LSMO Eni Lasmo Opsus

RNS Number:3674D
ENI Lasmo PLC
30 September 2004

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

The payment on the OPS for the six months ended 30 June 2004 will be made on 
29 October 2004 at the rate of 1.8854 pence per unit to holders on the register 
on 8 October 2004. Payment for the six months ended 31 December 2003 was made at
the rate of 5.4407 pence per unit.

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 13 March 2003 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 2004 cumulative production from the Ninian field attributable to
the OPS interest amounted to 100.6 million barrels (31 December 2003: 100.2
million barrels). Production attributable to the OPS interest for the 6 months
ended 30 June 2004 was 414,987 barrels (6 months ended 31 December 2003: 437,090
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:     Joyce Gowans
               Chief Accountant 
               Eni UK Limited

               Tel no. 01224 402 189




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            The company news service from the London Stock Exchange
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