Oil Production Stock

RNS Number:1815K
ENI Lasmo PLC
31 March 2005


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


The payment on the OPS for the six months ended 31 December 2004 will be made on
29 April 2005 at the rate of 5.6832 pence per unit to holders on the register on
8 April 2005. Payment for the six months ended 30 June 2004 was made at the rate
of 1.8854 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 me 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 4 March 2005 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 31 December 2004 cumulative production from the Ninian field 
      attributable to the OPS interest amounted to 101.0 million barrels (30 
      June 2004: 100.6 million barrels). Production attributable to the OPS 
      interest for the 6 months ended 31 December 2004 was 347,697 barrels (6 
      months ended 30 June 2004: 414,897 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:      Matilde Giulianelli 
                Finance Manager 
                Eni UK Limited


                Tel no. 01224 402 181





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

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