Trinity Exploration & Production (GB:TRIN) has released an update.
Touchstone Exploration Inc. has reached an agreement to acquire Trinity Exploration & Production Plc through an all-share offer, with Trinity shareholders set to receive 1.5 new Touchstone shares for each Trinity share. This strategic move will combine two major Trinidadian oil and natural gas producers, aiming to create a larger, more efficient entity with improved growth potential in reserves, production, and cash flow. The acquisition, valued at approximately £24.1 million, represents a 71.9% premium over Trinity’s closing share price as of April 30, 2024.
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