Libreville, March 15, 2002 - The Board of Directors of Elf Gabon, chaired by Michel BÉNÉZIT, met on March 15, 2002 and approved the final accounts for the year ended December 31, 2001.

Net income in 2001 was $124.5 million, compared to $181.1 million in 2000.

Revenues decreased by 18%, mainly due to the deterioration of the oil price (which averaged $21.46 per barrel in 2001, compared to $26.37 per barrel in 2000 for the crude oil commercialised by Elf Gabon, representing -19%). The volumes sold remain stable, despite the decline in production (-4.6% for Elf Gabon's share of operated production and -23% for non-operated production), due to a reduction of pre-existing stock. Operational costs have decreased slightly (-5% compared to 2000), despite an increase in expenditure on large maintenance projects which was counterbalanced by a reduction in the operational running costs.

Capital expenditure for 2001 was $43.7 million, originating mainly from:

• Operated activity: the continued development of Atora, work-over activities at the Mandji fields, work to increase the processing capacity at Mboumba and the completion of the Avocette 1 well.
• Non-operated activity: the continued development of the Rabi field under the Increment B phase 2 project and work aimed at improving gas management.

Main Financial Indicators

*as per new OHADA accounting standards

The Board has decided to propose the distribution of a net dividend of $27.50 per share, or a total amount of $123.75 million to all shareholders at the Annual Shareholders' Meeting, scheduled for June 11, 2002.

The dividend is payable in euros (or the equivalent in CFA francs), based on the exchange rate for the US dollar on the date of the Annual Shareholders' Meeting, and will qualify in France for a tax credit of $0.21 per share, corresponding to the amount withheld at the source in Gabon.