bought in here TRIN have made more of an effort to inform and promote THAN ANY OTHER COMANY I HOLD someone once said "It's a funny old world"
nocents: Trinidad. Petroleum profit tax Supplementary petroleum tax Two small independent companies TXP Trin Both at parity for years Same regime Same pressures Same macro environment Same oil and gas prices to sell at. Same taxes!! Same taxes!!! Identical environment to a tee. Today 7th Feb 2020 TXP 40.5p per share (and increasing.) TRIN 9.2p per share (and diminishing.) What is this telling us about our beloved Trin? And what is this telling us about the way it is currently being managed and going forward ? We are back near the all-time low. 2p above refinancing price after 3 years. Down from 28p after ( unnecessary?) Placing. TGAL nowhere in sight. No plans explained nor timings made clear. WTI at worst possible price. $50. SPT inevitable Q1. TXP 40.5p Trin 9.2p Both 11p just a few months ago and at parity for years. Cenkos /Whitman Howard 32-40p. We never see it. Just what is or is NOT going on?? What is NOT going on ?? The share price speaks all the volumes we need TXP 40.5p TRIN 9.2 Whither from here?”Quickly moving environment” in Trinidad. No evidence . 9.2p in 3 years.
mount teide: 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 .....
spellbrook: I can also see significant share price upside to Trinity Exploration & Production (TRIN:12p), an independent oil and gas exploration and production company focused on Trinidad and Tobago (‘Trinity̵7;s value proposition’, 10 September 2019). The company will be reporting its fourth quarter operational update shortly and analyst James McCormack at house broker Cenkos Securities predicts an exit 2019 production run rate of 3,400 barrels of oil equivalent (bopd), up from 3,017 bopd in October, buoyed by new onshore low-cost wells coming on stream. But Cenkos is only factoring in an average realised oil price of $57 a barrel in its 2020 revenue estimate of $69m, so with WTI benchmark trading significantly higher and only 41 per cent of Trinity’s third quarter output hedged, then the company has material exposure to the higher spot oil price. Moreover, with Trinity’s net funds backing up a quarter of its market capitalisation of £46m, the shares only trade on a cash-adjusted price/earnings (PE) ratio of 7.5 based on a 2020 net profit of $5.5m even though the risk to 2020 earnings is skewed to the upside. Buy.
spellbrook: The share price of Trinity Exploration & Production (TRIN:12p), an independent oil and gas exploration and production company focused solely on Trinidad and Tobago, has suffered in the past 12 months after the oil price plunged by 45 per cent in the final quarter of 2018. However, the West Texas Intermediate (WTI) crude oil price has subsequently increased by 33 per cent to $56.50 a barrel from its December lows. The fact that Trinity’s share price has yet to recover is in no way a reflection on the operational progress the company has been making. Indeed, first-half average production increased by almost 9 per cent to 3,008 barrels of oil per day (bopd), underpinned by five recompletions and 71 maintenance workovers and reactivations of wells. It’s more profitable, too. Cash profit after supplemental petroleum tax (SPT) and property tax (PT) rose by a fifth to $6.5m in the six month period, and Trinity’s operating break-even improved by 8 per cent to $26.3 a barrel, or less than half the current spot rate. Cash flow performance has improved markedly, too. Cash inflow from operating activities doubled to $10.4m year on year, buoyed by a $3.9m net increase in Trinity’s working capital position. In turn, net cash has risen by 75 per cent to $17.8m (£14.6m) since the start of 2019. Trinity commenced a high margin low-cost and low-risk onshore drilling programme of up to eight wells in July to boost output and accelerate profit growth, one reason why analyst James McCormack at house broker Cenkos Securities is expecting the company to increase its average output by 6 per cent to 3,182 bopd in the second half, an outcome that should help drive revenue up to Cenkos forecast of $34.5m, up from $32.2m in the first half of 2019. Trinity also plans 12 recompletions of wells and ongoing workovers and reactivations in the second half, too. Taking these into account, Mr McCormack is factoring in 2019 net average production of 3,182 bopd, up from 2,871 bopd produced in 2018. Interestingly, Trinity has just drilled its first high-angle well, the industry standard in many