TotalFinaElf announces a new oil discovery on the Mer Très Profonde Sud (MTPS) permit, located approximately 200 kilometers southwest of Pointe Noire. The permit was awarded in May 1997 and covers an area of more than 5,000 square kilometers with water depths ranging from 1,500 to 3,000 meters. TotalFinaElf is the operator (40%) along with partners Agip (30%) and ExxonMobil (30%).

The new discovery well, Andromède Marine-1 was the first well drilled on the MTPS permit and set a record for the Republic of Congo by reaching a water depth of 1,893 meters. It encountered several oil-bearing levels, representing a total of nearly 250 meters.

Tests carried out on the well showed a total daily flow rate of 7,000 barrels of high-grade oil. Additional work will be necessary in order to fully appraise the discovery and its commercial potential.

TotalFinaElf has strong positions in the Congo and ranks as the leading oil and gas producer with a 1999 production output of 160,000 barrels of oil equivalent coming mainly from the Nkossa and Tchibouela deposits.

This new exploration success in the Congo follows the Akpo-1 discovery on Block OPL 246 in Nigeria. It is a highly positive indication for the Group, whose upstream strategy in West Africa is focused on the exploration and exploitation of first-rate assets, notably in deep offshore in the Gulf of Guinea.