Elf Exploration Angola, a subsidiary of Elf Aquitaine (NYSE:ELF) has obtained interests in three very deep offshore blocks in Angola located to the west of the prime Block 17 (Elf is the operator) from Sonangol, the Angolan national oil company.

Elf was awarded the operatorship of block 32 with a 30% interest. Partners on Block 32 are the following:

Elf, the operator 30%
Sonangol 20%
Prodev 20%
Exxon 15%
Marathon 10%
Petrogal 5%

In addition, Elf obtained a 5% interest in Block 31 (BP Amoco is the operator) and a 15% interest in Block 33 (Exxon is the operator). The production sharing contracts were signed yesterday in Luanda between Sonangol and the different companies.

These new interests strengthen Elf's operations in Angola where the group has been present since 1980 and operates a daily production of about 200,000 barrels of oil a day from Block 3. As operator of Block 17, Elf has had an exceptional rate of success since 1996 with the very important discoveries of Girassol, Dalia, Rosa and Lirio. First production in the block is planned in 2001 with the start-up of Girassol.

The operatorship and interests in these new blocks are in line with Elf's strategy of growth in its exploration-production sector, notably through the acquisition of acreage in areas with strong potential. It strengthens Elf's position among the world leaders in deep offshore exploration and production, especially in the Gulf of Guinea in West Africa and in the Gulf of Mexico.