The 1998 results for Elf Gabon, which reported net income of $49.2 million, were approved by the General Shareholders' Meeting held today in Libreville.

The dividend for the year after taxes was set at $10 per share.

The Board of Directors of Elf Gabon met following the shareholders' meeting and established the dividend payment terms:

• The $10 per share will be paid as of June 29, 1999, in euros or in French francs (oR the equivalent in CFA francs) based on the Banque de France US dollar rate on June 11, 1999 (0.9547 euro or FF6.2627 = $1) or a payment of 9.55 euros or FF62.63 per share.

• Payment will be made at the following banks:

in Gabon - Union Gabonaise des Banques

in France - Crédit Lyonnais, Banque Nationale de Paris, Banque Paribas, Crédit Commericial de France, Crédit Industriel et Commercial, Crédit du Nord, Société Générale.