Change in Board and Results of 2008 AGM

RNS Number : 5907V
Anzon Energy Limited
30 May 2008

ANZON ENERGY LIMITED (CODE: AEL)
CHANGE IN BOARD AND RESULTS OF 2008 ANNUAL GENERAL MEETING

30 May 2008

Anzon Energy Limited ("Anzon Energy" or "the Company") announces that Mr Peter Sadler's position as a director of the Company has
terminated with effect from the close of today's Annual General Meeting under Rule 8.2 of the Company's Constitution.

Prior to the Annual General Meeting, Mr Peter Sadler, a Non-Executive Director, advised the Company that he had resigned from his
position with Ras Al Khaimah Petroleum PCL ("RAK Petroleum"). Mr Peter Sadler was RAK Petroleum's nominated representative on the Board of
Anzon Energy.

Mr Peter Sadler requested that he not be considered for re-election at today's Annual General Meeting and therefore, Mr Michael Arnett,
as Chairman of the Meeting, withdrew resolution 2.3 in the Notice of Annual General Meeting.

All remaining resolutions put to the Company's Annual General Meeting today were passed on a show of hands as ordinary resolutions.

The Notice of Annual General Meeting can found on the Company's website: http://www.anzonenergy.com/.

Below is a copy of the Chairman's Address to the Annual General Meeting.

For further information please contact:

Anzon Energy Limited: Mr Tony Strasser +61 2 9024 3555
Grant Thornton Corporate Finance: Fiona Owen +44 20 7383 5100

ANZON ENERGY LIMITED
ANNUAL GENERAL MEETING
FRIDAY, 30 MAY 2008
CHAIRMAN'S ADDRESS

Introduction
Ladies and gentlemen this AGM is being held at a time when we have just completed another significant year in the development of the
Company.

Australia
From an operational perspective our subsidiary, Anzon Australia, has now completed its first year of production which marks the
continued successful exploitation of the Basker-Manta oil project in the Gippsland Basin in Australia. As with all operations of this level
of complexity, there have been some operational constraints relating to the single point mooring subsea chain failure in July last year that
led to a curtailment of production for 4 months. The BMG development and Anzon Australia holds extensive insurance coverage which covered
your Company in respect of this incident.

Indonesia
The Company disposed of its Indonesian operations in September last year for US$5.3 million (net of liabilities).

Corporate
Our Company reported net profit after tax for the year of A$131,777,848 or approximately �62.7m which is a fantastic result for its
first year of production derived from the activities of our subsidiary, Anzon Australia. With a current market capitalisation of
approximately �101m, this equates to a price earnings ratio of 1.61 which is significantly below that of comparable listed oil and gas
companies.

Since the end of the year, the Company raised US$10 million through the exercise of convertible notes from Polygon, a US based fund.

We welcome Polygon's support.

Conclusion
In conclusion I should thank our diligent and competent staff together with the staff of our subsidiary, Anzon Australia, in advancing
the BMG oil development in such an efficient manner.

Personally I would like to thank my fellow directors who have served throughout the year.

This information is provided by RNS
The company news service from the London Stock Exchange

END

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