NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN

Elf Aquitaine (Elf) announces an improved cash offer for all of the issued and outstanding shares of Saga Petroleum ASA (Saga) valuing each Saga share at NOK125 and the whole of Saga’s issued share capital at approximately NOK18.7 billion.

Elf is today posting its offer document to Saga shareholders. The offer will be open for acceptances from today, Monday 7 June 1999 to 5:00 p.m., Friday 18 June 1999.

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Warburg Dillon Read, a division of UBS AG, regulated in the UK by The Securities and Futures Authority Limited, is acting for Elf and no one else and will not be responsible to anyone other than Elf for providing the protections afforded to customers of Warburg Dillon Read nor for giving advice in relation to the Offer.
This release is not an extension of an Offer, whether in the United States or in any other jurisdiction, whether for the purchase of securities or otherwise.