basins around the world. It makes sense to do so as Trinity’s management – who own 23 per cent of the company’s equity – aim to yield initial production rates and reserves more than double those achieved from conventional vertical wells. Sensibly, at the start of the second half, Trinity hedged out more than a quarter of its annual output between $50 and $55 a barrel to protect cash flows. The other benefit of hedging is that it mitigates the impact of SPT which is payable when the oil price rises above $50 a barrel. Reassuringly, chief executive Bruce Dingwall and finance director Jeremy Bridglalsingh point out that the business is free cash flow positive “at any price point [from the low $40s per boe]”, thus providing capital to recycle into drilling new wells. There is clearly value on offer here. After factoring in closing net cash of £14.6m, Trinity has an enterprise valuation of £29.5m, or a miserly three times Cenkos’ full-year cash profit estimate of $12.5m (£10.3m) after the payment of SPT and PT. The shares are also trading on a thumping 70 per cent discount to Cenkos’ core net asset value (NAV) of 40p a share. Furthermore, ignoring any value in Trinity’s 2C contingent resources of 18.8m barrels of oil equivalent (boe), Trinity’s 2P reserves of 24.5m boe are in the price for only £1.20 per boe, massively below Latin American peers. By comparison, Amerisur Resources (AMER), the oil and gas exploration and development company operating in Paraguay and Colombia, has 25.6m boe of 2P reserves, but these are valued at above £6.50 per boe. Admittedly, I hadn't envisaged the subsequent plunge in the oil price last autumn after I first advised buying Trinity’s shares a year ago ('Alpha Company Research: Simon Thompson’s oil recovery play', 3 September 2018). However, the investment case I made still holds, a point I made when I last suggested buying the shares around the current price ahead of the interim results ('Exploit Trinity’s undervaluation', 23 July 2019). I maintain my positive stance. Buy.
thetoonarmy2: Astor court. Mate don't know anything and just a guess looking at Trin share price yet debt and trading looking quite good decent operators so why the price keeps dropping? Now I have no Trinity at the moment have traded them quite a few times over last few years and luckily made good money from them several times and even luckily selling couple times at over 20p+ trades, I am looking to take a position but I am thinking maybe placing to buy someone out some good acreage available on the Range site which would be that expensive and Range spent fortune on the waterfloods??
spellbrook: Exploit Trinity’s undervaluation Simon Thompson The 44 per cent plunge in the oil price in the fourth quarter last year savaged the share prices of oil companies and Trinity Exploration & Production (TRIN:11p), an independent oil and gas exploration and production company focused solely on Trinidad and Tobago, was no exception. However, although the West Texas Intermediate (WTI) crude oil price has rebounded by more than 30 per cent from its Boxing Day lows, Trinity's share price is once again trading back at those December lows. As a result, Trinity is one of the lowest rated players in the sector, a valuation that is completely at odds with the company’s operational performance. Indeed, ahead of the release of first-half results in early September, Trinity’s management team – who between them own 23 per cent of the issued share capital – have revealed that first-half average production increased by 8.6 per cent to 3,008 barrels of oil per day (bopd), and that an eight-well onshore drilling campaign has just commenced to boost output even further in the second half, and beyond. Trinity will be drilling a number of high-angle wells, the industry standard in many basins around the world, in order to try to yield initial production rates and reserves more than double those achieved from conventional vertical wells. Analyst James McCormack at house broker Cenkos Securities is factoring in 2019 net average production of 3,224 bopd, at the top end of management guidance of 3,000 to 3,000 bopd, and well ahead of the 2,871 bopd produced in 2018. In light of the sell down in the oil price last year, Trinity has sensibly taken the decision to hedge out more than a quarter of its annual output to protect cash flows between $50 and $55 a barrel. This also helps mitigate the impact of supplemental petroleum tax (SPT), which is paid when the oil price rises above $50 a barrel. The current WTI