The change of name of the company was approved at the General Meeting held today in Libreville. As of this date the company becomes Total Gabon.
The second resolution voted at the General Meeting allows for the implementation of the vote casting through mail for the shareholders who are not in a position to travel to the Republic of Gabon for the General Meeting.
The Board of Directors of Total Gabon met following the General Meeting of September 18, 2003:
Monsieur Jean Privey was appointed as new Chairman of the Board of Total Gabon, in replacement of Monsieur Michel Bénézit.
The Board has particularly thanked Monsieur Michel Bénézit for his sustained action during his three years of chairmanship of Elf Gabon.
The Board also discussed the financial results for the first half of 2003.
The net income was $ 106.2 million compared to $ 66.3 million for the first half of 2002. This was achieved thanks to a strong rise in the average selling price of the crude oil commercialised by Total Gabon (+ 24 %) as well as higher volumes sold (+ 6 %).

Sales
The selling price of the crude oil commercialised by Total Gabon averaged $ 27.22 per barrel in the first half of 2003, comparing to $ 22.02 per barrel in the first half of 2002.

Production
For the first half of 2003, the production of the oil fields operated by Total Gabon increased by 1%, in relation to the first half of 2002. On the other hand, the decline of the production of the Rabi field operated by Shell Gabon has notably slowed down thanks to the first results of the re-development programme called phase III (for the first half, the decrease has been reduced to 7% from last year first half, compared to a decrease of 31% the year before).
The estimated Total Gabon share of the oil produced amounted to 13.5 million of barrels, compared to 14.3 million of barrels for the first half of 2002 (- 5.6 %).
The extension of the license of the Rabi field as of January 1rst, 2003 under the new conditions of a profit sharing agreement, although reducing the equity share of Total Gabon, has no adverse effect on the net income.

Capital Expenditure
The capital expenditure related to the oil operations for the first half of 2003 was in progression at $ 79 million as compared to $ 21.4 million for the first half of 2002. It originated mainly from :
¤ Operated activity: several drilling operations on the oil fields of Anguille, Gonelle and Atora, various work-over (Anguille), development studies, capital expenditure addressing environmental protection aspects and interest acquisition on the Mboumba license.
¤ Non-operated activity: on the Rabi field operated by Shell Gabon, the first drilled wells of Phase III and the signature bonus for the extension of the license.

Main Financial Data for First Half 2003