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I was very pleased to see in latest update TRIN is protecting our hard earned possitive bank balance until the government gets its act together. Very sensible article, hopefully the government is ready to do sensible now, it would unlock the industry and increase their overall tax take.

Https://www.trinidadexpress.com/opinion/columnists/energy-sector-competitiveness/article_f393343c-2813-11e9-8b8d-035fe8a09f22.html

In the energy sector there are many internal drivers of competitiveness which if treated with can lead of great economic benefits for the country. One of these is the fiscal regime and specifically Supplemental Petroleum Tax (SPT). SPT was introduced in 1981 as a windfall tax. This was the era of the Iran-Iraq war and very high prices. Today, there is no windfall. The fact that SPT is triggered when oil is above US$50 per barrel creates a high level of uncertainty for investors when prices are in the US$40 per barrel to $60 per barrel band. In the last four years, oil prices have been in that price band for 34 out of 48 months (71 per cent of the time).

This uncertainty has caused investors to hold back crucial investment dollars that could have been creating jobs and stimulating investment which is especially needed in south Trinidad given the closure of Petrotrin. It is hoped therefore that the SPT issue would finally be addressed in 2019. One recommendation would be to replace the US$50 per barrel price trigger with a sliding scale mechanism that guarantees Government some SPT revenue when oil prices are below $50 per barrel while allowing oil companies the level of competitiveness and certainty they need to start investing. The net effect of declining competitiveness is the fall in oil production which in November 2018 fell to 55,978 barrels per day, a level last seen in 1952. Dealing with the SPT problem will also help Heritage Petroleum get going with its own drilling programme.

TRIN has just published an excellent summary fact sheet.

https://walbrookpr.com/investors/pdf/TrinityExploration-factsheet.pdf

Moderated ambition is probably sound. As has been the case since 2015 TRIN have the potential to reward us. My averarage is a little higher than yours, I have had the chance to sell out at profit but I think should Bruce and team pull together what I hope they are aiming for a new height will be set this year.

We have the cash, we have the management that appear to have ambition on delivering success. We have a T&T sector reforming. As a 4 year term share holder I am hoping patience will be rewarded in 2019.

T&T moving forward and with TRINS cash in the bank and with the new appointment we have to hope TRIN can participate in a resurgent T&T oil industry.

Http://www.guardian.co.tt/news/heritage-petroleums-mike-wylie-6.2.732907.17c32b9e05

Opec + look to have finally agreed a 1.2m cut.

Good to see T&T is moving on at a pace with restructuring and sticking to stated timeframes.

httP://www.guardian.co.tt/news/heritage-ceo-surveys-startup-from-ground-6.2.729140.4595bd1888

https://www.channelnewsasia.com/news/world/putin--russia--saudi-agree-to-renew-oil-output-cuts-10988596

https://www.theguardian.com/world/2018/dec/02/donald-trump-and-xi-jinping-declare-trade-truce-at-g20

Interesting appointment at a time we know T&T is looking to potentially partner the new Heritage Petroleum venture with private producers to boost T&T oil production. A little tail wind from WTI in the coming months and things may finally come together for TRIN.

Last post minus glaring typos!

One thing to remember about TRIN regarding oil sales is 50% of it can be sold independently of Petrotrin due to our facilities offshore on the East and West coast. We are exceptionally well positioned relative to many in T&T right now.

SPT reform was in its advanced stages this time last year. Imbert got a glimpse of short term gains and decided to forgo the long term gains I believe he would have already been reaping the rewards of by now. Short sighted but T&T needed all the tax income they could get their hands on. The Gas revenues now being received from the royalty changes Dec 2017 perhaps now gives the breathing space needed to implement SPT reform now.

I hold in the anticipation that SPT reform could be tied in with the launch of Heritage Petroleum (Dec 1st 2018), not long to find out, if it does proceed today's sub 12p will look very cheap.

One thing to remember about TRIN regarding oil sales is 50% of it can be sold independently of Petrotrin due to our facilities offshore on the East and West coast. We are exceptionally well positioned relative to many in T&T right now.

SPT reform was in its advanced stages this time last year. Imbert got a glimpse of short term gains and decided to forgo the long term gains I believe he would have already been reaping the rewards of by now. Short sighted but T&T needed all the tax income they could get their hangs on. The Gas revenues now being revived from the royalty changes Dec 2017 perhaps now gives the breathing space needed to implement SPT reform now.

I hold in the anticipation that SPT reform could be tied in with the launch of Heritage Petroleum (Dec 1st 2018), not long to find out, if it does proceed today's sub 12p will look very cheap.

Things are coming together in T&T and TRIN at sub 15p is a gift.

Https://newsday.co.tt/2018/11/14/stuart-wylie-hiring-is-above-board/

“Boasting that the exports of crude oil now earn this country US$3 a barrel above the quoted price of West Texas Intermediary (WTI), Young quipped, “That’s why Mr Wylie was hired.”

Given TRINS strong current cash position Whitman Howard puts the shortfall for commencing the first phase at $7m, not scary numbers given our current strong position will open cheaper financing options. That is if we choose to go it alone or not sold it first. Couple it with the restructuring of Petrotrin and the coming months could be very interesting.

Malcy's Latest

https://www.malcysblog.com/

Trinity Exploration & Production

Good news from Trinity this morning as they announce that it has submitted the first phase of its FDP for the TGAL Area located on the Galeota block offshore the East coast of Trinidad to the MEEI. This is the first phase of the potentially wider step-out development across the Galeota anticline thought to contain c700mmbbls.

The development will involve a low cost 10 well conductor supported platform and associated infrastructure. The importance of this should not be underestimated, it shows that TRIN has been working hard to bring Galeota in and is now fully up to speed with getting it under way. The development of these assets could support the medium term onshore and offshore production target of over 7,500 bopd. FID is planned for H1 2020 at which stage resources would be reclassified as 2P reserves, potentially resulting in a 40% uplift to current 2P reserves of 23.2 mmbbls. Accordingly investors really should see this as a ‘major milestone’ as expressed by CEO Bruce Dingwall in the RNS today and look forward to FID in good time.

http://www.looptt.com/content/petrotrin-reports-smooth-transition-process

https://info.gorozen.com/3q-goehring-and-rozencwajg-commentary-2018?utm_campaign=2018%20Q3%20Commentary&utm_content=79267166&utm_medium=social&utm_source=twitter

Well well worth registering to read.

Https://info.gorozen.com/3q-goehring-and-rozencwajg-commentary-2018?utm_campaign=2018%20Q3%20Commentary&utm_content=79267166&utm_medium=social&utm_source=twitter
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https://www.proactiveinvestors.co.uk/companies/stocktube/11019/touchstone-exploration-looks-ahead-to-game-changing-2019-plans-11019.html

Paul Baay interview, interesting bit about Petrotrin joint ventures, I know which company I would rather be in atm to take advantage of any Petrotrin restructuring. With TRINS debt paid off and already being capitalised there are no others better positioned.

It is the rainy season....... Hence TRIN getting the bulk of the drilling done already for the current well program and they are currently just doing completion work for the latest wells. The last two well will be done the Nov/December as the rainy season passes. The rainy season happens every year.......

WTI looking a bit cheerier, maybe TRIN will perk up into close.