For the first half of 2002, net income was $ 66.3 million, compared to $ 58.1 million for the first half of 2001. This was achieved in spite of a decrease in the average selling price of the crude oil commercialised by Elf Gabon (-6%) as well as lower volumes sold (-8%). It can be explained by the absence of non-recurring items which adversely affected the results in the first half of 2001.

Sales
The selling price of the crude oil commercialised by Elf Gabon averaged $22.02 per barrel in the first half of 2002, comparing to $ 23.44 per barrel in the first half of 2001.

Production
For the first half of 2002, the estimated Elf Gabon share of the oil produced amounted to 14.3 million of barrels, compared to 14.9 million of barrels for the first half of 2001
(- 4%).
There was an increase in the production operated by Elf Gabon which reached 10%, with particular reference to the growing output of Atora and Mboumba fields. For the first half of 2002 the operated share reached 76% of the total Elf Gabon share, as compared to 66% for the first half of 2001.
In contrast, the decline in the production of the Rabi field which is not operated by Elf Gabon reached 31%.

Capital Expenditure
The capital expenditure related to the oil operations for the first half of 2002 was in progression by 18%, amounting to $ 21.4 million as compared to $ 18.1 million for the first half of 2001. It originated mainly from :

• Operated activity: the acquisition of 3D seismic on the Anguille field, work-over on the Gonelle field, development studies and general production items.
• Non-operated activity: the continued development of the Rabi field under the increment B phase 2 project.

Main Financial Data for First Half 2002