Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) has confirmed that its previously agreed acquisition of Trinidad oil and gas peer Trinity Exploration & Production PLC (AIM:TRIN) will now lapse on 25 September.
Having agreed the acquisition and received support of Trinity shareholders, a subsequent alternative proposal to buy Trinity is expected to proceed.
In a statement today, Touchstone emphasised its commitment to maintaining a disciplined approach to its corporate activities.
"We are disappointed with the outcome of this process, and the fact that UK takeover rules make it possible for our offer not to complete at such a late stage in the process despite having obtained both shareholder and regulatory approvals,” chief executive Paul Baay said in a statement.
“We believe our offer represented compelling value for all stakeholders.
“However, Touchstone remains committed to maintaining strict discipline in all corporate activities. We will only pursue investments that align with our strategic and financial goals, ensuring they deliver value to our shareholders.”
Baay, meanwhile, looked to the continuing value creation at the company’s Cascadura project.
“As we continue to advance our operations to tie in the Cascadura-2ST1 and Cascadura-3ST1 wells towards their first production, along with our upcoming fourth-quarter drilling program, we look forward to updating our shareholders on our strategic and operational progress in the coming months.
“We will soon provide an updated presentation and host an investor forum to share our developments."