Touchstone Exploration to Acquire UK-Headquartered Oil and Gas Firm

SEATTLE (Oil Monster): Canada-based Touchstone Exploration announced its decision to acquire all of the issued and to be issued ordinary share capital of the Aberdeen, UK-headquartered Trinity Exploration and Production. The completion of the transaction is subject to necessary regulatory approvals and is expected to close by end of third quarter this year.

The transaction will add a huge portfolio of onshore and offshore oil assets in Trinidad and Tobago to Touchstone’s portfolio, which in turn will help to position itself as a leading player in the Canadian oil and gas sector. The acquisition represents an implied value of approximately $30.1 million. It will add prospects across Trinity’s onshore Hummingbird area and Buenos Ayres block as well as its TGAL discovery at the offshore Galeota block.

The combined cash flow from operations from the combined production base will be invested in multiple development programs.

Paul Baay, President and CEO, Touchstone noted that the acquisition represents a compelling strategic opportunity that delivers enhanced balance sheet strength and significant growth opportunities.

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