Arawak Energy Limited (“Arawak” or the “Company”) announces that it has made an application 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 LSE market for listed securities. Additionally, the Company also expects to make an application to the Toronto Stock Exchange (“TSX”) in due course for the cancellation of its listing on the TSX.

In accordance with the UK Listing Rules, cancellation will take place no earlier than 20 business days from today's date and it is currently anticipated that cancellation will take effect from 7.00 a.m. on 24 April 2009.

Arawak shareholders should note that cancellation is likely to reduce significantly the liquidity and marketability of Arawak Shares. Once cancellation has taken effect, Arawak shareholders will no longer be able to effect transactions in Arawak Shares on market at the market price.

The application of cancellation of listing follows an announcement on 24 March 2009 by Rosco S.A. (“Rosco”) that its recommended cash offer (“Offer”) to acquire the whole of the issued and to be issued share capital of Arawak had been declared wholly unconditional and that it intended to procure that Arawak applied for the cancellation of trading of the Company’s shares on the London and Toronto stock exchanges. As at 3.00 p.m. London time (11.00 a.m. Ontario time) on 24 March 2009, Rosco had received valid acceptances of the Offer in respect of a total of 99,155,506 Arawak Shares representing approximately 54.28 per cent. of the issued common share capital of Arawak and approximately 92.68 per cent. of the Arawak Shares to which the Offer relates.

Rosco also stated that as it had received acceptances under the Offer in respect of not less than nine-tenths in number of the Arawak Shares to which the Offer relates, it is now entitled to exercise its rights pursuant to the provisions of Articles 117 and 118 of the Companies Law to acquire compulsorily the remaining Arawak Shares to which the Offer relates (construed in accordance with Part 18 of the Companies Law). Accordingly, Rosco will shortly be posting formal notices under Article 117 of the Companies Law to Arawak shareholders who have not yet accepted the Offer.