price is around $56 a barrel. Value opportunity to exploit There is undoubtedly value on offer here. Trinity has a market capitalisation of £42.2m and an enterprise valuation of £28m after factoring in net cash of £14.2m at the end of June 2019. To put that into some perspective, Mr McCormack at Cenkos believes that Trinity will be able to produce operating profit of $12m from revenues of $71m in 2019. Deduct from that profit an estimated SPT charge of $7.4m, add back a tax credit of $4.5m, and a debt-free business that could make net profit of $9.2m (£7.4m) is effectively being rated on a miserly four times net earnings. The company is also trading on a hefty discount to Cenkos’ core net asset value (NAV) of 40p a share, and Whitman Howard’s risked NAV-based target price of 32p. Moreover, Trinity’s 2P reserves of 24.5m barrels of oil equivalent (boe) are being priced at only £1.15 per boe, massively below its Latin American peer group. For instance, Amerisur Resources (AMER), the oil and gas exploration and development company operating in Paraguay and Colombia, has 25.6m boe of 2P reserves, but these are valued at £6.56 per boe. It received a bid approach this week, a point that further highlights Trinity’s chronic undervaluation. Also, even if you factor in the 2C resources of both companies, Amerisur’s total reserves are still valued 4.5 times higher than those of Trinity. It’s not an isolated comparable either as the 25m boe of 2P reserves of President Energy (PPC), a company with operations in Paraguay and Argentina, are effectively being priced at £100m, a valuation that is 3.5 times higher than Trinity’s almost identical level of 2P reserves. From my lens at least, Trinity’s undervaluation is clearly anomalous especially as the management team led by chairman Bruce Dingwall has a plan in place to ramp up low-cost onshore drilling activity at a high operating margin in order to accelerate profit growth in the coming years. It’s worth noting too that three directors have between them purchased more than 700,000 shares at prices between 11.25p and 11.7p since my last article (‘Trinity̵7;s low-cost production boost to 2019 profits’, 2 April 2019). Also, the board participated in last year's equity raise to de-gear the balance sheet and provide the company with the funding required for the drilling programme, one reason why I suggested buying the shares last autumn, albeit I hadn't envisaged the subsequent decline in the oil price which has dented sentiment ('Alpha Company Research: Simon Thompson’s oil recovery play', 3 September 2018). The bottom line is that the pullback in Trinity’s share price from the 14p level when I covered the annual results in early April is a buying opportunity well worth exploiting. Buy.
spellbrook: Trinity’s low-cost production boost to 2019 profits Simon Thompson Freed from financial constraints following a debt restructuring last year, Trinity Exploration & Production (TRIN:14p), an independent oil and gas exploration and production company focused solely on Trinidad and Tobago increased average net production by 14 per cent to 2,871 barrels of oil per day (bopd) to account for 5 per cent of the country’s oil output. Capital expenditure (capex) rose four-fold to $12.5m in the 12-month trading period, reflecting investment in eight new onshore development wells, of which six were drilled in the fourth quarter, and a low-cost ongoing programme of 143 workovers, 17 recompletions, reactivisations and swabbing across a portfolio of 1,094 wells, a fifth of which are currently active. Onshore production increased by 16 per cent to 1,563 bopd and is highly profitable with an operating breakeven of $16.10 a barrel. Trinity also undertook its first offshore recompletion since assuming operatorship in 2013, and successfully so. Trinity’s East Coast offshore production increased by 15 per cent to 1,110 bopd. Group operating break even of $29 per barrel was half the realised oil price of $59.8 a barrel. So, with output rising, this meant that after accounting for supplemental petroleum tax (SPT) which is paid when the oil price rises above $50 a barrel, adjusted cash profit increased by more than a fifth to $12.8m on revenues of $62.5m. This is stated before deducting non-cash depreciation, depletion and amortisation charges ($10.7m), hedging costs of $1.1m (which have now been exited), and a $700,000 charge for share based payments. After all these charges, Trinity reported a small operating profit of $277,000. But the operational leverage of