UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 28, 1996
TRITON ENERGY LIMITED
(Exact name of registrant as specified in its charter)
Cayman Islands 1-11675 None
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
Caledonian House, Mary Street
P.O.Box 1043
George Town
Grand Cayman, Cayman Islands NA
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (809) 949-0050
N/A
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
Triton Energy Limited (the "Company") issued a Press Release reporting
the acceptance of the all-cash takeover bid made by Clyde Petroleum plc for
the outstanding shares of Crusader Limited, the Company's Australia-based oil
and gas affiliate, a copy of which is filed as an exhibit to this Current
Report on Form 8-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit No. Description
99.1 Press release dated May 16, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TRITON ENERGY LIMITED
Date: July 2, 1996 By: /s/Robert B. Holland, III
Robert B. Holland, III, Senior Vice
President and General Counsel
EXHIBIT 99.1
TRITON ACCEPTS CLYDE'S INCREASED
TAKEOVER BID FOR CRUSADER LIMITED
DALLAS, TEXAS--June 28, 1996 - Triton Energy announces that it has accepted
Clyde Petroleum plc's increased offer for an all-cash takeover bid for all
outstanding shares of Crusader Limited. Net proceeds from the sale of
Triton's 53.2 million Crusader shares would be approximately US$69 million at
the current exchange rate of A$.79 per U.S. dollar. Crusader is Triton's
Australia-based oil and gas affiliate.
Clyde increased its offer to purchase all Crusader shares not owned by Clyde
by A$.05 to A$1.67. The action followed Clyde's exercise of an option
previously granted by Triton to purchase approximately 10% of Crusader's
outstanding shares, or about 20% of Triton's Crusader shareholdings, for
A$1.62 per share. The increase applies to Triton's remaining Crusader
holding, which constitutes 80% of Triton's original position. The A$.05
increase to A$1.67 applies to all outstanding shares of Crusader not already
owned by Clyde, including Triton's remaining holdings.
Triton expects to book a second-quarter after-tax gain of approximately US$1.7
million on the sale of the optioned shares and a third-quarter after-tax gain
of approximately US$8.6 million on the sale of its remaining shares to Clyde.
Clyde's increased offer was conditioned on Clyde being entitled to a minimum
of 50.1% of Crusader shares by 5:00 p.m. Sydney time June 28, 1996. Triton's
acceptance of Clyde's offer satisfied this condition. Other conditions are
expected to be satisfied next week, with the closing of the sale of the
nonoptioned shares expected to follow in mid-July.
Clyde is a leading British independent exploration and production group
operating on an international basis. It has production interests in the
United Kingdom, the Netherlands and Indonesia, with exploration interests in
those countries, as well as in other selected areas, including three
exploration licenses in northwest Australia.
Triton Energy Limited (NYSE: OIL) is a Dallas-based international oil and gas
exploration company primarily focused on high-potential prospects around the
world. The Company has participated in several major discoveries, including
the Cusiana and Cupiagua oil fields in Colombia, considered to be the Western
Hemisphere's largest oil find since Alaska's Prudhoe Bay, and the Cakerawala
gas field in the Malaysia-Thailand Joint Development Area in the Gulf of
Thailand. In addition, Triton has exploration activities under way in
Argentina, China, Colombia, Ecuador, Guatemala and Italy, and is negotiating
oil and gas opportunities in other countries.
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Contact: W. Greg Dunlevy, Crystal C. Bell or Lauren Childress of Triton,
214-691-5200.
