The Board of Directors of Total Gabon, chaired by Jean PRIVEY, met on April 5th, 2005 and approved the final accounts for the year ended December 31, 2004.

Net income in 2004 was $241.5 million, compared to $195.7 million in 2003.

The oil production of the fields operated by Total Gabon reached 36.7 millions barrels in 2004, representing a slight decrease versus the previous year. Total Gabon's net oil production¹, operated and non-operated, was 29.5 millions barrels in 2004 compared with 30.8 for fiscal year 2003, representing roughly 30% of the national crude oil production in Gabon.

Revenues amounted to $879.7 million, representing an increase of $111.1 millions as compared to fiscal year 2003 (+14.4 %). These higher sales resulted from lesser volumes sold, more than offset by much higher levels of the oil price (which averaged $34.28 per barrel in 2004 compared to $27.37 per barrel in 2003 for the crude oil commercialised by Total Gabon). Operational costs have increased in 2004 by more than 20% over those of 2003, due to the continuation of a strong activity affecting external services and other supplies, the ongoing program of large maintenance projects and an adverse exchange rate effect due to euro and CFA franc genuine costs as expressed in US dollars.

Capital expenditure related to oil operations for 2004 was $157.8 compared to $146.2 million in 2003. It consisted of:

• In the operated Mandji asset activity: important reservoir and development studies notably on the Anguille, Baudroie, Gonelle and Hylia fields, the drilling of a new well on Baudroie (BDMN11), several work overs on Grondin (MAM13, BAM16, BAM19 et BAM8) and Torpille (TRM3 et TRM7), the re-entry and completion of existing onshore wells (PO4, PO6, TC8 et TC26) and environmental projects (with a view to reducing hydrocarbon effluents and to limiting carbon dioxide gas emission).
  
  
• In the operated Rabi asset activity: on Atora, the beginning of the additional development project with the drilling of ATO7 well, ATO52 water injection well and the continuation of the debottlenecking project; on Coucal, the re-entry of DICO5 and on Mboumba, the drilling of MBB11 well.
  
  

• In the non-operated activity: the continuation of the Rabi Kounga field work-programme (phase III) featuring 11 development wells and the continuation of the works on the gas compression scheme for re-injection.

MAIN FINANCIAL INDICATORS

The Board has decided to propose the distribution of a net dividend of $45.0 per share, or a total amount of $202.5 million to all shareholders at the Annual Shareholders' Meeting, scheduled for June 23, 2005.

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 $0.06 per share, corresponding to the amount withheld at the source in Gabon.

¹ including the tax oil reverting to the Republic of Gabon as per the production sharing contracts