the business should really kick in this year if Trinity’s management team, who own 23 per cent of the equity so are well incentivised to ratchet up output further, lift average output to 3,000 bopd as they are guiding investors to expect. Finance director Jeremy Brisglalsingh is forecasting capex of $8m to $10m this year, a sum covered by house broker Cenkos Securities’ operating cash flow estimate of $15.4m. Moreover, based on an average oil price of $65 a barrel, and a 14 per cent surge in 2019 production, analyst James Mccormack at Cenkos is pencilling in a 14 per cent rise in revenues to $71.1m to drive operating profit up by 80 per cent to $12m. That’s before accounting for a slightly higher SPT charge of $7.4m. It’s worth noting that chief executive Bruce Dingwall told me during our results call that Trinity is targeting higher angle or directional wells which could double initial production rates and improve Trinity’s return on capital. The company is also making solid progress with its TGAL field development plans to exploit the reserve potential of the offshore Galeota Block which has 700m barrels of oil in place. Trinity’s share price is unchanged from when I last suggested buying (‘A game changer’, 7 January 2019) even though it’s successfully ramping up production, has plans to place to exploit the TGAL prospect, and could benefit from reform of SPT that has been earmarked by the Government of Trinidad and Tobago. Positive news flow from any one is a likely catalyst to narrow the 65 per cent share price discount to Cenkos’ risked net asset value of 40p a share which is based on 2P proven reserves of 24.49m barrels (valued at $147m), cash in the bank ($10.2m) and utilised tax losses ($47m). Buy.
spellbrook: Trinity primed for profitable growth Simon Thompson Worth another read ....................... Trinity Exploration & Production (TRIN:17.45p) had been on my watch list for over a year when I decided the time and price was right to recommend buying the shares in this month’s Alpha Report at the current price (‘Resurrection points to a strong recovery’, 3 Sep 2018). Trinity is an independent oil and gas exploration and production company focused solely on Trinidad and Tobago, the wealthiest country in the Caribbean. It operates producing and development assets both onshore and offshore, in the shallow water West and East Coasts of Trinidad where it has nine licences encompassing 1,165 wells of which 140 are active onshore, and 40 active offshore. The operating environment is favourable. Trinidad and Tobago has the third-lowest business tax rates amongst Latin America and Caribbean countries, is the eighth-largest producer of liquified natural gas (LNG) in the world, and boasts significant proven energy reserves of petroleum and natural gas. The economy is heavily reliant upon the energy sector, which makes up 45 per cent of GDP and 83 per cent of exports. Trinity accounts for 4.3 per cent of Trinidad and Tobago’s total annual oil production. It is also one of the lowest cost producers as first-half results this week highlight. Trinity’s onshore production increased by 20 per cent to account for 1,530 of its 2,771 barrels of oil per day (bopd) output in the first half this year, and at an operating break-even cost of just $15.70 per barrel. Offshore production was up 15 per cent to 1,046 bopd, all of which comes from a 100 per cent interest in the Trintes field (2P reserves of 14.78m barrels). Trintes has a relatively benign reservoir to produce from, and benefits from high API of oil (an industry measure to quantify how heavy or light a petroleum liquid is compared with water), low formation temperatures and effective sand control, all of which are supportive of an offshore operating cost of only $27.80 per barrel. So, with the average realised oil price rising by 30 per cent to $60 a barrel, and net production up by 16 per cent to 2,771 bopd including a contribution from its small West Coast operations, Trinity’s revenues surged by half to $30m to lift operating profits by 35 per cent to $2.6m in the six-month trading period. After tax charges – mainly Supplemental Petroleum Tax (SPT) which is charged at a rate of 18 per cent and 26 per cent on net revenues (gross revenue less royalties less incentives) on onshore and offshore assets, respectively, when realised oil prices are higher than $50 a barrel – Trinity more or less hit break-even if you ignore exceptional gains. Operating cash flow of $5m covered capital expenditure of $4.4m. I was expecting