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Less shares to service with Div.......hopefully buy backs will look clever soon........seems shares may have bottomed.
20 days in now drilling Jacobin well.
Will they hit the jackpot or a duster?
Allways exciting times to own shares in these types of companies.
We shall see..
Cheers
Looks like we might get a dividend later this year (RNS 1st June). (Shame they splurged all that cash on buy backs).
Will it be a new dawn or a new dud? I hope to sell this one at a profit before I retire (7 years time). I would settle for a steady dividend but no sign of that.
Alans55
“Sorry, wrong board”
Astute commentary on TRIN, perhaps.
Or a credible growth catalyst like Galeota, which sadly seems to be gathering dust under an insufficiently friendly fiscal regime.
You are probably right. Volume is so low management will argue the cost of maintaining a listing is unbeneficial. Management appear clueless here as to what will drive shareholder value and their advisors appear almost non existent.
A dividend is needed here, not share buy backs.
The share buyback, combined with stagnant production seems to have been really effective at driving down the share price by a third. If they had used the same buyback cash to issue a dividend then the SP would have been maintained, maybe even increased. Maybe it is all a cunning plan so the directors can buy out their own company at a steal of a price.
Well the share buy back appears to be basically a non event. The last RNS looked very promising but the lack of action is causing the share price to fall even more. Management needs to be a lot more proactive here, with more ops update on the new drill target and if they are going to buy shares in the market they need to buy a lot more and update us on any dividends they are going to pay.
Sorry, wrong board
It needs to get back over £2 before I start getting excited
Further Share Buyback
Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, announces that it intends to conduct on-market purchases under a third share buyback programme (the "Programme") pursuant to the shareholder authorities obtained at the Company's last annual general meeting held on 29 June 2022 ("AGM") to return up to US$ 1 million to shareholders of the Company. Under the Programme the maximum aggregate number of ordinary shares of US$ 0.01 each ("Ordinary Shares") that can be purchased is 3,215,943 Ordinary Shares (which represents approximately 10 per cent of the Company's issued share capital at the time of the AGM less 672,000 Ordinary Shares repurchased by the Company under the buyback programme announced on 20 September 2022 and 760,000 Ordinary Shares repurchased by the Company under the buyback programme announced on 24 October 2022).
The Board of Trinity still considers the Company's current market capitalisation does not reflect an appropriate valuation for the Company. In addition to its commitment to operational delivery, as announced in the Interim Results announced on 20 September 2022, it is the Company's intention to implement a new Capital Allocation Policy which is likely to include the payment of a regular dividend and a share buy-back programme. These initial share buyback programmes confirm that intent to further deliver value to the Company's shareholders.
The Programme, which will be funded from the Company's existing cash resources, will take place within the limitations of the authority granted by shareholders to the Board of Trinity at the AGM. The Programme will commence with immediate effect and will, unless terminated at an earlier date, expire at the conclusion of the 2023 AGM, or 30 June 2023, whichever is earlier (the "Expiry Date").
The minimum price (exclusive of expenses) which may be paid for each ordinary share is US$ 0.01; the maximum price (exclusive of expenses) which may be paid for any Ordinary Share shall not exceed the higher of: (i) 5 per cent above the average middle market price of the Ordinary Shares on AIM, a market operated by the London Stock Exchange plc ("AIM") for the 5 business days immediately preceding the date on which the Company agrees to buy the shares concerned; and (ii) the price of the last independent trade of any Ordinary Share and the highest independent current bid for an Ordinary Share on AIM at the time the purchase is carried out. In exercising this authority, the Company may purchase shares using any currency, including British pounds sterling ("GBP" or "£"), United States Dollars ("US$") and Euros ("€").
Share purchases will take place in open market transactions and may be made from time to time depending on market conditions, share price, trading volume and other factors. The Company has appointed Cenkos Securities Plc to manage the Programme and make market purchases of Ordinary Shares on
Much better RNS. Big share buyback and regular dividends on the cards
25tn April 2016 RNS "Trinity is continuing to target an eventual run-rate closer to 3,000 bopd over the next 12 month". Not happening just now, jam tomorrow!
Usually comes out on third week in April. Not this year it seems. Another week to wait for the latest reasons why production is on a plateau. I think we would all like that dividend to be announced.
Really looking forward to getting my teeth into that update.
New reason for not meeting production growth target, maybe? (I am glad fire is out).
Q1 update due soon.
ab76
No, you were probably right with “coming week”!
Correction: “coming weeks”, not “coming week”.
As Cenkos state, commenting on this morning’s announcement, “Trinity has successfully completed the reactivation of the East Coast ABM-151 well, with initial production rates ahead of guidance (60- 110bopd) at 200bopd and zero water cut. In addition to providing oil production, ABM-151 also produces gas which has been used to lift crude oil in the Brighton field, which could further increase recoveries.”
Whilst we can expect that rate to fall from 200bopd over the coming week as “Trinity anticipates steady-state production from ABM-151 in the range of 60-110 bopd”, the guidance that we’ve been provided with was clearly good (although only an idiot, or a troll, would expect certainty when it comes to making production forecasts).
ab76
“on February 14th final marine operations on ABM-151 commenced. They were estimated to take a week and were expected to result in production of between 60 and 110 BOPD”
In a few weeks we will know whether those figures were accurate predictions or mere aspirations…
It just makes the ones they paid more for poor value.
I'm just wondering where the bottom is on this.
At least they buying shares back at a good price
The last RNS on operations gave the news "Initial production levels for the three wells drilled in 2022 were on prognosis but subsequent performance is lower than planned". That could explain why the market is taking a dim view of the next couple of wells. I wasn't aware they had a reasonable result on the subsequent well ABM-151 - it seems odd that they broadcast failure but keep success quiet.
(I was also disappointed that they didn't give the data on the first three wells. Are they net money losers or just modest gains etc.)
It’s a shame that Trinity’s aren’t making more of an effort to highlight two recent developments.
The following have been announced on Twitter, but only to a very small audience and don’t appear to have been widely publicised.
First, on February 14th final marine operations on ABM-151 commenced. They were estimated to take a week and were expected to result in production of between 60 and 110 BOPD (see https://mobile.twitter.com/Trinity_PLC/status/1624081196412989440). Trinity have previously said they don’t think such increases in production are worthy of an RNS, but 110 BOPD could add $1 million to the company’s profit (assuming a 33% netback on $75 oil).
Second, on February 22nd construction activities at the Jacobin drill site commenced. The rig is expected to be mobilised on March 23rd and 35 days of drilling is planned (see https://mobile.twitter.com/Trinity_PLC/status/1628494882082893825). Jacobin is the first deep well and is targeting as much as 10 million barrels of oil (the mean is 5.7 million though), which given that total 2P reserves are currently just under 20mmbls is obviously highly material (see the January RNS). Production could be as much as 700 BOPD (see last years’ presentations).