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LASMO hopeful for role in Iran projects

LONDON, July 29 (Reuters) - British oil and gas exploration and production company LASMO Plc said on Thursday it hoped to win a role in at least one of the two projects it was chasing in Iran .

LASMO and its recent acquisition Monument Oil & Gas Plc are involved in a number of Iranian project bids, with LASMO having submitted redevelopment plans for both the onshore Darquain and Ab-Teymur fields.

"Darquain is ahead of Ab-Teymur in the queue and we have been invited into detailed negotiations.... Ab-Teymur will follow," LASMO chief executive Joe Darby said in a telephone conference call.

"We're very hopeful that we shall be awarded some position in one of those projects," Darby added.

Oil in place has been evaluated at between 4.9 billion and 7.1 billion barrels at Darquain, while the Ahwaz Bangestan reservoirs - of which Ab-Teymur is one of three fields - has combined recoverable reserves of around 5.9 billion barrels.

Darby said the projects were attractive not only for their size and low risks, but also for their low costs.

Development and operating costs would amount to less than $1 per barrel.

"The projects are so economically viable that if LASMO is only able to secure a small proportion of the economic value, it's still worth a lot to the company," he said.

Finance Director Paul Murray added: "From a portfolio divestment point of view, we're quite attracted to this sort of investment - good stable returns in a contract structure".


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