Oil Production Stock Payment

RNS Number:5405T
LASMO PLC
26 March 2002


   
                LASMO OIL PRODUCTION STOCK ("OPS") PAYMENT

The payment on the OPS for the six months ended 31 December 2001 will be made on 
30 April 2002 at the rate of 6.4494 pence per unit to holders on the register on 
5 April 2002. Payment for the six months ended 30 June 2001 was made at the rate 
of 4.0653 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 2002 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 2001 cumulative production from the Ninian field 
     attributable to the OPS interest amounted to 98.3 million barrels (30 June 
     2001: 97.8 million barrels). Production attributable to the OPS interest 
     for the 6 months ended 31 December 2001 was 579,760 barrels (6 months ended 
     30 June 2001: 522,537 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:       Malcolm Dulwich 
                 Chief Accountant 
                 Agip (U.K.) Limited
     
                 Tel no. 01224 402 199


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

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