Sonangol, the Angolan national oil company and concessionaire and Elf Exploration Angola, the operator, announce the ninth oil discovery in deep offshore Block 17, approximately 200 kilometers northwest of Luanda.

The new well, Jasmim 1, was drilled at a water depth of 1,292 meters. It is located approximately 6.2 kilometers from Girassol 1. This is the tenth exploration well drilled on the Block and the ninth consecutive discovery.

Production tests carried out on Jasmim 1 showed a daily flow rate of 10,800 barrels of oil (API 29°). Further geological and engineering studies will be necessary in order to appraise this discovery.

TotalFinaElf holds a 40% interest on Block 17 through its subsidiaries Elf Exploration Angola and Fina Exploration MB. BV.

Elf Exploration Angola is the operator on Block 17 for the following group:

TotalFinaElf, Elf Exploration Angola, opérateur      35.00%

TotalFinaElf, Fina Exploration MB. BV.            5.00%   

Esso Exploration Angola (Block 17) Ltd         20.00%

BP Exploration Angola Ltd                                 16.67%

Den Norske Stats Oljeselskap a.s.                 13.33%

Norsk Hydro ASA                                         10.00%