AAK Arawak

 

TIDMAAK 
 
RNS Number : 4241P 
Arawak Energy Limited 
25 March 2009 
 
 
 
 
 
 
Arawak ENERGY LIMITEd 
Whiteley Chambers, Don Street, St. Helier, Jersey JE4 9WG 
 
 
LSE & TSX TRADING SYMBOL: AAK 
 
 
25 MARCH 2009 
 
 
FOR IMMEDIATE RELEASE 
 
 
arawak - Cancellation of listings 
 
 
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 2009. 
 
 
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. 
 
 
  Enquiries: 
 
 
+-------------------------------------+-------------------------------------+ 
| Arawak Energy Limited               | Tel: +44 20 7973 4285               | 
| Alastair McBain                     |                                     | 
| Charles Carter                      |                                     | 
| Tanya Pang                          |                                     | 
|                                     |                                     | 
+-------------------------------------+-------------------------------------+ 
| RBC Capital Markets                 | Tel: +44 20 7653 4804               | 
| Sarah Wharry                        |                                     | 
|                                     |                                     | 
+-------------------------------------+-------------------------------------+ 
 
 
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 transaction. 
 
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 
www.thetakeoverpanel.org.uk. 
"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. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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