Elf Gabon reported net income of $92.6 million, an increase of 143% compared to $39.6 million for the same period 1999, thanks to a particularly favorable economic environment.

The improvement in the price of Gabon crude oil to an average $25.59 a barrel against $12.59 a barrel (+103%) and the beneficial consequences of the performance plan instituted in 1999 more than compensated for the effect of a decrease in production.

At June 30, 1999, Elf Gabon’s estimated share of crude oil production, net of royalties, averaged 95,000 barrels of oil per day compared to 117,000 barrels a day for the first half of 1999 (-19%). This decrease is a result of the continued, rapid decline of the Rabi field, operated by Shell Gabon and a slighter decrease in produciton from fields operated by Elf Gabon (-13%).

The company’s capital expenditure were on the increase, from $15.6 million for the first half of 1999, to $19.5 million for the first half 2000. They concern mainly:

• Exploration – continuing studies on exploration areas,
• Development – continuing development of the Atora field and work relative to Baudroie Nord Marine (operated by Elf Gabon), the drilling of two wells relative to the Increment B project on the Rabi field (non-operated).