Pursuant to the 2003 Stock Option Plan of Arawak Energy Corporation, options over 400,000 common shares of no par value ("Common Shares") have been exercised. Accordingly, application has been made to The UK Listing Authority for these shares to be admitted to the Official List and to the London Stock Exchange for these shares to be admitted to trading. The Common Shares rank equally with the existing issued shares of the Company. Dealings in the new shares are expected to commence on 15 July 2008.