Elf Exploration Inc., the US oil and gas subsidiary of Elf Aquitaine, announces the start-up of production of the Virgo field in the Gulf of Mexico in 345 meters of water. This has been accomplished in two and a half years after the field’s discovery and only three months following the installation of the jacket.

The Virgo field covers four blocks located in the Viosca Knoll region off the coast of Louisiana.

Elf Exploration Inc. is the operator with a 64% interest in association with Coastal Oil & Gas Corporation (16.2%), Pogo Producing Company (10.8%) and Nippon Oil & Gas Exploration USA (9%).

The field began production from the exploration well drilled in early 1997 and recently connected to the platform.

Production will gradually increase as the appreciation well (already drilled in 1997) and the development wells (drilling began in October) are connected.

Daily production should reach 23,000 barrels of oil equivalent at the beginning of 2001.

The gas is being transported to the coast via the DIGP (Dauphin Island Gathering Partnership) network and the oil through the MPOG network (Amoco is the operator).

The Virgo platform is fixed and has a jacket weighing approximately 25,000 tons. It is the third structure of this size to be installed in the Gulf of Mexico and the fourth in the world. Work and installation were carried out in a record time of 16 months.

The Virgo platform will constitute a hub on the edge of the continental shelf, allowing Elf to accommodate future production from the Mississippi Canyon Corridor, thanks to the use of the installed treatment capacities and the possibility of increasing them.

Elf is expected to retain this option for the Aconcagua discovery, southeast of Virgo on the Mississippi Canyon Block 305 in a water depth of 2,100 meters, made at the beginning of 1999. Appraisal of this discovery will begin this month.

The production start-up of the Virgo field constitutes a decisive stage in the realization of the Group’s deep offshore strategy in the Gulf of Mexico.

Today, Elf Exploration Inc. holds approximately 140 blocks with 85 of them located in deep offshore areas.

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Since October 28, 1999, Totalfina (NYSE : TOT) holds approximately 95% of the share capital of Elf Aquitaine. The combination of the two companies is conditional upon the approval of the European Commission, which is expected mid-February 2000.