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Yes, time is undoubtedly of the essence. But is there the political will to make such a business friendly move before they absolutely have to (i.e. in the Budget)?
My suggestion is that the reform or scrapping of the SPT regime is likely to be announced in H1 2022. Why? An uncertain fiscal environment will deter prospective bidders. As we can see from Trinity, the fiscal regime determines the pace as well as the type of drilling. Incidentally, the raised threshold before SPT kicks in will cease at the end of the revenue year 2022. So, presumably, a decision will need to be made on what to do with SPT. Why wait until the end of the year?
Incidentally, I have yet to come across anyone who views SPT as a positive for Trinidad’s oil industry. My only concern is whether politics may get in the way of this reform.
So, just to be clear, you are deducing from this that the reform or even scrapping of the SPT regime will be announced within the next month or so?
Guyana’s Kaieteur News has just published an article covering Guyana’s International Energy Conference and Expo 2022. According to this, an attending geologist from Trinidad's MEEI suggested that Trinidad’s next onshore bid round would commence “In the next month or so”. Why point this out? In the latest presentation given by Trinity, it was made clear that the success, or failure, of this round, was largely dependent on reforming the fiscal regime faced by onshore operators. Presumably, reform or even scrapping the SPT regime will be announced before the start of bidding?
As a bare minimum they will be waiting for confirmation that the onshore SPT concession is being extended or, ideally, made permanent.
Nothing sinister, they are most likely waiting for significant fiscal reform but choosing to be diplomatic about giving that as an explanation.
New onshore acreage PS-4 acreage acquired. Matching seismic data acquired last summer. Lots of cash in bank. Oil approaching all time high .... but TRIN suspends planned drilling. No reason given. They raised 20M at 150p almost 4 years ago with stated aim of achieving 10% production growth year on year. Actual growth is 3%. Share price is below fund raise price. How can they raise money for a big offshore development if they can't do easy onshore drills?
And that I suggest looks increasingly unlikely given the apparent lack of vision displayed by the Trinidadians authorities
Can’t see any like that happening this side of meaningful fiscal reform.
The only reason i could see them selling some, Is if an institution was looking to take maybe 5% or more, Or possibly a farm in partner was looking to take a stake?
You never know, but he certainly struck me as a straight up guy.
Can’t see them wanting to sell out at these depleted prices, they have been around for a long time and I don’t think likely to be sitting on much of a profit, if any. Despite what the RNS states about David supporting the strategy, I wonder whether that really is the case.
For now.
They still are cornerstone investors.
The Segels were cornerstone investors who played key roles in the survival of TRIN. More significant than O&G experience arguably. There should already be plenty of that floating around at TRIN.
She brings experience in the oil & gas industry, which is more significant and much welcomed.
More significantly, the David & Christina Living Trust currently holds 10.42% of the Company.
It’s a shame to see that David Segel is going. I liked him.
Stuart R Young should be getting the darned fiscal reform sorted as promised many months ago and before the world has gone electric…the pace at which this govt. initiates change! Venezuela , Surinam and Guiana are getting all the new business whilst Trinity scours for a farm-in partner. With offshore( and potentially onshore ) spt , international business will keep going elsewhere.
This is their last chance , but Imbert is inept as we know, so it’s up to Young to prove he meant it. With oil at $90 , that’s prob. Why they are not rushing. Full spt. Jokers who need to get real for the first time since spt in 1971. They have starved their country of economic devt. Pull it out Young.
Kicking the can is what this govt. has always done. Its last chance now.
Onshore bids won’t work or even take place if SPT is re-raised. Promses and politicians suck, but if they don’t realize fiscal reform now then they should all be castrated ( especially Imbert) because they are inane and impotent.
Kudos to Ab76 for finding this:
https://guardian.co.tt/business/doing-nothing-and-hoping-for-the-best-6.2.1456498.f0bf175cd2
Stuart R Young should be clear by now what needs to happen and should be getting on with making it happen.
Stuart R Young@StuartRYoung1·5hMet this morning with the Board and Executives of Trinity Exploration and Production Plc. The MEEI will continue working with oil and gas companies to ensure increased production in TT. We also discussed efforts and initiatives being taken in the decarbonization space
Hopefully see Trin come into its own this year
LC Looking at Q4 figures surprised to see that Q4 cash has actually dropped by $1.7m from 20.4 to 18.3. They only spent 4.6 on a combination of acquisition, hedging and Capex payments so net 2.9 after cash reduction, that implies they must have paid a big chunk in PPT given that income for Q4 of $19m. Where otherwise has the cash gone?