AAK Arawak

    RNS Number : 8748G
  Arawak Energy Limited
  28 October 2008
   




    Arawak ENERGY LIMITEd
    Whiteley Chambers, Don Street, St. Helier, Jersey JE4 9WG

    LSE & TSX TRADING SYMBOL: AAK

    28 OCTOBER 2008

    FOR IMMEDIATE RELEASE

    statement re: pre-conditional offer for the company

    The Board of Arawak notes today's announcement by Rosco S.A., a subsidiary of Vitol Holding B.V. ("Rosco"), regarding a pre-conditional
cash offer for the Company. Rosco has announced that subject to certain pre-conditions, it intends to make a public offer for the entire
issued and to be issued share capital of Arawak at a price of CAD $0.90 (44.9 pence) per share payable in cash (the "Offer"). Vitol Holding
B.V. and its subsidiaries ("the Vitol Group") currently own an aggregate of 75,668,399 shares representing approximately 41.43 per cent. of
the issued common shares in Arawak.  These shares are held through Rosco, which holds 67,315,812 common shares, and Vitol B.V., which holds
8,352,587 common shares. 

    The Board of Arawak believes that the timing of this unsolicited Offer is opportunistic and does not reflect the underlying value of
Arawak's shares.  Therefore, Arawak shareholders are strongly recommended to take no action at this stage. A further announcement will be
made in due course.

    The full text of the Vitol announcement can be viewed at:
    http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?i d=2003158&source=RNS

    Enquiries: 

 Arawak Energy Limited             Tel: +44 20 7973 4285
 Alastair McBain
 Charles Carter

 JPMorgan Cazenove                 Tel: +44 20 7588 2828
 Barry Weir
 Steve Baldwin

 Oriel Securities Limited          Tel: +44 20 7710 7600
 Richard Crawley
 Natalie Fortescue

 Brunswick Group LLP               Tel: +44 20 7404 5959
 Patrick Handley



    Pursuant to Rule 2.10 of the City 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 London Stock Exchange ("LSE") and the Toronto Stock Exchange ("TSX"). 


    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
 
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