MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
Anybody else joining the party at the moment or are we avoiding commodity stocks?
TRIN just needs to go up by a factor of 30 and I'll be in profit!
Some decent price movement the past couple of weeks. I've not followed their activity in ages but they must be doing something right, finally! Fill yer boots.
Could have bought it three weeks ago and made 50% by now!Grrrrrrrrrrrrr.Midas,in the Mail on Sunday recommended it recently.Hope you make up your losses Caspian.What went so badly wrong/how do you see its future?
Trinity Exploration originally floated as Bayfield Energy in 2011 (there has been a complex takeover / merger / share consolidation since).
I went all in on Bayfield to the tune of absolutely everything I had (£90k, now worth less than £3k) because the previous management had just sold a meteorically successful company named Burren Energy, for whom I worked for several years. Burren shares went up by a factor of ten over about six years. It was a super, super investment and a very carefully & competently run company. Absolutely everyone flew economy. Burren produced oil for $2.84 a barrel and sold 25,000bbls of it per day at the spot price. You do the maths, it was something else.
Similar was expected for Bayfield (later Trinity). Chief Exec Finian O'Sullivan told the early friends and family investors that they could expect a tripling of their investment as the project matured. Sadly, he's since given up on the project and continues to act like nothing has happened. He remains in the Sunday Times Rich List so I doubt he gives a shit.
Sadly, Bayfield/Trinity went to the dogs due to a number of reasons - underfunding of the drilling campaign, lack of experience offshore, falling oil prices, already-made-it management complacency, greed & infighting and probably some plain old bad luck. I could greatly expand on this list but I'll spare you the details.
After numerous management changes, Trinity may have finally found their way. But I have lost faith in this style of investment having been thoroughly fleeced. I still lose sleep over this one. If you have an appetite for it then by all means have a punt if you have done your homework. Highly volatile O&G stocks on AIM are about as unfashionable as it can get. If you're very brave then that might be the ultimate buying signal.
Good luck!
Ouch. I've worked in O&G all my life and would never invest in an explo company - too much luck involved and no long term - the management just want to run up the stock price, flip the company and retire. Unless you can follow their timeline you can't do the same.
Disclaimer - I still have to work for a living so what do I know?
Wow,thanks for that Caspian.I hope you make up your losses.It's only a speculative punt for me,I have less than 1k invested.Having heard that story it will remain at 1k.Neil.
DrJ - You're spot on. In retrospect I was very greedy and it was a very irresponsible move what with a mortgage & young kids. My folks also lost £250k on this very same share, which is yet another thing to consider if investing in a single asset, i.e. how exposed are your immediate family already? I failed to take this into account at the time.
Neil - Sounds very wise. Anything greater than that amount would go in a professionally-managed fund for me. Let them have their 1-2%. Currently this is N/A but hopefully that will change over the next 5-10 years.