Elf Aquitaine announces the signature of a technical evaluation agreement for the deep offshore Mozambique channel off the Zambeze delta with the Empresa Nacional de Hidrocarbonetos (ENH).

The agreement was concluded on January 27, under the aegis of Mr Langa, the Mozambique Minister of Natural Resources and Energy. It calls for Elf to carry out seismic and geophysics synthesis studies on this large, unexplored area located in water depths ranging from 1,800 to 3,000 meters. Work will begin in the coming months.

This agreement shows the willingness of the Mozambique government to explore its oil and gas resources within the framework of cooperation with companies whose competence in the field of deep offshore is widely recognized.

It also fits in with the growth of the Elf Group’s activities in deep offshore exploration.

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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.