BQ51 Rep. Cote 37 S

RNS Number:9470A
Elf Aquitaine
9 September 2002



            Elf Gabon: financial results for the first half of 2002

Port-Gentil, September 9, 2002 - 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

         (in $ million)           1rst half    1rst half      Year

                                     2002         2001        2001

Sales                               329.1        374.6       731.8
Funds generated from operations     107.2        102.1       203.7
Capital expenditure                  21.4         18.1        43.7
Net Income                           66.3         58.1       124.5

N.B.: in accordance with the OHADA 
accounting standards in effect since 
fiscal year 2001.               
                                       ___________
                              
                                    www.elf-gabon.com
 
                                       ____________
                                        
Press Contacts : Christine Melville:  00 331 47 44 45 91
                 Patricia Marie    :  00 331 47 44 45 90 


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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