Bayfield Energy Holdings plc and Trinity Exploration & Production Limited have announced an agreement on the terms of a conditional merger of the companies.
Under the agreement, Bayfield, operator of Galeota licence offshore Trinidad, will acquire a 100% shares of Trinity, and a company under the name Trinity Exploration & Production plc (New Trinity) will be established.
Commenting on the Merger, Bruce Dingwall CBE, the Executive Chairman of Trinity, said: “New Trinity will be the leading Trinidad-focused independent E&P company offering investors an attractive balance of existing production, near-term production growth from low risk development opportunities and exciting exploration prospects.“
As Dingwall already said, New Trinity will be the largest Trinidad-focused independent E&P company, with 11 operated fields, gross production of roughly 4,650 bbl/d and net production of approximately 3,800 bbl/d based on current production rates.
Finian O’Sullivan, Chairman of Bayfield, said:“The proposed merger offers shareholders the benefits of diversification and scale from an enlarged producing asset base while retaining significant exposure to material near-term potential.”
Following the approvals from relevant authorities, Trinity shareholders will own 55 per cent of New Trinity and Bayfield shareholders will own 45 per cent.
Offshore Energy Today Staff, October 15, 2012