Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Herb Duncan who wrote (11864)	7/25/1998 3:25:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

PROPERTY DISPOSITION / LASMO Announces Sale of Colombian Business LASMO PLC NYSE SYMBOL: LSO JULY 24, 1998 LASMO Announces Sale of Colombian Business LONDON,ENGLAND--LASMO plc, the international oil and gas exploration and production company, today announced that it has agreed to the sale of its subsidiary, LASMO Oil (Colombia) Limited (LOCL) to Braspetro Oil Services Company for US$151 million. In addition, the transaction also provides LASMO with the option to evaluate and acquire assets offshore Brazil. The sale will have an effective date of January 1, 1998, with closing expected to take place later this year. The book value at mid year was some 46 million pounds and the transaction will generate a profit on disposal for LASMO of approximately 50 million pounds. On a proforma basis, LASMO's balance sheet gearing reduces by some 9 percent at mid 1998. Seventy-five percent of the Colombian sale consideration (US$114 million) will be received in cash on closing and used for ongoing business activities with the remaining 25 percent deferred until April 1999, guaranteed and deductible against the possible acquisition in Brazil. Commenting on the transaction, LASMO's Chief Executive Joe Darby said, "As indicated earlier this year, LASMO's withdrawal from Colombia and the review of our Italian business reflect our strategy of concentrating our resources on material businesses with growth opportunities. We are very pleased with the successful sale of our Colombian business, which attracted a high level of interest from potential purchasers at a time of low oil prices." "This agreement also builds upon LASMO's established relationship with Braspetro in Azerbaijan where we are jointly bidding for a share in the deep water Alov block in the Caspian Sea and positions LASMO to participate in the opportunities that may be available as Brazil opens its upstream sector to foreign investment." In addition to LASMO's listing on the New York Stock Exchange, LASMO shares trade on the London, Toronto and Montreal Stock Exchanges. Shares are quoted on the SEAQ System, and prices may be accessed on the Reuter Equities 2000 Service under the symbol LSMR.L and on Quotron under the symbol LSMRU.EU.