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

Elf Aquitaine ("Elf") announces that:

• its offer ("Offer") to acquire all of the issued and outstanding shares of Saga Petroleum ASA ("Saga") will remain open for acceptance until 5.00 pm (Norwegian Time) on Friday 25 June 1999 ("Acceptance Date"),
  
• the Minimum Acceptance Condition has been reduced from more than 66 2/3% to more than 50% of the issued and outstanding Saga shares, and
  
• interest will be paid on the value of Saga shares for which valid acceptances have been received by the Acceptance Date (or such later date as Elf may announce for acceptance of the Offer) at an annual rate of 6% from the Acceptance Date (or such later date as Elf may announce for acceptance of the Offer) up to but not including the date on which the cash consideration due under the Offer is paid to the VPS accounts of accepting shareholders.

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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.