The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Thanks for the link - a 1.5p Q3 divi is a nice surprise
The clue rossannan was in the words “it’s encouraging to see from the new presentation”.
The new presentation, which was the subject of an RNS this morning, is available at https://trinityexploration.com/wp-content/uploads/2023/06/TRIN-Investor-Presentation-June-2023-vF-2023-06-13.pdf (see page 17, left hand side, about half way down).
Ab76
Cenkos said it was a 33% CoS. Where did you get 63%?
ATB
Ross
TRIN has been long on promises over the years but short on results. Lets hope the drilling roulette has a better result this time. I suspect the dividend might depend on it. GLA.
They are nearly a month into a deep well though PipeDragger: a well with a 63% chance of success and one that could, according to Cenkos, quickly add 400bopd to production.
Flat production reconfirmed this morning. How many years must we wait for them to consistently break 3000 bopd?
It’s encouraging to see from the new presentation that Jacobin is targeting three levels and that it’s estimated that there’s a 63% chance of success with at least one of them.
The results of the Onshore Bid round also appear to be in the process of being announced as TXP have announced their success with one licence (Challenger, who like Trinity are also reported to have won a new licence, haven’t announced anything yet).
Simon Thompson tipped Trinity again today: see https://www.investorschronicle.co.uk/ideas/2023/06/12/an-oil-price-play-with-huge-recovery-potential/
In summary he points out that, due to lower SPT, lack of hedging and lack of provisions, 2023 should see Trinity’s profit increase to $9 million despite lower oil prices than in 2022.
He then points out the three near term share price catalysts: Jacobin and the Hummingbird deep wells; Buenos Ayers; and Galeota.
He concludes with: “Potential for positive newsflow is certainly not being factored into the current price…That’s because the £30mn market capitalisation company is priced on less than four times Cenkos’ post-tax profit estimate for the current year. Moreover, based on its 18mn barrels of 2P reserves alone, Trinity's is valued at $2.10 per barrel, a huge discount to sector peers, and $0.57 per barrel once you include 2C reserves. Recovery buy.”
Whether the shares have bottomed absolutely depends on whether their one in three (according to Cenkos) Jacobin gamble comes off. I am not even sure that the excitement of getting closer to the Jacobin result will lift them, given those odds.
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.