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.
[mappress] Offshore Energy Today Staff, October 15, 2012