Oil Production Stock Payment


 

TIDMLSMO 
 
RNS Number : 4739P 
ENI Lasmo PLC 
26 March 2009 
 

 
 
 
 
 
 
ENI LASMO PLC - OIL PRODUCTION STOCK ("OPS") PAYMENT 
 
 
The payment on the OPS for the six months ended 31 December 2008 will be made on 
30 April 2009 at the rate of 7.4401 pence per unit to holders on the register on 
3 April 2009. Payment for the six months ended 30 June 2008 was made at the rate 
of 13.6136 pence per unit. 
 
 
Notes to editors 
 
 
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 over 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. 
 
 
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. 
 
 
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, being 5,562,990 (the original number of units issued was 
7,500,000). 
 
 
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. 
 
At 31 December 2008 cumulative production from the Ninian field attributable to 
the OPS interest amounted to 103.9 million barrels (30 June 2008: 103.6 million 
barrels). Production attributable to the OPS interest for 
the six months ended 31 December 2008 was 295,971 barrels (six months ended 30 
June 2008: 341,769 barrels). 
 
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:                Dario Rona 
    Corporate Accountant 
    Eni UK Limited 
 
 
    Tel no. 020 7344 6295 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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