Shareholders approve Trinity takeover of Bayfield

By ERIKKA ASKELAND
Published on 14/02/2013 00:00

OIL explorer Bayfield Energy confirmed production from its main offshore field in Trinidad and Tobago has been hit by a power outage on the day investors voted through its merger with Trinity.

Yesterday shareholders approved the reverse takeover of Bayfield by Trinity Exploration & Production and its $90 million (£58m) fundraising.

The deal leaves Bayfield shareholders with 45 per cent of the enlarged venture, while Trinity shareholders have 55 per cent.

In a trading update ahead of its general meeting, Bayfield admitted that production from its Trintes field had been affected “by a number of factors”, including the failure of the main generator on its Alpha platform.

The company said production was increasing but remained at levels below those achieved prior to the incident, adding that 12 wells from a total of 36 were “awaiting remediation”.

Trinity, which has its UK offices in Edinburgh, said it was ahead of its plan to drill a total of 12 onshore wells in 2013.

Chief executive Monty Pemberton said the completion of the merger would “provide the financial resources needed to rectify Bayfield’s current production issues”.

He added that he remained confident the merged group would hit production targets this year. The company, now one of the largest Trinidad-focused oil and gas explorers, confirmed that it produced 3,800 barrels of oil per day last month.

Trinity is chaired by Bruce Dingwall, a founder of North Sea-focused Venture Production, acquired by Centrica for £1.3 billion in 2009.