This should get you started. I'm not familiar with SNMP trap format so there may be edge cases, and it could likely be written better.

use warnings;
use strict;

my $data = '%CATD_I_060, SNMPTRAP: -c public 954 165.148.211.199 wblvh
+001.telkom.co.za 6 10 00:00:00 16 OID: 1.3.6.1.4.1.954.1.1.1.1.1.7557
+342 .iso.org.dod.internet.private.enterprises.954.1.1.1.1.1.7557342 V
+ALUE: I OID: 1.3.6.1.4.1.954.1.1.1.1.2.7557342 .iso.org.dod.internet.
+private.enterprises.954.1.1.1.1.2.7557342 VALUE: 7557342     OID: 1.3
+.6.1.4.1.954.1.1.1.1.3.7557342 .iso.org.dod.internet.private.enterpri
+ses.954.1.1.1.1.3.7557342 VALUE: tcenshpat1           OID: 1.3.6.1.4.
+1.954.1.1.1.1.4.7557342 .iso.org.dod.internet.private.enterprises.954
+.1.1.1.1.4.7557342 VALUE: TEST_FILE_NAME                 OID: 1.3.6.1
+.4.1.954.1.1.1.1.5.7557342 .iso.org.dod.internet.private.enterprises.
+954.1.1.1.1.5.7557342 VALUE: 3030303036 OID: 1.3.6.1.4.1.954.1.1.1.1.
+6.7557342 .iso.org.dod.internet.private.enterprises.954.1.1.1.1.6.755
+7342 VALUE: V OID: 1.3.6.1.4.1.954.1.1.1.1.7.7557342 .iso.org.dod.int
+ernet.private.enterprises.954.1.1.1.1.7.7557342 VALUE: Not_Noticed   
+  OID: 1.3.6.1.4.1.954.1.1.1.1.8.7557342 .iso.org.dod.internet.privat
+e.enterprises.954.1.1.1.1.8.7557342 VALUE: 32303036303931303233353531
+32 OID: 1.3.6.1.4.1.954.1.1.1.1.9.7557342 .iso.org.dod.internet.priva
+te.enterprises.954.1.1.1.1.9.7557342 VALUE:          OID: 1.3.6.1.4.1
+.954.1.1.1.1.10.7557342 .iso.org.dod.internet.private.enterprises.954
+.1.1.1.1.10.7557342 VALUE:                OID: 1.3.6.1.4.1.954.1.1.1.
+1.11.7557342 .iso.org.dod.internet.private.enterprises.954.1.1.1.1.11
+.7557342 VALUE: CTMERRJOBNAMECTMERRTest job for unicenter OID: 1.3.6.
+1.4.1.954.1.1.1.1.12.7557342 .iso.org.dod.internet.private.enterprise
+s.954.1.1.1.1.12.7557342 VALUE:                  OID: 1.3.6.1.4.1.954
+.1.1.1.1.13.7557342 .iso.org.dod.internet.private.enterprises.954.1.1
+.1.1.13.7557342 VALUE: TEST_GROUP           OID: 1.3.6.1.4.1.954.1.1.
+1.1.14.7557342 .iso.org.dod.internet.private.enterprises.954.1.1.1.1.
+14.7557342 VALUE: TEST_APPLICATION     OID: 1.3.6.1.4.1.954.1.1.1.1.1
+5.7557342 .iso.org.dod.internet.private.enterprises.954.1.1.1.1.15.75
+57342 VALUE: TEST_JOB_NAME                                           
+         OID: 1.3.6.1.4.1.954.1.1.1.1.16.7557342 .iso.org.dod.interne
+t.private.enterprises.954.1.1.1.1.16.7557342 VALUE: tcenshpat1';

my @matches = $data =~ m/VALUE: (.+?) OID/g;

print "$_\n" for @matches;
[download]

Output:

I
7557342
tcenshpat1
TEST_FILE_NAME
3030303036
V
Not_Noticed
3230303630393130323335353132


CTMERRJOBNAMECTMERRTest job for unicenter

TEST_GROUP
TEST_APPLICATION
TEST_JOB_NAME
[download]

I used an array to hold the matches (I hope this qualifies as a "separate variable" in your OP). See perlre for information on regular expressions. You can get the command line parameters from @ARGV (see perlvar).

---

---

Posts are HTML formatted. Put <p> </p> tags around your paragraphs. Put <code> </code> tags around your code and data!

Titles consisting of a single word are discouraged, and in most cases are disallowed outright.

Read Where should I post X? if you're not absolutely sure you're posting in the right place.

Please read these before you post! —

• How do I compose an effective node title?
• How do I post a question effectively?
• Markup in the Monastery

Posts may use any of the Perl Monks Approved HTML tags:

a, abbr, b, big, blockquote, br, caption, center, col, colgroup, dd, del, details, div, dl, dt, em, font, h1, h2, h3, h4, h5, h6, hr, i, ins, li, ol, p, pre, readmore, small, span, spoiler, strike, strong, sub, summary, sup, table, tbody, td, tfoot, th, thead, tr, tt, u, ul, wbr

You may need to use entities for some characters, as follows. (Exception: Within code tags, you can put the characters literally.)

	For:		Use:
	&		&
	<		&lt;
	>		&gt;
	[		&#91;
	]		&#93;

Link using PerlMonks shortcuts! What shortcuts can I use for linking?

See Writeup Formatting Tips and other pages linked from there for more info.