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.