AAK Arawak

    RNS Number : 6766J
  Arawak Energy Limited
  05 December 2008
   




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

    LSE & TSX TRADING SYMBOL: AAK

    5 DECEMBER 2008

    FOR IMMEDIATE RELEASE

    ARAWAK appoints macquarie for independent valuation report

    Arawak Energy Limited ("Arawak" or the "Company") has appointed Macquarie Capital Markets Canada Limited ("Macquarie") for the purpose
of producing an independent valuation of the common shares of the Company in relation to the pre-conditional cash offer made by Rosco S.A.
("Rosco") for the entire issued share capital of Arawak. The independent valuation is required pursuant to the Canadian securities law
instrument relating to insider bids, Multilateral Instrument 61-101.

    Arawak has also appointed Toronto-based Lute & Company for financial communications consultancy services related to Rosco's intended
offer.  

    Rosco, a subsidiary of Vitol Holding B.V., announced on 28 October that subject to certain pre-conditions, it intends to make an offer
for the entire issued and to be issued share capital of Arawak at a price of CAD $0.90 per share payable in cash. Vitol Holding B.V. and its
subsidiaries currently own an aggregate of 75,668,399 shares representing approximately 41.43% 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. 

    In response to Rosco's announcement, Arawak's Board of Directors has strongly recommended that shareholders take no immediate action to
the unsolicited offer, which it views as opportunistic and not reflecting the underlying value of the Company. Additionally, the Special
Committee to the Board of Directors has directed RBC Capital Markets to initiate an extensive process to explore all the Company's strategic
alternatives.

    Arawak will continue to work with Macquarie in connection with the preparation of the independent valuation and, in particular, has
engaged its independent reserve auditors to produce updated reserve reports of the Company's oil and gas assets pursuant to National
Instrument 51-101.
      Enquiries: 

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

 RBC Capital Markets            Tel: +44 20 7653 4804
 Andrew Smith
 Sarah Wharry

 Lute & Company                 Tel: +1 416 929 5883 (Ext 222)
 John Lute


    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 London Stock Exchange ("LSE") and the Toronto Stock Exchange ("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 announcement includes "forward-looking statements", including statements with respect to Arawak's anticipated exploration and
development activities which are based on the opinions and estimates of management at the date the statements are made, and are subject to a
variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in
the forward-looking statements. These risks and uncertainties include, but are not limited to, risks associated with the oil and gas
industry (including operational risks in development, exploration and production; delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation
to production, costs and expenses and health, safety and environmental risks), the risk of commodity price and foreign exchange rate
fluctuations, the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international activity. Although Arawak believes that its
expectations represented by these forward-looking statements are reasonable, there can be no assurance that such expectations will prove to
be correct. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in the Company's
securities should not place undue reliance on these forward-looking statements. For a detailed description of the risks and uncertainties
facing Arawak, readers should refer to Arawak's Annual Information Form for the year ended 31 December 2007 and dated 31 March 2008 as filed
at www.sedar.com.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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