Trinity’s Q4 update highlights the progress made since the July fundraising, with a Q4 production rate of 3.2kbopd, up 17% qoq, with production up 14% yoy, beating its 10% pa growth target. Net cash (including receivables) was better than we had forecast. As per the rest of the sector, Trinity has been affected by the weak oil price. However, its valuation discount looks excessive and we reiterate our BUY.