Aleem Khan

Re­pub­lic Bank Ltd chair­man Ronald Har­ford will be one of the lo­cal busi­ness­men on the new board of the still merg­ing Bay­field En­er­gy Hold­ings plc and Trin­i­ty Ex­plo­ration and Pro­duc­tion plc, ac­cord­ing to list­ing doc­u­ments at the Lon­don Stock Ex­change.

Trin­i­ty is merg­ing with Bay­field through a re­verse takeover on Lon­don's ju­nior stock ex­change, the Al­ter­na­tive In­vest­ment Mar­ket (AIM). Bay­field is ex­pect­ed to be re-ad­mit­ted to Lon­don's AIM as Trin­i­ty plc in mid-Feb­ru­ary 2013. It will be­come the first T&T-head­quar­tered com­pa­ny to list on the Lon­don stock ex­change. The com­pa­ny is al­so open for in­vest­ment as it is now at­tempt­ing to raise US$90 in more eq­ui­ty by is­su­ing new or­di­nary shares.

Har­ford will be a non-ex­ec­u­tive di­rec­tor. Oth­er di­rec­tors up­on re-ad­mis­sion will be:

�2 Bruce Alan Ian Ding­wall (ex­ec­u­tive chair­man)

�2 Joel Mont­gomery ("Mon­ty") Pem­ber­ton (chief ex­ec­u­tive of­fi­cer)

�2 Jonathan David Mur­phy (non-ex­ec­u­tive di­rec­tor)

�2 Charles An­tho­ny Brash Ju­nior (non-ex­ec­u­tive di­rec­tor)

�2 Fin­ian Ro­ry O'Sul­li­van, (non-ex­ec­u­tive di­rec­tor)

�2 David Archibald Mac­Far­lane, (non-ex­ec­u­tive di­rec­tor)

The out­go­ing Bay­field board is com­prised by:

�2 Fin­ian Ro­ry O'Sul­li­van (ex­ec­u­tive chair­man)

�2 Hy­wel Rhys Richard John (chief ex­ec­u­tive of­fi­cer)

�2 An­drey Pan­nikov (non-ex­ec­u­tive di­rec­tor)

�2 Jonathan Ger­vaise Fitz­patrick Cooke, (non-ex­ec­u­tive di­rec­tor)

�2 David Archibald Mac­Far­lane, (non-ex­ec­u­tive di­rec­tor)

Ac­cord­ing to the AIM doc­u­ment pub­lished in ac­cor­dance with Rule 2 of the AIM Rules for Com­pa­nies, the "sig­nif­i­cant share­hold­ers" af­ter the com­pa­ny is ad­mit­ted will be Bruce Ding­wall, Charles An­tho­ny Brash Ju­nior, An­drey Pan­nikov, Fi­nan O'Sul­li­van, Jonathan Mur­phy, Den­ham Cap­i­tal Man­age­ment held through Low­er Guardian In­vest­ment (BVI) Hold­ings, Bri­an Thur­ley, Black­rock Inv Man­age­ment, and David Segel.

Bay­field En­er­gy Hold­ings plc is the par­ent com­pa­ny of an in­de­pen­dent oil and gas ex­plo­ration and pro­duc­tion group, which was es­tab­lished in or­der to de­vel­op a port­fo­lio of in­ter­ests pro­vid­ing cur­rent pro­duc­tion, near-term de­vel­op­ment, ap­praisal and ex­plo­ration op­por­tu­ni­ties.

The group was es­tab­lished in 2008 by for­mer ex­ec­u­tives of Bur­ren En­er­gy who left that com­pa­ny fol­low­ing its ac­qui­si­tion by Eni of Italy. Bay­field's or­di­nary share cap­i­tal was first ad­mit­ted to trad­ing on AIM in Ju­ly 2011.

On Oc­to­ber 15, 2012, the com­pa­ny an­nounced it had reached agree­ment on the terms of a con­di­tion­al merg­er of Bay­field and Trin­i­ty Ex­plo­ration and Pro­duc­tion Ltd. Bay­field has con­di­tion­al­ly agreed to ac­quire 100 per cent of Trin­i­ty's is­sued and to be is­sued share cap­i­tal.

The en­larged group will be named Trin­i­ty Ex­plo­ration and Pro­duc­tion plc and will be the largest Trinidad fo­cused in­de­pen­dent ex­plo­ration and pro­duc­tion com­pa­ny. The en­larged group will have a di­ver­si­fied port­fo­lio with 11 op­er­at­ed fields in­clud­ing as­sets on­shore and off­shore both the east and west coasts of Trinidad.

The en­larged group is cur­rent­ly pro­duc­ing ap­prox­i­mate­ly 3,965 bar­rels of oil per day, and as at June 30, 2012, had proved and prob­a­ble re­serves of 31 mil­lion bar­rels of oil (net) and con­tin­gent re­sources of 38 mil­lion bar­rels of oil equiv­a­lent (net) based on the di­rec­tors' cal­cu­la­tion of gas in terms of bar­rels of oil equiv­a­lent.

In ad­di­tion, the en­larged group will hold an ex­plo­ration li­cence over the Plet­mos in­shore block in South Africa.

The com­pa­ny said it in­tends to raise gross pro­ceeds of US$50 mil­lion to ac­cel­er­ate its de­vel­op­ment pro­gramme and for "gen­er­al cor­po­rate pur­pos­es" and up to a fur­ther US$40 mil­lion to fund a ma­te­r­i­al and high val­ue in­fra­struc­ture-led ex­plo­ration pro­gramme by way of a plac­ing of new con­sol­i­dat­ed or­di­nary shares.

The pro­ceeds of the plac­ing are pro­posed to be used to ac­cel­er­ate de­liv­ery of what the di­rec­tors and pro­posed di­rec­tors be­lieve to be sig­nif­i­cant up­side that ex­ists in the com­bined port­fo­lio.

The merg­er con­sti­tutes a re­verse takeover un­der the AIM Rules and is there­fore con­di­tion­al, in­ter alia, on the ap­proval of Bay­field share­hold­ers at a gen­er­al meet­ing to be held in Feb­ru­ary.