Oil Production Stock Payment
October 02 2003 - 3:00AM
UK Regulatory
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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