Arawak - Cancellation of listings


    ST. HELIER, Jersey, March 25 /CNW/ - Arawak Energy Limited ("Arawak" or
the "Company") announces that it has made an application to the UK Listing
Authority for the cancellation of listing of the Arawak shares on the Official
List, and to the London Stock Exchange ("LSE") for the cancellation of
admission to trading in Arawak Shares on the LSE market for listed securities.
Additionally, the Company also expects to make an application to the Toronto
Stock Exchange ("TSX") in due course for the cancellation of its listing on
the TSX.
    In accordance with the UK Listing Rules, cancellation will take place no
earlier than 20 business days from today's date and it is currently
anticipated that cancellation will take effect from 7.00 a.m. on 24 April
    Arawak shareholders should note that cancellation is likely to reduce
significantly the liquidity and marketability of Arawak Shares. Once
cancellation has taken effect, Arawak shareholders will no longer be able to
effect transactions in Arawak Shares on market at the market price.
    The application of cancellation of listing follows an announcement on 24
March 2009 by Rosco S.A. ("Rosco") that its recommended cash offer ("Offer")
to acquire the whole of the issued and to be issued share capital of Arawak
had been declared wholly unconditional and that it intended to procure that
Arawak applied for the cancellation of trading of the Company's shares on the
London and Toronto stock exchanges. As at 3.00 p.m. London time (11.00 a.m.
Ontario time) on 24 March 2009, Rosco had received valid acceptances of the
Offer in respect of a total of 99,155,506 Arawak Shares representing
approximately 54.28 per cent. of the issued common share capital of Arawak and
approximately 92.68 per cent. of the Arawak Shares to which the Offer relates.
    Rosco also stated that as it had received acceptances under the Offer in
respect of not less than nine-tenths in number of the Arawak Shares to which
the Offer relates, it is now entitled to exercise its rights pursuant to the
provisions of Articles 117 and 118 of the Companies Law to acquire
compulsorily the remaining Arawak Shares to which the Offer relates (construed
in accordance with Part 18 of the Companies Law). Accordingly, Rosco will
shortly be posting formal notices under Article 117 of the Companies Law to
Arawak shareholders who have not yet accepted the Offer.

    Pursuant to Rule 2.10 of the Code, Arawak confirms that it has
182,644,452 common shares of no par value in issue and admitted to trading on
the Main Market of the LSE and the TSX.
    The International Securities Identification Number for Arawak's common
shares is ISIN: JE00B2QY9G86.

    Dealing Disclosure Requirements

    Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if
any person is, or becomes, "interested" (directly or indirectly) in 1% or more
of any class of "relevant securities" of Arawak, all "dealings" in any
"relevant securities" of that company (including by means of an option in
respect of, or a derivative referenced to, any such "relevant securities")
must be publicly disclosed by no later than 3.30 pm (London time) on the
London business day following the date of the relevant transaction. This
requirement will continue until the date on which the offer becomes, or is
declared, unconditional as to acceptances, lapses or is otherwise withdrawn or
on which the "offer period" otherwise ends. If two or more persons act
together pursuant to an agreement or understanding, whether formal or
informal, to acquire an "interest" in "relevant securities" of Arawak, they
will be deemed to be a single person for the purpose of Rule 8.3.
    Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant
securities" of Arawak by a potential offeror or by Arawak, or by any of their
respective "associates", must be disclosed by no later than 12.00 noon (London
time) on the London business day following the date of the relevant
    A disclosure table, giving details of the companies in whose "relevant
securities" "dealings" should be disclosed, and the number of such securities
in issue, can be found on the Takeover Panel's website at
    "Interests in securities" arise, in summary, when a person has long
economic exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an "interest" by
virtue of the ownership or control of securities, or by virtue of any option
in respect of, or derivative referenced to, securities.
    Terms in quotation marks are defined in the Code, which can also be found
on the Panel's website. If you are in any doubt as to whether or not you are
required to disclose a "dealing" under Rule 8, you should consult the Panel.

    Notes to editors

    Arawak's Common Shares are listed for trading on both the TSX and the LSE
under the symbol "AAK". The Company is engaged in the exploration, development
and production of oil and natural gas in Kazakhstan, Russia and Azerbaijan. In
Kazakhstan, the Company holds five producing fields and two exploration
blocks. The Company has a 40% participating interest in the Saigak producing
block acquired in June 2008. The remaining assets are held through its 100%
wholly-owned subsidiary Altius Energy Corporation ("Altius"). Altius' main
producing field is Akzhar with smaller fields at Besbolek, Karataikyz and
Alimbai. The two exploration blocks East Zharkamys III and Tamdykol are also
situated in western Kazakhstan. Arawak's producing assets in Russia are held
through ZAO PechoraNefteGas ("PNG") and LLC NK Recher-Komi ("Recher-Komi") in
which Arawak has a 50% interest with the remaining interest being held by
Lundin Petroleum AB. Also in Russia, Arawak holds a 100% interest in the
Kymbozhyuskaya exploration block and in the South Sotchemyu appraisal block.
In Azerbaijan, the Company's asset is its interest in the Exploration
Development and Production Sharing Agreement ("EDPSA") for the South West
Gobustan oil and gas fields. CGL, a company registered in Anguilla, British
West Indies, in which the Company has a 37.17% interest, holds an 80% interest
in the EDPSA with the remaining 20% held by an affiliate of SOCAR. The
remaining 62.83% share in CGL is held by two affiliates of the project
operator, CNPC.

For further information:

For further information: Enquiries: Arawak Energy Limited, Alastair
McBain, Charles Carter, Tanya Pang, Tel: +44 20 7973 4285; RBC Capital
Markets, Sarah Wharry, Tel: +44 20 7653 4804

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Arawak Energy Limited

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