Oil Production Stock Payment
March 26 2002 - 2:00AM
UK Regulatory
RNS Number:5405T
LASMO PLC
26 March 2002
LASMO OIL PRODUCTION STOCK ("OPS") PAYMENT
The payment on the OPS for the six months ended 31 December 2001 will be made on
30 April 2002 at the rate of 6.4494 pence per unit to holders on the register on
5 April 2002. Payment for the six months ended 30 June 2001 was made at the rate
of 4.0653 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 31 December 2001 cumulative production from the Ninian field
attributable to the OPS interest amounted to 98.3 million barrels (30 June
2001: 97.8 million barrels). Production attributable to the OPS interest
for the 6 months ended 31 December 2001 was 579,760 barrels (6 months ended
30 June 2001: 522,537 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
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