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Mining
Touchstone Exploration Inc. (TSX: TXP) Provides Update on Acquisition of Shell Trinidad Central Block
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Highlights
Touchstone Exploration Inc. (TSX: TXP) (LSE: TXP) has provided an update on its previously announced transaction to acquire Shell Trinidad Central Block Limited (STCBL). The company signed a Share Purchase Agreement (SPA) on December 12, 2024, to acquire 100% of STCBL from a third-party seller. STCBL holds a 65% operating working interest in the onshore Central Block exploration and production license in Trinidad, along with four producing gas wells and a gas processing plant. The remaining 35% interest in the project is held by the state-owned Heritage Petroleum Company Limited.
Under the terms of the agreement, Touchstone will pay $23 million in cash, along with closing cash and abandonment fund balances. The transaction is expected to be effective as of January 1, 2025. However, the parties involved have amended the agreement to extend the long-stop date to May 12, 2025. This extension allows both parties additional time to meet the necessary conditions precedent for the deal.
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