Half Year Financial Report

    RNS Number : 2880C
  Anzon Energy Limited
  29 August 2008
   

    29 August 2008

    ANZON ENERGY LIMITED (CODE: AEL)

    Half Year Financial Report for the six months ended 30 June 2008


    The Board of Anzon Energy Limited ("the Company") is pleased to release the Half Year Financial Report of the Company for the six months
ended 30 June 2008.

    A full copy of the Company's Half Year Financial Report is available at the Company's website at:  www.anzonenergy.com




    FOR FURTHER INFORMATION PLEASE CONTACT:

    Anzon Energy Limited: Mr Tony Strasser [phone]

    Grant Thornton UK LLP: Fiona Owen [phone]




 Condensed Balance Sheet
 As at 30 June 2008                      Note     Consolidated
                                               Jun 2008  Dec 2007
                                                $'000     $'000
 ASSETS
 Current Assets
 Cash and cash equivalents                      113,173   130,872
 Trade and other receivables                      6,944    18,414
 Inventories                                      9,574     8,322
 Total Current Assets                           129,691   157,608

 Non-current Assets
 Plant and equipment                              1,966     1,959
 Intangible assets                               15,590    18,859
 Investments                                    109,721   120,222
 Exploration and evaluation expenditure           1,784     1,218
 Oil and gas assets                             241,551   219,952
 Other non-current assets                           804     1,996
 Deferred tax assets                              3,084    10,139
 Total Non-current Assets                       374,500   374,345
 TOTAL ASSETS                                   504,191   531,953

 LIABILITIES
 Current Liabilities
 Trade and other payables                        29,726    27,880
 Provisions                                      38,481    24,750
 Interest bearing loans and borrowings           27,001    38,838
 Other financial liabilities                          -    12,169
 Total Current Liabilities                       95,208   103,637

 Non-current Liabilities
 Interest bearing loans and borrowings           39,786    51,147
 Provisions                                      24,373    31,083
 Other financial liabilities                     37,974    41,787
 Deferred tax liabilities                        39,940    45,328
 Total Non-current Liabilities                  142,073   169,345
 TOTAL LIABILITIES                              237,281   272,982
 NET ASSETS                                     266,910   258,971
 EQUITY

 Contributed equity                             120,628   109,933
 Retained earnings                        4    (17,990)  (14,077)
 Reserves                                        29,927    31,321
 Parent entity interest                         132,565   127,177
 Minority interest                              134,345   131,794
 TOTAL EQUITY                                   266,910   258,971




 Condensed Income Statement
 For the half-year ended 30 June 2008                 Note     Consolidated
                                                            Jun 2008  Jun 2007
                                                             $'000     $'000
 Continuing operations
 Revenue                                              2(a)    70,066    63,701
 Cost of sales                                        3(b)  (33,309)  (34,555)

 Gross profit                                                 36,757    29,146

 Other income                                         2(b)    10,328     8,008
 Expenses, excluding finance costs                     3    (21,079)  (37,316)
 Finance costs                                        3(a)   (5,865)   (7,861)

 Profit / (loss) from continuing operations before            20,141   (8,023)
 tax 

 Income tax (expense) / benefit                             (18,313)    16,192
 Profit from continuing operations after tax                   1,828     8,169
 Discontinued operations
 Loss from discontinued operations after tax                       -   (1,331)
 Profit for the period                                         1,828     6,838
 (Profit) attributable to minority interest                  (4,096)  (11,610)
 Loss attributable to members of the parent entity           (2,268)   (4,772)
 Loss per share for profit from continuing
 operations attributable to the ordinary equity
 holders of the Company:
                             Basic (cents per share)          (2.28)    (3.59)

                           Diluted (cents per share)          (2.28)    (3.59)

       Loss per share for profit attributable to the
             ordinary equity holders of the Company:
                             Basic (cents per share)          (2.28)    (4.98)

                           Diluted (cents per share)          (2.28)    (4.98)



 Condensed Cash Flow Statement                            
 For the half-year ended 30 June 2008                          Consolidated
                                                            Jun 2008  Jun 2007
                                                             $'000     $'000
 Cash flows from operating activities                     
                                                          
 Receipts from oil and gas production                         68,504    64,333
 Insurance claim receipts                                     20,543         -
 Payments to suppliers and employees                        (46,267)  (36,591)
 Borrowing costs                                             (1,371)   (3,896)
 Interest received                                             2,345       514
 Net cash flows provided by operating activities              43,754    24,360
                                                          
 Cash flows from investing activities                     
                                                          
 Purchase of plant and equipment                               (360)     (389)
 Payments for exploration expenditure                        (1,411)         -
 Payments for available-for-sale financial assets                  -         5
 Payments for development expenditure                       (34,166)  (20,851)
 Net cash flows (used in) investing activities              (35,937)  (21,235)
                                                          
 Cash flows from financing activities                     
                                                          
 Proceeds from exercise of options                               225       574
 Proceeds from borrowings (net of costs)                           -    12,490
 Repayment of borrowings                                    (16,234)         -
 Payment for financial instruments                                 -   (9,345)
 Net cash flows (used in) / provided by financing           (16,009)     3,719
 activities                                               
                                                          
                                                          
 Cash and cash equivalents at beginning of period            130,872   102,790
 Net (decrease) / increase in cash and cash equivalents      (8,192)     6,844
 Effects of exchange rate changes on cash                    (9,507)   (6,303)
 Cash and cash equivalents at end of period                  113,173   103,331


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