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CRL, the possitive in the fall is TRINS volatility allows far greater moves north if and when positive news arrive. It is why 25p is still possible even this year. TRIN has far more merits than many of the stocks that I have been going crazy recently. Look at PYC 1p to 30p in a few days on a �300k revenue deal.... If the tax reform really does address the issues they have set out to then although TRIN will never catch the blue sky brigade I could see it grasping its importance.

I still am in the 25p by the end of the year camp having been in it since relisitng. However that was and is based on Tax reform being favourable to companies like Trin as Imbert asserts in the piece I posted. It was due by April which I believe would have got us well into the 20�s and some of the even higher numbers may have been hit. IF we get a favourable tax announcement before the end of the year I think 25p will be surpassed. The market is very excitable atm. I have a friend who sold TRIN recently and moved to a Graphene blue sky stock and is already 400% up. TRN will never get that heady but if the changes are supported of TRIN I don�t think the market will be slow to reflect this.

Yes things looking pretty bullish with WTI, $60 oil may take a bit to crack but beyond that not much to hold it back. Just a reminder what Imbert said in January this year. Http://www.guardian.co.tt/news/2017-01-15/imbert-oil-prices-rise-again �He said smaller energy companies have said that they make a loss money when oil prices around $50 to $60 a barrel and the oil and gas fiscal regime has to be modified. �We are going to deal with that and we are going to address the way the SPT kicks in, to make it a profit based tax rather than a volume or revenue based tax so there will be a more equitable increase in the SPT which should encourage local companies to engage in greater production and exploration,� he said.�

As ever patience is needed. I still have the view I would rather a good reform than a rushed one. Looking forward to picking over the details when they do announce. To look at at simplistically, the government do not seem happy with the current regime and the oilers of a similar size to TRIN definitely do not like the current regime. I really believe a well balanced updated reform could be WIN WIN. Throw in $80 oil and TRIN will look fantastic at prices way north of here.

By the share price reaction it does not look like anything has come out yet, maybe this evening. Oil motoring on nicely.

I meant had not agreed a deal.

I have formed the view that even a non extension today would see higher oil in 6 months time. Yes, if they had agreed a deal today we would be heading back towards $50, however I don�t think it would be for long. With the continued cuts I think $70 plus will come much sooner than most think. Throw in a geopolitical situation and $100 is possible.

OPEC has extended cuts to the end of next year, with a review in June. The seeds have been sown for a colossal ralley in oil. We just need favourable tax amendments and TRIN will look a very different beast in 6 months time. https://oilprice.com/Energy/Crude-Oil/BREAKING-OPEC-Agrees-To-9-Month-Extension-Of-Oil-Production-Deal.html

I agree CRL, December 1st is looking a possible announcement day. With the tax article I posted it looks like they are increasing the tax burden overall, but by including gas which is a significantly higher proportion of T&T production my hope still is that there will be some breaks for companies like TRIN to encourage growth. Also I have always been interested in the piece bellow. With TXP�s CEO mentioning that they had been nvited to bid on Petrotrins assets, I am hoping TRIN has as well. That is why I think this year�s activity has been very much a care taker approach until all this is announced. With the downside risk with TRIN at 15p and some potentially company transformational news (the RNS states as much) so near it is quite odd the drift down recently. �Two other key decisions are seen as becoming urgent. One relates to the future of Petrotrin, the state-owned oil company that is active both upstream (as an oil producer) and midstream (where it operates the refinery). Petrotrin has been recording heavy financial losses. It lacks the funds to invest in developing primary and secondary recovery in its existing fields, but increasing local oil production is seen as critical to stemming losses at the Pointe-a-Pierre refinery by increasing the proportion of indigenous crude used as feedstock there. Imbert noted that Petrotrin accounts for more than 50% of the country�s crude oil production, and said the government was looking to implement a range of strategies in 2017 to boost its onshore and offshore output (see analysis).''

