Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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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).
Sadly I agree. The share but back should have lifted the price…is it antipathy or do we have a surprise coming?
Don't think the market cares any more. Price is nosediving. Production is flat. I hope they have some good news soon. That many years promised dividend (even Bruce Dingwall RIP mentioned it) would help.
Anyone know when final results are due?
Especially when they're been buying them back at much higher prices than the current SP.
PD absolutely agree, share buy backs a complete waste of time. Had they paid it on divi the sp would undoubtedly be higher than 98p. What else can be expected from incompetent management.
ab76
Are you still in TRIN?
Trin has spent 1M on share buybacks. over the last 3 months. If they had given a dividend that would be around 2p a share. Do that every quarter and it would be 8p per share annually or a yield of 7%. I think I prefer a dividend.
Do you not think that the substantial shareholders should now be giving the BoD a much harder time than they have to date?
Technically a slight decline in production. The years go by and TRIN seems stuck. At least they are profitable: I hope a dividend starts this year.
Not really, been 1st week of Feb (8th latest) in the last few years
The week has passed and no Q4 update. Late compared to previous years.
Will spud end of Q2. So results by 2024?
It will be interesting to see if there is progress on production level and realised sale price etc.
Maybe they will grow production or msybe they will announce further delays. Q4 update due later this month will confirm either way. Hard to see SP growing if production remains flat. They have again said they will start paying a dividend - that would help!
Where is the catalyst for these shares? Can someone elucidate of point the way? Thanks.