Touchstone expands presence in Trinidad and Tobago with Trinity acquisition

Canada-based Touchstone Exploration has set the wheels in motion to acquire all of the issued and to be issued ordinary share capital of the Aberdeen-headquartered Trinity Exploration and Production, which has a portfolio of onshore and offshore oil assets located solely in Trinidad and Tobago. The Canadian player claims this will position it as a key player in the country’s oil and gas sector.

This acquisition is estimated to represent an implied value of around $30.1 million, based upon the closing Touchstone share price of 41.25 pence on AIM on April 30, 2024, and approximately 24.91% of the Canadian firm’s currently outstanding shares will be issued. Trinity’s board of directors has confirmed its intention to recommend unanimously to shareholders to vote in favor of the acquisition.

Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago. Primera Oil and Gas is the Trinidadian subsidiary of Touchstone.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
X
LinkedIn
Touchstone Exploration

More articles like this

Touchstone Exploration

Touchstone Exploration expands in Trinidad and Tobago

Touchstone Exploration Inc., a company based in Calgary, has expanded its operations in Trinidad and Tobago through its subsidiary Primera Oil and Gas Ltd. (POGL). The company has secured exploration and production licences for the Cipero

Touchstone Exploration

Natural gas prices surge amid European negotiations

Natural gas prices (XNG/USD) surged higher on Tuesday, approaching a new yearly high. This uptick comes as Europe deliberates on maintaining gas flows via Ukraine for the next year and amidst an increase in supply from

Touchstone Exploration

Natural Gas for a Sustainable Future

Natural gas has become an integral part of the global energy landscape, offering a multitude of benefits that extend beyond just being a source of fuel. As the world grapples with the need for sustainable and

Touchstone Exploration

Touchstone acquires Trinity Exploration in $30.1m all-stock deal

Touchstone Exploration has agreed to acquire Trinity Exploration and Production, a crude oil exploration, development and production company operating in Trinidad and Tobago, in an all-stock deal worth around $30.1m. Trinity Exploration and Production holds producing

Touchstone Exploration

Touchstone Exploration increases funding facility

Touchstone Exploration Inc (LON:TXP) has announced that, further to the announcement on March 4, 2024, Touchstone Exploration (Trinidad) Ltd., our wholly owned Trinidadian subsidiary, has entered into the third amended and restated loan agreement with our Trinidad