Oil Production Stock Payment

RNS Number:9864B
LASMO PLC
3 October 2002
             

                  LASMO OIL PRODUCTION STOCK ("OPS") PAYMENT


The payment on the OPS for the six months ended 30 June 2002 will be made on 31
October 2002 at the rate of 3.0902 pence per unit to holders on the register on
11 October 2002. Payment for the six months ended 31 December 2001 was made at
the rate of 6.4494 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 30 June 2002 cumulative production from the Ninian field attributable to 
    the OPS interest amounted to 98.9 million barrels (31 December 2001: 98.3
    million barrels). Production attributable to the OPS interest for the 6 
    months ended 30 June 2002 was 529,412 barrels (6 months ended 31 December
    2001: 579,760 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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