RNS Number:3519Q
ENI Lasmo PLC
2 October 2003


Embargoed for release: 7:00am, 2 October 2003


               LASMO OIL PRODUCTION STOCK ("OPS") PAYMENT

The payment on the OPS for the six months ended 30 June 2003 will be made on 31 
October 2003 at the rate of 4.822 pence per unit to holders on the register on 
10 October 2003. Payment for the six months ended 31 December 2002 was made at 
the rate of 3.6949 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 2003 cumulative production from the Ninian field attributable 
     to the OPS interest amounted to 99.8 million barrels (31 December 2002: 
     99.3 million barrels). Production attributable to the OPS interest for the 
     6 months ended 30 June 2003 was 468,010 barrels (6 months ended 31 December 
     2002: 449,415 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


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

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MSCURSOROBRKOAR