22nd Mar 2006 09:42
Total S.A.22 March 2006 TOTAL GABON A limited company with a registered capital of 76,500,000 US dollars Head office: Boulevard Hourcq - Port-Gentil PO Box 525 (the Republic of Gabon) RCCM Port-Gentil 2000 B 00011 Total Gabon: financial results for fiscal year 2005 Libreville, March 21st, 2006 - The Board of Directors of Total Gabon, chaired byJean Privey, met on March 21st, 2006 and approved the final accounts for theyear ended December 31, 2005. Net income in 2005 was $316.8 million, compared to $241.5 million in 2004. The oil production of the fields operated by Total Gabon amounted to 35.7million barrels in 2005, representing a slight decrease versus the previousyear. The Total Gabon share of the oil produced (including the tax oil revertingto the Republic as per the Profit sharing Contracts) amounted to 28.1 millionbarrels in 2005 compared to 29.5 million barrels for fiscal year 2004,representing roughly 29% of the national crude oil production in Gabon. Revenues amounted to $1,140.9 million, representing an increase of $261.2million as compared to fiscal year 2004 (+29.7%). These higher sales resultedfrom the conjunction of lesser volumes sold and higher levels of the oil pricefor the crude oil commercialised by Total Gabon (which averaged $48.04 perbarrel in 2005 compared to $34.28 per barrel in 2004). Operational costs haveincreased in 2005 by 12.6% due to the continuation of strong drilling anddevelopment activities and the ongoing programme of large maintenance projects. The capital expenditure related to oil operations for 2005 was $139.4 millioncompared to $157.8 million in 2004. It originated mainly from: - In the operated Mandji activity: important reservoir and development studiesnotably on the Anguille, Torpille and Gonelle fields, offshore drilling of twonew wells on Gonelle (GNM18) and on Baudroie (BDMN12), work overs on Grondin(GRM26), Anguille (AGM52), Gonelle (GNM4 and GNM5) and Torpille (TRM16), gasliftcompression of Gonelle and environmental projects with a view to reducinghydrocarbon effluents and to limiting carbon dioxide gas emission. - In the operated Rabi activity: on Atora, the continuation of the additionaldevelopment project with the drilling of ATO8 well and the end of thedebottlenecking project; on Coucal, the drilling of DICO6 and DICO7 wells. - In the non-operated activity: the achievement of the Rabi Kounga field work-programme (phase III) featuring 10 new development wells and the achievement ofthe gas compression scheme for re-injection. MAIN FINANCIAL INDICATORS (in $ million) 2005 2004 2003 Sales 1140.9 879.7 768.6 Funds generated from operations 425.8 340.9 294.8 Capital expenditure 139.4 157.8 146.2 Net income 316.8 241.5 195.7 The Board has decided to propose the distribution of a net dividend of $53.0 pershare, or a total amount of $238.5 million to all shareholders at the AnnualShareholders' Meeting, scheduled on June 8, 2006. The dividend is payable in euros (or the equivalent in CFA francs), based on theexchange rate for the US dollar on the date of the Annual Shareholders' Meeting,and will qualify in France for a tax credit of $0.14 per share, corresponding tothe amount withheld at the source in Gabon. www.total-gabon.com Press Contacts: Patricia Marie (+) 33 1 47 44 45 90 Paul Floren (+) 33 1 47 44 45 91 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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