For the first half of 2006, the net income was $ 187.9 million compared to $ 144.5 million for the first half of 2005. This was achieved thanks to a strong rise in the average selling price of the crude oil commercialised by Total Gabon (+42%) which compensated for the slightly lower volumes sold (-1.3%) compared to the first half of 2005.

Sales

The selling price of the crude oil commercialised by Total Gabon (Mandji and Rabi Light) averaged $ 60.68 per barrel in the first half of 2006, comparing to $ 42.54 per barrel in the first half of 2005.

Production

Total Gabon’s net oil production ⁽¹⁾, operated and non-operated, was 12.3 millions barrels in the first half of 2006 compared with 13.8 for the first half of 2005. First half 2006 production was affected by unscheduled stoppages on several facilities.

Capital Expenditures

The capital expenditures related to the oil operations for the first half of 2006 were at $ 48.2 million as compared to $ 77.6 million for the first half of 2005. For the whole year 2006, they should reach an higher amount than the 2005‘s one.

First half 2006 capital expenditures related primarily to :

• Operated activities: drilling operations on the Baudroie, Gonelle and Port-Gentil Ocean oil fields, various work-overs (Baudroie, Port-Gentil Ocean and Anguille), exploration and development studies, capital expenditures to maintain installations integrity and for environmental protection.
  
  
• Non-operated activities: continuation of the re-development drilling works on the Rabi Kounga field with the drilling of a new series of additional development wells.

Main Financial Data for First Half 2006

	(in US $ million)	1rst half 2006	1rst half 2005	Year 2005
	Chiffres d'affaires	693.0	531.8	1140.9
	Capacité d'autofinancement globale	243.2	199.8	425.8
	Investissements pétroliers	48.2	77.6	139.4
	Résultat net	187.9	144.5	316.8

(1) including the tax oil reverting to the Republic of Gabon as per the production sharing contracts