Arawak announces Management, Board changes
07 April 2009 - 6:20PM
UK Regulatory
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
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