LSMO Eni Lasmo Opsus

RNS Number:9378Q
ENI Lasmo PLC
27 March 2008


               ENI LASMO PLC - OIL PRODUCTION STOCK ("OPS") PAYMENT


The payment on the OPS for the six months ended 31 December 2007 will be made on 
30 April 2008 at the rate of 12.5507 pence per unit to holders on the register 
on 4 April 2008. Payment for the six months ended 30 June 2007 was made at the 
rate of 8.2832 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 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.

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 
(as at 25 March 2008 the number of units outstanding was 5,562,990, the original 
number of units issued being 7,500,000).

The OPS is repayable at par (10 pence per unit) at the earliest of:

     o     the termination of production from the field,
     o     the date when the quantity of petroleum won and saved for the field 
           attributable to the OPS interest reaches 120 million barrels, or
     o     31 December 2010.

At 31 December 2007 cumulative production from the Ninian field attributable to 
the OPS interest amounted to 103.3 million barrels (30 June 2007: 102.9 million 
barrels). Production attributable to the OPS interest for the 6 months ended 31 
December 2007 was 333,361 barrels (6 months ended 30 June 2007:387,785 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

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