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Strategies & Market Trends : Bosco & Crossy's stock picks,talk area -- Ignore unavailable to you. Want to Upgrade?

To: Crossy who wrote (9818)	5/28/2005 5:55:28 PM
From: Crossy	Read Replies (1) \| Respond to of 37387

re: ENM.TO - Energem Resources Inc. biz.yahoo.com Energem announces financial results - First quarter 2005 and year ended November 2004 Friday May 27, 3:51 pm ET TSX: ENM VANCOUVER, May 27 /CNW/ - Energem Resources Inc ("the Company") reports its financial results for first quarter ended February 28, 2005 and year ended November 30, 2004 summarised as follows: (Expressed in thousands of US Dollars except share and per share information) Quarters ended February Years ended November ----------------------- -------------------- (Unaudited) (Audited) ---------- --------- 2005 2004 2004 2003 Revenue $ ('000) 64.5 64.3 249.7 152.9 Net income/(loss) $ ('000) 13.1 1.5 (9.9) 12.1 Total assets per balance sheet $ ('000) 347.2 191.1 315.3 198.5 ------------------------------------------------------------------------- Shares Number outstanding (millions) 126 94 121 72 Earnings/(loss) per share(x) $ 0.10 0.02 (0.10) 0.19 (x) Basic and diluted, based on weighted average shares outstanding In commenting on the financial results, President and CEO of Energem, Tony Teixeira, stated: "We have enhanced shareholder value through focus on development and acquisition of assets. There has been particular focus on acquisition of up stream oil and gas assets in an increasingly competitive environment where we have been successful in securing a number of high interest targets. The window of opportunity for the acquisition of such assets of merit is fast closing and in order to ensure our success, we took a strategic decision in early 2004 to focus a major part of our energy and available resources to this area in the periods covered by the above results. This meant deferring to a later date the development of markets and other assets which might otherwise have brought earlier income generation, but all these income generating opportunities remain with us for the future. The successful listing of our subsidiary FirstAfrica Oil plc on the London market and the positive reaction we have seen to this focussed up stream oil vehicle has been encouraging and strongly supports our decision to take this strategic direction. We are engaged in the finalisation of the acquisition of further up stream assets and in negotiations with a substantial third party for the future of our up stream oil assets. These negotiations are proceeding well and if successfully concluded, we expect will add further substantial value for our shareholders." The Company's financial statements and management's discussion and analysis for the quarter to February 2005 and year ended November 2004 will be available on SEDAR at www.sedar.com. 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 12 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. Rob Rainey in Johannesburg at telephone +27 11-454-3099, Fax +27 11 454 1673 or email: info@energem.com The F.I.R.M. in Toronto at telephone (905) 681-9199, Fax (905) 681-2711, email: jjobin@focusedir.com lchapman@focusedir.com. Refer our website: www.energem.com