Touchstone Exploration has announced that it has reached an agreement with Trinity Exploration and Production on the terms of an all-share acquisition by which Touchstone will acquire all of the issued and to be issued ordinary share capital of Trinity.
The Board of Directors of Trinity intends to recommend unanimously that Trinity shareholders vote in favour of the acquisition and Touchstone has received irrevocable undertakings from certain of Trinity’s shareholders (including directors) to vote their Trinity shares in favour of the Acquisition representing, in aggregate, approximately 38.9 percent of Trinity’s issued ordinary share capital as of April 30, 2024 (excluding Trinity shares held in treasury). Completion of the Acquisition is subject to customary regulatory, stock exchange and Trinity shareholder approvals and is expected to close by the end of the third quarter of 2024.
The acquisition creates a Trinidadian operator of scale with a significant inventory of onshore and offshore exploration and development assets.
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.
