RNS Number:9409P
Elf Aquitaine
18 September 2003


                               PRESS RELEASE

                      Elf Gabon becomes Total Gabon 
                 First half 2003 net income: $ 106.2 million

Port-Gentil, September 18, 2003 - 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 Benezit.

The Board has particularly thanked Monsieur Michel Benezit 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

                                1rst half      1rst half          Year 
(in $ million)                       2003           2002          2002
Sales                               411.9          329.1         673.4
Funds generated from operations     167.9          107.2         214.4
Capital Expenditure                  79.0           21.4          84.4
Net Income                          106.2           66.3         141.1

                              www.total-gabon.com
     
Press Contact:
Patricia Marie: 33 (0) 1 47 44 45 90


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

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