ELF DISCOVERY

Elf Exploration has announced a deepwater discovery offshore Angola, the Jasmin 1 on Block 17. R&B Falcon's semisubmersible, Jim Cunningham, drilled the well in 4,239 feet of water. The well flowed at a test rate of approximately 11,000 barrels per day. The well is located approximately 125 miles northwest of Luanda. Elf is operator with a 35 percent interest, Esso Exploration Angola has a 20 percent interest, BP Angola Limited with a 16.67 percent interest, Den Norske State Oljeselskap A.S. has a 13.33 percent interest, Norsk Hydro ASA with a 10 percent interest and Fina Exploration MB with at 5 percent interest.
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