Sonangol, the Angolan national oil company and concessionaire and Elf Exploration Angola, a subsidiary of Elf Aquitaine (NYSE:ELF) and the operator, announce the sixth positive exploration well on Block 17 approximately 200 kilometers northwest of Luanda.

The new discovery well, called Orquidea-1, in a water depth of 1,197 meters, follows the discoveries of Girassol, Dalia, Rosa, Lirio and Tulipa on the same block. Orquidea will be the subject of supplementary geological and engineering work in order to evaluate the size of the field and studies for its development possibilities.

This new successful discovery confirms the Elf Aquitaine Group's exploration strategy in deep and very deep offshore, with Block 17 representing a resounding success.

With discovery costs of less than 20 cents a barrel, Block 17 is contributing toward Elf's reduction of exploration costs, which are presently among the lowest in the industry.

While the basic engineering for Dalia, necessary for all decisions concerning the field's development should be finished in early 2000, the development of the Girassol field is on schedule and within the budget with first oil planned for the end of the first half of 2001.

Partners with Elf Exploration Angola, the operator, on Block 17 are:

Elf Exploration Angola, the operator 35.00%
Esso Exploration Angola (Block 17) Ltd 20.00%
BP Exploration Angola Ltd 16.67%
Den Norske Stats Olijeselskap a.s. 13.33%
Norsk Hydro ASA 10.00%
TotalFina, Fina Exploration MB.BV. 5.00%

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This document may contain forward-looking statements with respect to the financial condition, results of operations, business, strategy and plans of the Elf Group. In particular, statements using the words "expects", "anticipates", and similar expressions, and statements with regards to management goals and objectives, expected or targeted production data, trends in results of operations, margins, or the expected benefits of the tender offer referred to herein are forward-looking in nature. Such statements are based on a number of assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. The Group does not assume any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the company's financial results is provided in documents filed with the Commission des Opérations de Bourse and the US Securities and Exchange Commission.