Touchstone Exploration Finalizes Offer for Trinity Exploration & Production

Touchstone Exploration Inc. has announced the finalization of its offer to acquire Trinity Exploration & Production Plc. The board of directors of Touchstone waived Condition 2.3 (ii) of their offer, initially announced on May 1, 2024.

Approximately 38.9% of Trinity’s shareholders have provided binding Irrevocable Undertakings in favor of the offer, increasing to 41.29% when including a letter of intent. This majority makes it unlikely that the competing offer by Lease Operators Limited will reach the necessary approval thresholds.

Paul Baay, President and CEO of Touchstone, stated that the offer remains strategically advantageous for both sets of shareholders and reaffirmed that the offer will not be increased despite the rival bid by Lease Operators Limited.

Touchstone advised Trinity shareholders to refrain from taking any action regarding the Lease Operators offer. Further updates will be provided as necessary.