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"Trinity Exploration & Production (TRIN.L, 57p, £22m) Testing of the Jacobin-1 well is now focussed on the discovered oil zones in the Lower Cruse 1 upper intervals. Testing of the Lower Cruse 3 is being terminated, as despite clearing the sand blockage, further sand production issues were still experienced. The upper two zones are well developed oil-bearing sandstone intervals with thicker net pay zones for testing and generally better developed than the deeper reservoir encountered at the LC 3 level. The Company expects to perforate the upper zones in the well by mid-December. Trinity Exploration & Production. "
You need to rework those figures using actual TRIN accounts - you have fallen into the operating breakeven/“TRIN is throwing off cash” trap.
Regrettably, I am not able to attend tomorrow because I am abroad. Whilst aware that I could submit a question, there would be no opportunity for follow-up, so little point. These are the questions that I would have raised had I been able to attend. If anybody attending is prepared to table these on my behalf, I would be most appreciative:
1. Past presentations have claimed that profitable base production will decline, so as to justify costly and highly speculative explanation to replace it. Has there been any geotechnical analysis to justify the claim of declining base production? Based on current WTI prices has there been a cash flow projection prepared for the business showing returns net of all new exploration?
2. Why do we not see any share purchases by executive members of the BoD? Whilst purchases are not permitted during closed periods, there has been ample opportunity over recent months, outside of closed periods! The lack of purchases is hardly a ringing endorsement by the BoD in their own exploration strategy?
Just remember the drill was expenses and costs have exceeded budget. We need a successful Jacobin update to kick start a bull run or the MM's will bring this down again.
Yes it is a bargain but it could well do with some better PR, and by that I mean engaging with a few promoters who have a big following on twitter etc.
I think Jacobin is a big discovery but do your own research. We should know next month. If it is a discovery they should have access to borrowings to develop the field or do a bit of a farm out.
DIVI HERE IS 0.5P .CASH APPROX 11 MILLION DOLLARS 2850 bopd break even approx 34 dollars so 2850x31 is 88350 a day profit monthly is over 2.6 million .Correct me if im wrong .reserves are great 60 0dd million barrels
Trinity is an independent oil production company focused solely on Trinidad and Tobago. Trinity operates producing and development assets both onshore and offshore, in the shallow water West and East Coasts of Trinidad. Trinity's portfolio includes current production, significant near-term production growth opportunities from low-risk developments and multiple exploration prospects with the potential to deliver meaningful reserves/resources growth. The Company operates all of its ten licences and, across all of the Group's assets, management's estimate of the Group's 2P reserves as at the end of 2022 was 17.96 mmbbls. Group 2C contingent resources are estimated to be 48.88 mmbbls. The Group's overall 2P plus 2C volumes are therefore 66.84 mmbbls. Mkt capt 22 MILLION BIT of good news 1 pound hit
Undervalued COMPARED TO OTHERS 3000 bopd cash etc small mkt capt i like gla
Good for you.
They have acquired alot of decent acreage. Could be a jv or takeover on the cards especially if the well gives decent commercial flow rates.
I topped up last week SuperRoty,
Agreed this is dirt cheap. Could be a strong move next week, as price is holding at support.
I am reconsidering my position here. That duster zone was no higher than my wife and although it had high pressure the chance of it being commercial was minimal. However, the drill encountered over 290 feet of net oil pay so there is a much higher chance of these upper zones being commercial. Seeing TRIN are already producing nearly 3,000 bopd, this is looking cheap, so I am going to take a gamble and load up this week. DYOR
Now confirmed
Translated as "we have little idea yet about what we have drilled into ... but we are going to muck around in three zones for a least 6 months. That bit we said about going into production - naah. Shareholders should expect TRIN production to continue to decline for a while yet. Maybe in a few years we will make good on all those rosy promises".
The classic mixed bag…
I at least hope to see an RNS this week stating that the sand problem has been cleared and that testing is back underway. In any event, silence would be unacceptable and would show that, despite their rhetoric about better communication, they have learned nothing.
Yes, wouldn't that be a nice change in investor communication strategy!
Expect to see RNS stating that the sand problem has been cleared & testing is back underway this week.
I listened to the presentation. Impression I got was they recognised that their secrecy was destroying the valuation. On Jacobin they seemed to be downplaying the significance of the deepest zone. That seemed odd as it is a high pressure (ie greatest potential flow rate) zone. There was very little talk about how this ultimately could translate into revenue. Year after year it is the same message that the road to commercial success (shareholder value) is just a few months away. I am not under pressure to sell fast but I do want a return after 7 years of these sorts of events.
Oil will flow from Jacobin, no doubt.
Will be good to get an idea how much the BOD anticipate this to be?
Roll on the investor meet.
Cheers.
JB is a number cruncher, they do not have a leader.
After a few years of stagnation next year feels pretty crucial for Trin and realising value. For years the commentary on the company has been that it's exceedingly undervalued, a low cost producer, minimal debt etc. etc.
The changes to SPT were noted as the catalyst for change and after years of lobbying, the government are finally starting to make amendments to the taxation thresholds
With oil hovering around £90/barrel, tax reforms underway, dividend starting to be rolled out - if they can't deliver for shareholders now, who's going to have any hope in 12 months time?
In 2017 TRIN rode from 6p up to 26p in 2018 and the company has been treading along ever since while the SP has dwindled back down to 6p
Under BD the company communicated with shareholders well and there was a lot of trust in the process - Unfortunately JB has failed to take the business to the next level
SuperRoty
I think you maybe need to read the RNS again.
Im out. This well is too costly, problematic and likely non commercial flow rates. Not saying they cant overcone it but I see better less risky buys.
30p coming soon.
Oh well. Price will get hammered today.
It is certainly not looking good. One wonders at how some of the key Investors feel - like the Newlands who own more than 10% and bought most of that when the share price was more than double now. They got well shafted at the last funding/dilution event a few years back. It is just maddening that TRIN are keeping us in the dark.