In the operated Mandji activity: offshore drilling of seven new wells on the Anguille field as part of Phase 1 field redevelopment, redevelopment activities on Lopez Nord and Port Gentil Océan with the drilling of two new wells, and ongoing redevelopment studies on the Baudroie, Hylia and Torpille fields.
In the operated Rabi activity: on Atora, the continuation of the additional development project and ongoing work to increase waterflood capacity on Coucal.
In the non-operated activity: continuation of the Rabi Kounga Phase III field work program, featuring a new drilling program comprising five new wells and workovers on two existing wells, and definition of a strategy for further field development.
Taking into account Total Gabon's funds generated from operations, major additional capital expenditure, with notably the redevelopment of Anguille(1) launched in 2007, and which will be sustained in subsequent years, and the need to borrow up to $600 million to finance the company's multi-year investment program, the Board has decided to recommend the distribution of a net dividend of $31 per share, or a total amount of $139.5 million to all shareholders, at the Annual Shareholders' Meeting, scheduled on May 23, 2008.
The dividend is payable in euros (or the equivalent in CFA francs), based on the exchange rate for the U.S. dollar on the date of the Annual Shareholders' Meeting, and will qualify in France for a tax credit of $0.27 pershare, corresponding to the Gabonese withholding tax.