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.
