RNS Number:1938J
LASMO PLC
27 March 2003

                     LASMO OIL PRODUCTION STOCK ("OPS") PAYMENT


The payment on the OPS for the six months ended 31 December 2002 will be made on
30 April 2003 at the rate of 3.6949 pence per unit to holders on the register on
4 April 2003. Payment for the six months ended 30 June 2002 was made at the rate
of 3.0902 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 2003 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 2002 cumulative production from the Ninian field attributable
   to the OPS interest amounted to 99.3 million barrels (30 June 2002: 98.9 
   million barrels). Production attributable to the OPS interest for the 6 
   months ended 31 December 2002 was 449,415 barrels (6 months ended 30 June 
   2002: 529,412 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




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