Final Dividend and Redemption (5201D)

TIDMLSMO

RNS Number : 5201D

ENI Lasmo PLC

24 March 2011

ENI LASMO PLC - OIL PRODUCTION STOCK ("OPS") REDEMPTION AND FINAL HALF-YEARLY PAYMENT

The OPS will be redeemed at par value of 10 pence per unit on 28 April 2011, being the next payment date following 31 December 2010 (the final chargeable period), in accordance with the terms of the Trust Deed dated 17 August 1976, to holders on the register on 1 April 2011.

The final half-yearly payment of the OPS for the six months ended 31 December 2010 will be made on 28 April 2011 at the rate of 6.3874 pence per unit to holders on the register on 1 April 2011. Payment for the six months ended 30 June 2010 was made at the rate of 9.8783 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 30 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.

In accordance with the terms of the Trust Deed, the OPS are repayable at par value of 10 pence per unit at the earliest of:

-- the termination of production from the field

-- the date when the quantity of petroleum own and saved for the field attributable to the OPS interest reaches 120 million barrels, or

-- chargeable period to 31 December 2010.

The OPS final half-yearly 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 being 7,500,000).

At 31 December 2010 cumulative production from the Ninian field attributable to the OPS interest amounted to 104.9 million barrels (30 June 2010: 104.7 million barrels). Production attributable to the OPS interest for the six months ended 31 December 2010 was 198,081 barrels (six months ended 30 June 2010: 258,586 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, Head of Treasury, Eni UK Limited, Tel no. 020 7344 6295

This information is provided by RNS

The company news service from the London Stock Exchange

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