AAK Arawak

 

TIDMAAK 
 
RNS Number : 2562Q 
Arawak Energy Limited 
07 April 2009 
 

 
 
 
Arawak ENERGY LIMITEd 
Whiteley Chambers, Don Street, St. Helier, Jersey JE4 9WG 
 
 
LSE & TSX TRADING SYMBOL: AAK 
 
 
7 April 2009 
 
 
FOR IMMEDIATE RELEASE 
 
 
ARAWAK announces management, BOARD changes 
 
 
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 Board. 
 
 
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 Exchange. 
 
 
All documentation related to the Offer can be found on www.arawakenergy.com or 
on www.sedar.com. 
 
 
 
 
For further information please contact: 
 
 
Arawak Energy Limited                           Tel: +44 (0) 20 7973 4285 
Tanya Pang, Head of Investor RelationsFax: +44 (0) 20 7824 8466 
E-mail:info@arawakenergy.com                  Web: www.arawakenergy.com 
 
 
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 
 
 
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 
www.sedar.com. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 BOAEAPLXEFXNEEE 
 

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