Touchstone Exploration Inc acquires Trinity Exploration in T&T deal

Touchstone Exploration Inc has reached an agreement to acquire Trinity Exploration and Production Plc, which, if approved, would bring together two small independent energy companies operating in T&T.

In a news release, Touchstone said it reached an agreement with Trinity Exploration on the terms of an all-share acquisition of the crude oil exploration, development and production company with onshore and offshore assets in Trinidad and Tobago.

Touchstone said, ” Under the terms of the acquisition, Trinity shareholders will receive 1.5 common shares of Touchstone for each Trinity common share held. Based upon the closing Touchstone share price of 41.25 pence on AIM on April 30, 2024, the acquisition represents an implied value of Trinity of approximately US$30.1 million. This represents a 71.9 per cent premium to the April 30, 2024 closing price of Trinity shares,” of 36 pence. Trinity is listed on the London Stock Exchange’s Alternative Investment Market.

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.

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