Recommended cash offer for Arawak by Rosco S.A. (a member of the Vitol Group)

Notice of change to directors’ circular

Arawak Energy Limited (“Arawak” or the “Company”) announces that it has posted to Arawak Shareholders a notice of change to the Directors’ Circular issued on 30 January 2009 (the “Supplemental Directors’ Circular”) relating to the recommended and increased cash offer to be made by Rosco S.A. (“Rosco”) for the entire issued and to be issued common share capital of Arawak not already held by Rosco and its affiliates at a price of CAD 1.00 per share (the “Offer”).

The Supplemental Directors’ Circular contains additional information regarding the formal valuation of the Arawak Shares prepared by an independent valuator (the “Valuation”) as required under Canadian securities laws as a result of Rosco (with its affiliates) being a significant shareholder in Arawak. The Valuation, prepared by Macquarie Capital Markets Canada Ltd (“Macquarie”), was received by Arawak and Rosco on 6 March 2009. A revised Offer Document (the “Supplemental Offer Document”), incorporating the Valuation, has been posted to Arawak Shareholders together with the Supplemental Directors’ Circular.

The Valuation reflects the opinion of Macquarie that as at 5 March 2009, Arawak Shares have a fair market value of between CAD 0.90 and CAD 1.15 per share. On review of the Valuation and having been advised by the RBC Capital Markets, the Board of Directors reiterates that it considers the terms of the Offer to be fair and reasonable and in the best interests of Shareholders. The Board of Directors also reiterates its unanimous recommendation that Shareholders accept the Offer and tender their shares to the Offer.

Copies of the Supplemental Directors’ Circular and Rosco’s Supplemental Offer Document will be available for inspection at the UK Listing Authority’s Document Viewing Facility, which is situated at: The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS. The documents will also be available on Arawak’s website ( and on SEDAR (

Capitalised terms used, but not defined, in this announcement have the same meanings as given to them in the Offer Document.

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