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31

Arawak Energy Ltd. To Restore Operations in Kazakhstan

Oil and gas company Arawak Energy Ltd said it would resume production at its four operated fields in Kazakhstan following the adoption of a new tax code in that country, eliminating the customs export duty on crude

The company had curtailed production at the fields in early December citing a "significant deterioration" in margins due to high taxation and a fall in oil prices.

Reuters reported yesterday Arawak said production was expected to return to pre-curtailment levels of about 9,300 barrels of oil per day in the coming weeks.

Arawak's non-operated Saigak field, which is exempted from the customs export duty, continued to produce normally throughout the period at about 1,100 bopd net to Arawak. It holds a 40 percent participating interest in the field.

Arawak, which has agreed to be acquired by Switzerland's Rosco S.A., said its net production at the Sotchemyu-Talyu and North Irael fields was about 4,430 bopd.
Shares of Arawak, which have lost 56 percent of their value from their year high levels, closed at 51.50 pence on Wednesday on the London Stock Exchange.