Touchstone to acquire Trinity Exploration

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Touchstone Exploration announced its acquisition of Trinity Exploration and Production, a May 1 release from the Trinidad and Tobago Energy Chamber outlined. The agreement entails Touchstone acquiring all issued and to-be-issued ordinary share capital of Trinity in an all-share deal.

According to the release, Trinity’s Board of Directors is set to recommend unanimously that its shareholders vote in favor of the acquisition. Touchstone has secured “irrevocable undertakings” from certain Trinity shareholders, including directors, representing approximately 38.9% of Trinity’s issued ordinary share capital as of April 30, 2024, the Energy Chamber said. 

Touchstone reports avg. net sales volumes of 7,015 boe/d in Q1 2024 | OilNOW 

The completion of the acquisition is contingent upon customary regulatory, stock exchange, and Trinity shareholder approvals, with the expected closure slated for the end of the third quarter of 2024.

The acquisition consolidates two major players, forming a Trinidadian operator of considerable scale with a substantial inventory of onshore and offshore assets for exploration and development, the Energy Chamber outlined. 

Touchstone anticipates combined funds flow from operations from an expanded production base, enabling simultaneous investment in multiple development programs. It said the strategy aims to accelerate the asset base’s potential and offer greater flexibility in capital allocation decisions. Moreover, the combined entity stands to benefit from economies of scale and recurring annual cost synergies, with a notable reduction in fixed overhead and corporate costs forecasted.

Paul Baay, President and Chief Executive Officer of Touchstone said “The combined group will be able to invest in multiple development programs and accelerate the growth potential of the enlarged asset base, thereby giving us the potential to materially enhance long-term value.”

Trinity Exploration reports Q4 2023 sales of 2,736 bopd, optimistic despite slight dip in full-year volumes | OilNOW 

The release said on a pro-forma basis, the acquisition is projected to create a robust producing portfolio, estimated between approximately 11,700 and 12,400 barrels of oil equivalent per day (based on 2024 average daily production guidance from both companies). Additionally, combined estimated proved plus probable reserves are anticipated to reach approximately 80.3 million barrels of oil equivalent as of December 31, 2023.


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