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

Elf Aquitaine ("Elf") announces that it does not intend to increase its offer for Saga Petroleum ASA ("Saga"). The offer of NOK125 per share in cash remains open for acceptance until 5:00 p.m. (Oslo time), Friday June 18, 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.