News

Change In Composition Of Nominating And Remuneration Committee

The Board of Directors of Chemoil Energy Limited (the "Company") is pleased to announce that Mr Michael Lim Choo San has been appointed a member of the Nominating and Remuneration Committee with effect from 1 February 2008.

Mr Lim is currently the Lead Independent Director and a Chairman of the Audit Committee.

Following the above changes, the new composition of the Nominating and Remuneration Committee is as follows:

Nominating and Remuneration Committee

Philip Calvin Anderson (Chairman)
Koji Takayanagi
Michael Lim Choo San

The Company's Nominating and Remuneration Committee continues to comprise a majority of Independent Directors, in compliance with the recommendation of the Code of Corporate Governance for a majority of committee members to be independent.

By Order of the Board


Clyde Michael Bandy
Executive Chairman and Chief Executive Officer
1 February 2008

Note:

The initial public offering of the shares in Chemoil Energy Limited was sponsored by J.P. Morgan (S.E.A.) Limited and UBS AG, acting through its business group, UBS Investment Bank.