Lasmo bullish about Algerian finds

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Lasmo, the oil production and exploration company, revealed ambitious predictions for its recently discovered Algerian oil fields yesterday. Announcing a 24 per cent increase in half-yearly operating profits to pounds 103m, Lasmo said its share of the Algerian fields should reach 30,000 barrels of oil per day by the year 2000, equivalent to 15 per cent of its current output.

The company secured its first licence from the Algerian government last month and will have 12.5 per cent of the six fields when production comes on stream from 1998.