Oct 15 Oil and gas company Bayfield Energy
Holdings Plc said it would merge with privately owned
Trinity Exploration & Production Ltd, in a reverse takeover of
the London-listed company.
Bayfield, which has interests in Trinidad and Tobago and
South Africa, said each Trinity share would receive about 7,478
new ordinary shares of Bayfield.
The enlarged group would be named Trinity Exploration &
Production Plc and would be led by Trinity's Executive Chairman
Bruce Dingwall and Chief Executive Joel Pemberton, Bayfield said
in a statement.
San Fernando, Trinidad-based Trinity, which has onshore and
offshore assets in Trinidad, will own 55 percent of the enlarged
company with Bayfield holding the rest, Bayfield said.
Bayfield said the merger would create the largest
Trinidad-focused oil and gas producer, with 11 operated fields
and net production of about 3,800 barrels per day (bbl/d).
Trinity, which currently operates ten licenses in Trinidad,
produces about 2,370 bbl/d.
Trading in Bayfield's shares has been suspended. The stock
closed at 20.75 pence on the London Stock Exchange on Friday.