Arawak announces management, board changes


    ST. HELIER, Jersey, April 7 /CNW/ - Following the successful offer by
Rosco S.A. ("Rosco"), a subsidiary of the Vitol group of companies, to acquire
all of the outstanding common shares of Arawak Energy Limited ("Arawak" or the
"Company"), Arawak announces the following changes to management and to the
Board of Directors:
    Charles Carter has stepped down as Chief Financial Officer and has
resigned as an executive Director of the Board. Mr. Carter, who was appointed
Chief Financial Officer in 2004, will join the Vitol group of companies and
will be based in Geneva.
    Simon Blaydes, currently Deputy Chief Financial Officer based in Almaty,
Kazakhstan, will assume the role of Chief Financial Officer.
    Arawak also announces that executive Director Michael Volcko and
non-executive Directors Malcolm Hope-Ross, Ross Douglas and Phillip de
Boos-Smith have offered their resignations to the Board. These have been
accepted with immediate effect. The remaining two executive Directors,
Alastair McBain and Shahveer Kapadia, and three non-executive Directors, James
Coleman, Nicholas Clayton and Alan Duncan, will continue as members of the
    James Coleman, Arawak's Chairman, commented: "Arawak is entering a new
phase in its evolution and will soon transition into a private company under
the Vitol group of companies. I would like to thank my fellow Directors for
their support and guidance over the years and especially during the
challenging business environment of 2008. I would also like to wish Charles
every success in his new role."
    On 24 March 2009, Rosco S.A. ("Rosco") announced that it held
approximately 95.7% of Arawak's total issued common share capital following
its recommended and increased cash offer (the "Offer") of C$1.00 per Arawak
share at the end of January 2009. Rosco, a subsidiary of the Vitol group, has
declared its Offer wholly unconditional and has commenced proceedings to
compulsorily acquire all the remaining outstanding shares related to the
Offer. Arawak has applied 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 market for listed securities. Cancellation from the LSE is expected to
be effective from 24 April 2009. Arawak has also submitted an application to
the authorities for the delisting of its shares from the Toronto Stock
    All documentation related to the Offer can be found on or on

    Notes to editors

    Arawak 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 a detailed description of Arawak's business and the risks and
uncertainties facing the Company, readers should refer to Arawak's Annual
Information Form for the year ended 31 December 2008 and dated 30 March 2009
as filed at

For further information:

For further information: Arawak Energy Limited, Tel: +44 (0) 20 7973
4285, Tanya Pang, Head of Investor Relations, Fax: +44 (0) 20 7824 8466,
E-mail:, Web:; Brunswick Group LLP,
Tel: +44 (0)20 7404 5959, Patrick Handley; JPMorgan Cazenove Limited, Tel: +44
(0)20 7588 2828, Steve Baldwin, Neil Haycock; Oriel Securities Limited, Tel:
+44 (0)20 7710 7600, Richard Crawley, Natalie Fortescue

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