The enlarged group will be named as Trinity Exploration & Production and would be led by Trinity’s Executive Chairman Bruce Dingwall and Chief Executive Joel Pemberton, the company said.
Under the terms of the merger, Trinity will own 55% of the enlarged company and Bayfield will hold the rest.
It expects the merger will create the largest Trinidad-focused independent company with 11 operated fields and net production of about 3,800 (bbl/d) barrels per day.
Trinity executive chairman Bruce Dingwall CBE said the new Trinity will offer its investors an attractive balance of existing production, near-term production growth from low risk development opportunities and exciting exploration prospects.
Bayfield chairman Finian O’Sullivan said, "The proposed merger offers shareholders the benefits of diversification and scale from an enlarged producing asset base while retaining significant exposure to material near-term potential."
