Arawak announces management, board changes

ST. HELIER, Jersey, April 7 - 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.


For more information visit Vitol.