Sonangol, the Angolan national oil company and concessionaire, and Elf Exploration Angola, a subsidiary of Elf Aquitaine (NYSE:ELF) the operator, announce the seventh new oil discovery in the deep offshore Block 17, approximately 200 kilometers northwest of Luanda.

The new well, Cravo* 1, was drilled in a water depth of 1,357 meters and is located between the Lirio and Rosa fields. It is the eighth exploration well drilled by Elf in Block 17.

Cravo 1 showed a daily flow rate of 12,800 barrels of good quality oil (API 34°) during production tests.

This new discovery follows those of Girassol, Dalia, Rosa, Lirio, Tulipa, and Orquidea.

Further geological and engineering studies will be necessary to appraise this discovery in its entirety.

This successful discovery confirms Elf Aquitaine’s position as one of industry’s leaders in deep and very deep offshore exploration.

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

Elf Exploration Angola (operator) 35.00%
Esso Exploration Angola (Block 17) Ltd 20.00%
BP Exploration Angola Ltd 16.67%
Den Norske Stats Oljeseskap a.s 13.33%
Norsk Hydro ASA 10.00%
Total Fina, Fina Exploration MB, B.V. 5.00 %

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*Cravo is Portuguese for the flower "carnation" in English.