LSMO Eni Lasmo Opsus

RNS Number:7046K
LASMO PLC
26 September 2001


                 LASMO OIL PRODUCTION STOCK ("OPS") PAYMENT

The payment on the OPS for the six months ended 30 June 2001 will be made on 31 
October 2001 at the rate of 4.0653 pence per unit to holders on the register on 
12 October 2001. Payment for the six months ended 31 December 2000 was made at 
the rate of 5.6342 pence per unit (equivalent to 5.6957 pence before tax).

Notes to editors

1.  OPS units were issued in 1976 to help fund the LASMO share of the Ninian    
    field development costs. The Ninian field commenced production on 23        
    December 1978 and the OPS holders have been receiving half yearly payments  
    for some 20 years. The OPS is governed by the requirements of the Trust     
    Deed, which was issued in August 1976 and payments are subject to audit by  
    independent accountants.

2.  The OPS payment is calculated on 8.75 percent of the sales value of         
    production from 8.62608 percent of the Ninian field after deducting         
    Government royalties, field operating costs (as adjusted for incremental    
    costs associated with tariffing assets) and insurance costs, incurred in    
    connection with the production, conveying and treatment of petroleum won    
    from the field.

3.  The net value is adjusted for OPS units repurchased and cancelled by LASMO  
    and the payment per share is calculated on the number of units currently    
    outstanding (as at 17 September 2001 the number of units outstanding was    
    5,562,990, the original number of units issued being 7,500,000).

4.  The OPS is repayable at par (10 pence per unit) at the earliest of:

     -   the termination of production from the field,

     -   the date when the quantity of petroleum won and saved for the field    
         attributable to the OPS interest reaches 120 million barrels, or

     -  31 December 2010.

5.  At 30 June 2001 cumulative production from the Ninian field attributable to 
    the OPS interest amounted to 98.3 million barrels (31 December 2000: 97.3   
    million barrels). Production attributable to the OPS interest for the 6     
    months ended 30 June 2001 was 522,537 barrels (6 months ended 31 December   
    2000: 486,271 barrels).

6.  The licence interest in Licence P.199 Block 3/8a in the North Sea (which    
    includes the Ninian field), was sold to Agip Oil Britain Limited (formerly  
    known as Sun Oil Britain Limited, since liquidated and whose assets are held
    by Agip (U.K.) Limited) and Ranger Oil (U.K.) Limited in 1994.  However, as 
    far as holders of the OPS are concerned, the terms and conditions governing 
    the OPS remain unchanged.

Enquiries:        Malcolm Dulwich 
                  Chief Accountant
                  Agip (U.K.) Limited

                  Tel no. 01224 402 199 

Eni Lasmo (LSE:LSMO)
Historical Stock Chart
From May 2024 to Jun 2024

Eni Lasmo (LSE:LSMO)
Historical Stock Chart
From Jun 2023 to Jun 2024