Memery Crystal guides £26.4m Trinity bid

London, 5 November 2024 – Memery Crystal has successfully advised Lease Operators Ltd, a Trinidad and Tobago-based oil and gas operator, in its £26.4 million acquisition of Trinity Exploration PLC, a UK-listed oil producer also based in Trinidad and Tobago. The acquisition follows a prior competing bid from Touchstone Exploration Inc., but Lease Operators ultimately prevailed with a superior cash offer. This deal, structured under a Court-approved scheme of arrangement and in line with the Takeover Code, reflects Memery Crystal’s expertise in high-profile natural resource transactions and public takeovers.

Nick Heap, Partner at Memery Crystal and lead on the transaction, emphasised the challenges involved, particularly navigating shareholder commitments that initially favored Touchstone’s offer. However, the Takeover Panel and High Court rulings allowed Trinity’s shareholders to freely vote on Lease Operators’ more favorable offer. Heap commented, “This was a great transaction to have been involved with and to have seen Lease Operators' bid for Trinity Exploration finally succeed. It was great to have worked with the respective teams at Lease Operators, Hobsons, and Zeus on this challenging, but very rewarding transaction.”

The acquisition is anticipated to drive production growth through strategic synergies and continuous drilling, leveraging Lease Operators’ rig fleet. Charles Anthony Brash Jnr of Lease Operators commented, “We are pleased to have concluded our offer for Trinity. With Lease Operators and Trinity drilling continually onshore as well as additional offshore drilling, we expect to increase our combined oil production within two years. We especially thank our UK Team of advisers, including Memery Crystal, and Zeus, for their guidance and experience in steering us to a successful bid.”

The Memery Crystal team included takeover expert Edward Baker, associate Ravina Mahajan, Mike Lanning, Jack Rudgeley, and tax partner Leigh Sayliss. Lease Operators was supported by Zeus Capital as financial adviser, with Pinsents advising Trinity and Hobsons providing legal counsel in Trinidad and Tobago.

This acquisition underscores Memery Crystal’s active role in high-stakes transactions within the natural resources sector, as it continues to expand its portfolio in public takeovers and corporate advisory services.