Increased Investment for T&T

• Energy Minister, Stuart Young, is hopeful that the acquisition of Trinity Exploration and Production Plc by Canadian oil and gas company Touchstone Exploration Inc. will increase exploration and hydrocarbon production in Trinidad and Tobago.
• Young expressed his anticipation for the successful completion of the acquisition, emphasising that Trinidad and Tobago remains welcoming to international investment in the industry.
• On May 1, Touchstone announced that it had reached an agreement with Trinity on the terms of an all-share acquisition.
• Last Thursday, May 9, Young and permanent secretary Penelope Bradshaw-Niles met with executives of Trinity Exploration and Production at the energy ministry's headquarters located at the International Waterfront in Port of Spain.
• 'At the meeting, the Trinity Exploration and Production Plc executives provided an update to the energy minister on the finalisation of the company's agreement to its 'all-share acquisition' by Touchstone.
• The acquisition will allow for increased investments in Trinidad and Tobago from the combined company's cash flow into its increased production base. Additionally, post-acquisition, the existing Trinity Exploration shareholders, will own approximately 20% of the Canadian firm's shares, as each 'Trinity' share will be converted to 1.5. Touchstone shares, it stated.

 (Source: Trinidad Express Newspaper)