Meeting Scheduled to Discuss Anzon, ARC Merger

On Oct. 24, 2007 Anzon Australia Limited and ARC Energy Limited proposed a merger between the two companies. The Federal Court of Australia has ordered a meeting of shareholders of Anzon Australia to enable a vote to be taken on the proposed Merger.

The Scheme Meeting will be held at 10:00am on Jan. 29, 2008 at Bradfield Room 2, Harbourview Hotel, 17 Blue Street, North Sydney.

Deloitte Corporate Finance Pty Limited, who were commissioned by Anzon Australia to prepare an independent expert's report on the Merger, have concluded that the Merger is fair and reasonable and therefore in the best interests of Anzon Australia shareholders in the absence of a superior proposal.

The boards of each of ARC and Anzon Australia have unanimously agreed to pursue the Merger. The Anzon Australia Board has unanimously recommended that Anzon Australia shareholders vote in favour of the resolution to approve the Merger at the Scheme Meeting (in the absence of a superior proposal). In addition, the Board of Anzon Australia's parent company, Anzon Energy Limited, has unanimously agreed to vote in favour of the resolution to approve the Merger at the Scheme Meeting in respect of its 53.1% shareholding in Anzon Australia (subject to Anzon Energy shareholder approval and in the absence of a superior proposal).

Full details of the Merger, including how to vote on the resolution and a full copy of the independent expert's report, are included in the Scheme Booklet and Notice of Meeting which will be posted to all Anzon Australia shareholders in the coming week. The Scheme Booklet and Notice of Meeting will be lodged with ASX and will be available on both the ARC and Anzon Australia websites by early next week.

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