Touchstone provides acquisition update
Touchstone Exploration announced an update regarding the previously announced transaction to acquire the entire share capital of Shell Trinidad Central Block Limited (STCBL).
The company’s wholly owned Trinidadian subsidiary signed a Share Purchase Agreement to acquire 100% of STCBL from a third party. STCBL holds a 65% operating working interest in the onshore Central block exploration and production license, as well as four producing gas wells and a gas processing plant in Trinidad, with state-owned Heritage Petroleum holding the remaining 35% working interest.
Under the terms of the agreement, Touchstone will pay $23 million in cash plus closing cash and abandonment fund balances, and the acquisition will be deemed effective as of 1 January 2025.
Completion will occur in Q2 2025.
