(Reuters) - Oil and gas company Bayfield Energy Holdings Plc BEH.L 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.
Reporting by Monika Shinghal in Bangalore; Editing by Don Sebastian