Energem announces interim results - quarter and half year ended June 30, 2007



    TSX: ENM

    VANCOUVER, Aug. 14 /CNW/ - Energem Resources Inc ("Energem" or "the
Company") announced its financial results for its second quarter and half year
ended June 30, 2007. The abridged consolidated results are set out below.
    During the half year to June and into the third quarter, the Company
continued advancing its revised strategy of focussing its activities on its
mid-stream oil and bio-fuel projects and the following was achieved:

    
    -   Resumption of operations at Apapa Terminal in Nigeria and good
        progress in the ramp up to full utilization.
    -   Improvement of operating margin at Kisumu Ethanol Plant in Kenya and
        enhanced performance of trading and logistics operations in Zambia
        and the DRC.
    -   Disposal of non-core investment assets for a total gross cash
        realisation of $34 million, $18.25 million received in the second
        quarter and the balance in the third. These funds have been used to
        settle short term debt of $9.5 million and to advance new projects.
    -   Acquisition of a jatropha based bio-diesel venture in Moçambique.


                                       --------------------------------------
    OPERATING RESULTS                     3 months ended      6 months ended
    -----------------                  --------------------------------------
    (In thousands of U.S. Dollars -    June 30    May 31   June 30    May 31
    except share and per share            2007      2006      2007      2006
    information)                         $'000     $'000     $'000     $'000
                                         -----     -----     -----     -----
    SALES                               11 951   226 141    26 599   345 207
    -------------------------------------------------------------------------
    NET (LOSS) FOR THE PERIOD           (2 234)   (3 928)  (12 754)   (8 325)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    NUMBER OF COMMON SHARES IN
     ISSUE ('000)                                          174 883   155 413
    (LOSS) PER SHARE
     (BASIC AND DILUTED)(*)                                 $(0.07)   $(0.05)
    (*)based on weighted average
     number of shares in issue.
    -------------------------------------------------------------------------

    CASH FLOW AND BALANCE SHEET
    ---------------------------
    -------------------------------------------------------------------------
    NET CASH INFLOW(OUTFLOW)            12 127   (16 668)    2 924    (5 251)
    CASH AND CASH EQUIVALENTS,
     END OF PERIOD                                          19 022     5 964
    -------------------------------------------------------------------------
    NET CURRENT ASSETS                                      26 445    25 854
    TOTAL ASSETS                                           183 160   263 546
    -------------------------------------------------------------------------
    


    The results for the period to June 30, 2007 take account of the Company's
disposals of its 60% interest in Republic House AG ("RH"), its 40% interest in
Koidu Holdings Limited and its investment interest in AIM listed company
Bowleven plc. The disposal of the interest in RH, which remains subject to the
approval of the Toronto Stock Exchange, has been treated as effective
January 1, 2007 and the significant fall in sales and cost of sales compared
to 2006 is attributable to this disposal.
    In arriving at certain values contained in its consolidated financial
statements the Company relies upon use of certain estimates and assumptions.
Actual results upon ultimate realisation of value may differ.
    In 2006 the Company changed its financial year end from November 30 to
December 31 and reported results at December 31, 2006 for a thirteen month
period. Comparative numbers in these interim financial statements reflect
quarterly periods ended as reported for 2006. As the Company's business is not
subject to any significant seasonal or date related fluctuations, quarterly
comparisons on this basis are considered appropriate.

    The Company's interim consolidated financial statements and management
discussion and analysis for the quarter ended June 30, 2007 are available on
SEDAR at www.sedar.com under the Company symbol "ENM".

    Energem Resources Inc. is a natural resources company listed on the
Toronto Stock Exchange with projects in the energy and mining sectors in a
number of African countries. Energem is committed to developing niche high
margin natural resource projects in Africa and is currently active in 11
countries. Ventures encompass diamond mining and mineral exploration, mid- and
up-stream oil and gas projects, energy and mining related manufacturing,
trading and trade finance businesses operating off a common logistics platform
and infrastructure. The company has offices and/or logistics and support
infrastructure in Johannesburg, London, Beijing and a number of African
countries.

    %SEDAR: 00002462E




For further information:

For further information: Rob Rainey in Johannesburg at telephone +27 11
372-3300, Fax +27 11 454-1673, or email: info@energem.com; Refer our website:
www.energem.com

Organization Profile

ENERGEM RESOURCES INC.

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