October 15, 2012 / 10:45 AM / 5 years ago

UPDATE 1-Trinidad's Trinity Exploration to take over Bayfield Energy

* New company to remain listed

* Trinity shareholders to hold 55 pct of new company

By Monika Shinghal

Oct 15 (Reuters) - Oil and gas producer Trinity Exploration & Production Ltd will take over London-listed Bayfield Energy Holdings Plc, adding to its assets in Trinidad and Tobago and accelerating plans for a public listing.

Trinity's plans for an IPO had already been well advanced, a spokesman said. "As such, a reverse takeover of Bayfield is an elegant and frankly economical way of taking two steps forward at once," he said.

Bayfield, which has interests in South Africa as well as the Caribbean country, said it would swap 7,478 new ordinary shares for each Trinity share.

Trinity shareholders will get a 55 percent stake in the enlarged group, to be known as Trinity Exploration & Production Plc, with the issuance of about 256 million Bayfield shares.

Bayfield shareholders will own the rest, Trinity said on its website.

Bayfield has about 216 million shares outstanding, according to Thomson Reuters data.

Seymour Pierce analyst Sam Wahab said the deal was positive for Bayfield. "As a Bayfield shareholder, would you rather have 100 percent of something trading at 20 pence a share and had a pretty bad year in terms of an operational performance, or 45 percent of something that's actually much larger?"

Bayfield, which listed on London's junior market AIM in July 2011, has a market value of 44.9 million pounds ($72.23 million). Its shares, which were suspended from trading on Monday, last traded at 20.75 pence.

The combined group will have 11 operated fields with net production of about 3,800 barrels of oil per day (bpd). Trinidad-based Trinity has 10 licenses in Trinidad, producing about 2,370 bpd.

The enlarged group, to be led by Trinity Executive Chairman Bruce Dingwall and Chief Executive Joel Pemberton, intends to raise capital through debt or equity, Bayfield said.

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