ENM Energem

    Energem - return to profitability - first quarter financial results to March
31, 2008

    TSX/AIM: ENM

    VANCOUVER, May 15 /CNW/ - Energem Resources Inc ("Energem" or "the
Company") today released its financial results for its first quarter ended
March 31st, 2008.

   
    Highlights for the quarter:
    ---------------------------
    -   The Company has achieved net earnings and generated cash from
        operating activities;

    -   The Company's Jatropha based bio-diesel project has been progressed
        with the allocation of the first 60,000 hectares of suitable land.
        The Kisumu ethanol plant in Kenya traded profitably despite difficult
        political conditions.
   

    Subsequent event:
    -----------------
    On May 1, 2008 the Company disposed of a 20% interest in its Nigerian
fuel storage and distribution asset to Glencore for $32.3 million, placing an
effective gross value on this asset of $200 million and in which asset Energem
retains a 30% interest.


   
    Results for the quarter are summarised as follows:

                                                         Quarters ended
    (In thousands of U.S. Dollars                   March 31,       March 31,
     - except share and per share                       2008            2007
     information)                                      $'000           $'000
    -------------------------------------------------------------------------
    Revenue - Sales                                   20,786          14,648
    -------------------------------------------------------------------------
    Earnings/(loss) for the period                       983         (10,520)
    -------------------------------------------------------------------------
    Earnings/(loss) per share - (basic and
     diluted - based on weighted average
     number of shares in issue)                       $ 0.01         ($ 0.07)
    -------------------------------------------------------------------------
    Number of Common Shares in Issue ('000)          175,288         174,988
    -------------------------------------------------------------------------
   

    Interim consolidated financial statements and management's discussion and
analysis for the quarter ended March 31st, 2008 are available on SEDAR at
www.sedar.com under the Company symbol "ENM" and on the Company's website,
www.energem.com.

    Energem Resources Inc (TSX/AIM:ENM) is an Africa focussed company listed
on the Toronto Stock Exchange and on the London Stock Exchange's AIM market
and the holding company of a group of companies engaged in, mainly, several
African countries in the bio-fuels, oil and related sectors including
logistics and supply to the mining industry in South and Central Africa and
development of an up-stream oil exploration asset. The Company has offices
and/or logistics and support infrastructure in Johannesburg, London and a
number of African countries.

    This news release contains forward-looking statements which address
future events and conditions which are subject to various risks and
uncertainties. The actual results could differ materially from those
anticipated in such forward-looking statements as a result of numerous
factors, some of which may be beyond the Company's control. These factors
include: the availability of funds; the costs and availability of product;
fluctuations in fuel product sale prices; currency fluctuations; changes in
production costs; fluctuation in shipping costs; availability of shipping;
general market and industry conditions; political and regulatory instability
and risks associated with rights to title and ownership of assets.
    Forward-looking statements are based on the expectations and opinions of
the Company's management on the date the statements are made. The assumptions
used in the preparation of such statements, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such, undue
reliance should not be placed on forward-looking statements.

   
For further information: Rob Rainey in Johannesburg, at telephone +27 11
372-3300, Fax +27 11 454-1673, or email: info(at)energem.com; Refer to our
website: www.energem.com; Canaccord Adams Limited, Robert Finlay, Andrew
Chubb, +44 207 050 6500
(ENM)



 



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