LSMO Eni Lasmo Opsus

    RNS Number : 7441E
  ENI Lasmo PLC
  02 October 2008
   


    
 

    

ENI LASMO PLC - OIL PRODUCTION STOCK ("OPS") PAYMENT

    The payment on the OPS for the six months ended 30 June 2008 will be made on 31 October 2008 at the rate of 13.6136 pence per unit to
holders on the register on 10 October 2008. Payment for the six months ended 31 December 2007 was made at the rate of 12.5507 pence per
unit.

    Notes to editors

    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 over 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.

    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.

    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, being 5,562,990 (the original number of units issued was 7,500,000).

    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.

    At 30 June 2008 cumulative production from the Ninian field attributable to the OPS interest amounted to 103.6 million barrels (31
December 2007: 103.3 million barrels). Production attributable to the OPS interest for the six months ended 30 June 2008 was 341,769 barrels
(six months ended 31 December 2008: 333,361 barrels).

    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 Eni UK Limited, formerly 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:    Dario Rona
                      Corporate Accountant
                      Eni UK Limited
                      Tel no. 020 7344 6295


This information is provided by RNS
The company news service from the London Stock Exchange
 
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