Has anyone spoken to the company recently, certainly seems to be a very good time to get back to the market, even if we are acquired by somone else and receive shares. Fingers crossed, we have the right product at the right time, just not on the market atm.....

Another update on T&T Tax reform. Looks like the tax reforms for the oil and gas sector are part of wider reforms. Looks like the opposition to the standard 12.5% royalty is coming from the gas sector. Let�s hope they sufficiently raise revenue to allow some boosts for the oil sector. http://www.oxfordbusinessgroup.com/news/wide-ranging-tax-reforms-boost-trinidad-and-tobago�s-revenue-collection

Hi Twister, the management plan to work with what we have atm, we have over 20m 2C reserves that will be converted to 2P by just signinging off a development plan. Also this is speculation on my part but there may be opertunities that come out from the T&T tax reigime changes. The government company Petrotrin have large under developed assets and the government want to grow locally produced oil to utilise their under capacity refining plant. So we may pick up some new assets that way.

Yes, I think the TRIN team are sensibly waiting to see the lie of the land before pushing new drills. I am hoping that new well will attract some incentives. I think this is why they have always scheduled the new drills for early next year. I don�t think there is any reason we could not have started drilling sooner, maybe the wet weather but this QRT would have been good/ok.

Well someone is positive for oil and gas 2018 in T&T http://www.looptt.com/content/finance-ministry-highlights-positives-imf-report �In the Report, the IMF projected that GDP will contract by 3.2 percent in 2017 before turning positive in 2018, settling to around 1.4 percent by 2022. The 2018 recovery is predicated on a strong turnaround in the oil sector, due in part to the expansion of refining capacity and the expectation that several gas projects will come online, combined with a full year of production from gas projects coming on stream in 2017.�

Interesting, looks like the IMF assisted the Russians also. This is from 2010 but the IMF concluded a visit this month. https://www.imf.org/en/Publications/WP/Issues/2016/12/31/Evaluation-of-the-Oil-Fiscal-Regime-in-Russia-and-Proposals-for-Reform-23612

Good to see the WTI/Brent differential is closing, less than $5 now.

It�s not got this far to turn back now. The question is do we bounce off $60 or break right through.

It would not be the first time that a sale falls through to the benefit of TRIN. I was annoyed and preparing for a world without TRINS cheaper and most profitable onshore assets that Touchstone wanted, I was pleased when the sale fell through. Today could be another similar event that proves beneficial to TRIN on the long run. I think the 1st of December looks as good a day as any to announce.

Thanks GO, great to have the spreadsheet to play around with to look at different scenarios. Quite hard to know where to start, as CRL says it was a strangely worded document, in some parts being professional/factual and other parts emotional (maybe for the purpose of placating the electorate). The whole purpose of the exercise is to increase government revenue, our hope is that some/more of the burden will now be shouldered by the much more significant T&T gas production. I think we would be dreaming to think we will get away free so have to be prepared for a system similar to what you proposed, increasing but steady taxation as we make more money seems fair. As you say many complexities attaching it to profit, so it is going to be interesting to see what they do and hopefully not too much longer until we find out.

It certainly reads, and understandably so, that they are looking to achieve more revenue. I think this will be achieved by including gas and the new 12.5% tax. So hopefully spreading the burden and increasing the over all take. This is being implimented very soon and I suspect is part of there staggered changes. Will be interesting to see what they announce next, December 1st may be a date to watch. However if they are not taking any taxes why the heck did we end up owing so much tax of which we are still pay 1.35m/qrt.... �Accordingly, to ensure that taxpayers get some bene t from the extraction of our country�s hydrocarbon resources, I propose to rationalize the royalty regime applicable to the extraction of oil and gas. Accordingly, a 12.5 percent royalty rate would now be applicable across the board on the extraction of all gas, condensate and oil. Further, to avoid revenue leakage and to avoid cheating, the fair market values for our oil and gas for the computation of royalty will be xed by the Petroleum Pricing Committee a feature of statute that has not been used for many years. This measure will take e ect from December 1st 2017.