Trinity Exploration and Production (LON:TRIN) presentation at ShareSoc November 2017
CEO Bruce Dingwall
c. 40 minutes
http://www.piworld.co.uk/2017/11/15/trinity-exploration-production-trin-at-sharesoc-growth-seminar-november-2017/
Introduction to Bruce Dingwall – 00:38
Trinidad and oil production – 02:22
Trinity’s oil fields – 03:30
Trinity’s law and national landscape – 04:13
Corporate snapshot – 05:47
Who are we? What do we do? - 06:54
Trinity’s reserves – 09:18
Oil production in 2017 - 09:40
Trinity’s key metrics – 13:45
EBITDA margin: 27% – 14:42
Cost base down 57% since 2014 – 15:48
Peer group comparison - 16:44
H2 2017: increased work programme - 17:46
Momentum - 18:33
2018-19 outlook - 23:20
Margin comparison - 23:55
Summary – 24:19
Q&A
Why is the share price so undervalued? - 25:05
What’s the likely CAPEX over the coming years? – 27:54
Could you explain how the tax and royalties work? - 29:50
Why has it taken so long to get to cash flow positive? - 32:06
What is your dividend policy? – 33:55
What are institutions asking for Trinity to achieve before they take a stake? - 24:25
Why is the share price so low, what do you need to do? - 36:05
Why is the performance not consistent? - 37:25
With the history of Venture Productions, who has stayed with you? What are your plans? – 38:09
Considering that it has more than a thousand onshore wells spread across nine licenses, Bruce Dingwall makes a valuable point when he says that the wells it rehabilitates have a payback period of just 8 months. There appears to be lots of low hanging fruit to exploit, which probably explains its strong cash position – US$12.5 million and cash accretive on a monthly basis.
Incidentally, I am an investor in the company.
