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LASMO plc is a substantial international independent exploration and production company. Formed in 1971, the LASMO Group now has a turnover of over $1billion and a market capitalisation of $1.5-2.0 billion. The Company?s shares are listed on the London & New York Stock Exchanges. From its corporate headquarters in the City of London, LASMO employs some 650 people around the globe. The Company has a proven and probable reserve base of some 1.24 billion barrels of oil equivalent and in 1999 production levels have averaged approximately 180,000 barrels of oil equivalent per day.
LASMO maintains a strong international focus, with 75 per cent of the Group?s reserve base is located outside of the UK. The Group?s key producing assets are currently concentrated in the UK and Indonesia, which jointly accounted for 83 per cent of 1999 production with production from Venezuela and North Africa expected to grow substantially over the coming years. Levels of production will also be materially increased in Pakistan with the start-up of major gas developments, starting in 2001. In the Middle East LASMO is involved in study and exploration projects which have the capacity to provide significant longer term production capacity.
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