Oil Production Stock

RNS Number:8725R
ENI Lasmo PLC
29 September 2005


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

The payment on the OPS for the six months ended 30 June 2005 will be made on 31
October 2005 at the rate of 7.1461 pence per unit to holders on the register on
7 October 2005. Payment for the six months ended 31 December 2004 was made at
the rate of 5.6832 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 27 September 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 30 June 2005 cumulative production from the Ninian field attributable 
     to the OPS interest amounted to 101.3 million barrels (31 December 2004: 
     101.0 million barrels). Production attributable to the OPS interest for the 
     6 months ended 30 June 2005 was 336,506 barrels (6 months ended 31 December 
     2004: 347,697 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 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:     Nadia McAtackney
               Corporate Accountant 
               Eni UK Limited

               Tel no. 020 7344 6299


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