Arawak’s portfolio consists of production, development and exploration assets in Kazakhstan, Russia and Azerbaijan.

We expect these countries to be the main players in increased non-OPEC oil and gas supplies in the early part of this century.

Kazakhstan

According to the 2009 BP Statistical Review, Kazakhstan has the second largest proved crude oil reserves in the FSU region at an estimated 39.8 billion barrels.

Arawak is currently producing crude oil from four blocks in Kazakhstan - Akzhar, Besbolek, Saigak and Karataikyz, and also holds 100% working interest in the Alimbai appraisal block and the East Zharkamys III and Tamdykol exploration blocks.

Russia

Russia was the world’s biggest natural gas producer in 2007, the second biggest oil producer and the third largest energy consumer.

At 1,529 trillion cubic feet, Russia has the world’s largest natural gas reserves, while it holds the seventh biggest proved oil reserves at 79 billion barrels (according to the 2009 BP Statistical Review).

Arawak’s producing assets in Russia, Sotchemyu-Talyu and North Irael, are held through a 50% interest in the joint-venture RF Energy Investments Limited (RF Energy), with the remaining interest being held by Lundin. The Company also holds a 100% interest in both the Kymbozhyuskaya exploration block and the South Sotchemyu appraisal block. Ryder Scott Company, L.P. evaluated the Company’s proved plus probable plus possible reserves in Russia at 10.513 million barrels as at 31 December 2008, with no reserves attributed to the exploration blocks.

Azerbaijan

Azerbaijan has proven natural gas reserves of 42.3 trillion cubic feet, according to the 2009 BP Statistical Review and produced 520 billion cubic feet in 2008.

Arawak’s interests in Azerbaijan comprise a non-operated 37.17% share in Commonwealth Gobustan Limited (CGL), a joint-venture company holding an 80% stake in the Exploration, Development and Production Sharing Agreement (EDPSA) for the South West Gobustan oil and gas fields. The remaining share of CGL is held by two affiliates of the project operator, China National Petroleum Corporation (CNPC).