as much, but what prompted me to recommend buying the shares are prospects from this point onwards, and a very attractive valuation. Indeed, far more informative are the fresh forecasts from house broker Cenkos Securities, which point towards 2019 pre-tax and post-tax profits of $12.4m, which factors in an operating profit of $20m less SPT of $7.4m and nil corporation tax charge to reflect the benefit of past tax losses. This forecast assumes annual revenues of $72.2m and is based on a conservative-looking average oil price of $63.32 a barrel. If achieved then a net cash inflow north of $16m from operating activities will cover $14.3m of capital expenditure next year. On this basis, expect EPS of 3.2¢ which implies the shares are rated on a forward PE ratio of only 7. They are also priced on less than half risked net asset value (NAV) of 38p a share based on 2P proven reserves of 23.18m barrels and cash in the bank. Risked NAV is even higher at 47.2p a share if you factor in almost 24m barrels of Trinity’s 2C resources. It’s important, though, to understand why a £67m market capitalised company that has just hit break even could be making net profits close to £10m next year. Summer fundraise a game changer Up until the company’s 2013 reverse takeover of Aim-traded Bayfield Energy, another operator in the country, Trinity had a successful track record under the leadership of Bruce Dingwall, the founder and former chief executive of Venture Production, a UK oil and gas company that was acquired by Centrica for £1.3bn in 2009. Mr Dingwall led a management buyout of Venture’s Trinidad and Tobago assets, and built up a business producing 1,500 barrels of oil per day (bopd) by the time of the takeover. However, a major shortfall in Bayfield’s production coupled with increased costs forced Trinity to seek a settlement with its creditors two years ago after oil prices plunged to their lowest level since the 2008 global financial crisis. Not surprisingly investors have been cautious since then. However, a $20m (£15.5m) equity raise at 15p a share over the summer was a real game changer, wiping out liabilities to the convertible loan note (CLN) holders and other creditors who backed Trinity’s rescue plan in December 2016. Holders of 88 per cent of the CLNs opted to convert into equity at the placing price, a resounding vote of confidence. Trinity’s senior management team purchased almost 15m shares and own 24 per cent of the share capital, so they have skin in the game. As a result of the equity raise, Trinity is freed of financial constraints and a cash pile of $19m (£14.6m) means it has the funds to embark on a high-margin, low operating expenditure programme to boost onshore production at a time when the price of black gold is surging. The plan is to target between 8 and 10 new wells each year, and at a cost of $12m, in order to grow annual production by 10 per cent. Boasting an onshore operating break-even point sub-$16 per barrel, and with 80 per cent of the cost base fixed, then rising production combined with higher oil prices will have a significant operational gearing effect on future profitability. Interestingly, there is no problem finding oil in Trinity and Tobago as the geology is characterised by large oil in place volumes, but low recovery factors and well productivity resulting from low reservoir energy. Importantly, the geology doesn’t require complex completion techniques or fracking, rather efficient execution and use of pumps. Initial production rates from wells tend to range between 50 and 100 bopd, with decline rates of around 10 per cent each year. If all goes according to plan then Trinity should be able to lift production by a quarter to 3,500 bopd by 2020 from its accelerated onshore drilling activities. The financial returns are eye-catching with the pay-back period only 10 months on a new well based on a $60 per barrel oil price. Trinity is also unhedged for next year’s output so will benefit from the surging oil price whereas it was previously forced to lock into hedging arrangements to guarantee cash flow for its creditors. As investors cotton onto the transformation in Trinity’s finances and operational prospects, and the company delivers the step change in profitability I am anticipating, I can see the share price make headway towards my 28p target price as the discount to risked NAV narrows. The short-term profit taking post results represents a buying opportunity well worth exploiting. Buy.
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