INDUSTRIAL EQUITY HAS 5.4 PCT OF TRITON <OIL>
A group of firms led by Hong
Kong-based Industrial Equity (Pacific) Ltd, said it acquired
969,515 shares of Triton Oil Corp common stock, or 5.4 pct of
the company's common stock outstanding.
    Industrial Equity (Pacific), which is controlled by
Brierley Investments Ltd <BRYW.WE> and which has applied with
U.S. antitrust regulators to buy up to 50 pct of Triton's
common stock, said the current 5.4 pct stake was acquired for
investment purposes.
    The company said it informed Triton of its present "good
faith intention" to buy more than 15 mln dlrs worth of Triton
stock.
    It said it also told Triton it "may depending on market
conditions acquire 50 pct or more and possibly 100 pct of the
voting securities of (Triton)."
    It said it received clearance to buy up to 50 pct of the
stock on September 11.
    Industrial Equity (Pacific) reported it bought 250,000
shares of Triton common stock on October 8 at 22.50 dlrs a
share.
 Reuter
