Oil Production Stock Payment
March 25 2010 - 3:01AM
UK Regulatory
TIDMLSMO
RNS Number : 1329J
ENI Lasmo PLC
25 March 2010
EMBARGOED FOR RELEASE: 25 MARCH 2010, 7.00AM
ENI LASMO PLC - OIL PRODUCTION STOCK ("OPS") PAYMENT
The payment on the OPS for the six months ended 31 December 2009 will be made on
30 April 2010 at the rate of 6.0371 pence per unit to holders on the register on
6 April 2010. Payment for the six months ended 30 June 2009 was made at the rate
of 4.2701 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 30 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 31 December 2009 cumulative production from the Ninian field attributable to
the OPS interest amounted to 104.4 million barrels (30 June 2009: 104.2 million
barrels). Production attributable to the OPS interest for the six months ended
31 December 2009 was 243,375 barrels (six months ended 30 June 2009: 257,899
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, Head of Treasury, Eni UK Limited
Tel no. 020 7344 6295
This information is provided by RNS
The company news service from the London Stock Exchange
END
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