Arawak Signs Agreement to Acquire 40pct Stake in Saigak Field in Kazakhstan

Arawak Energy Corporation announced that it has entered into an agreement, subject to certain conditions, under which the Company expects to acquire Saigak Investments BV ("SIBV"), a company which has a 40% participating interest in the Saigak field in Western Kazakhstan. The agreement was signed with Vitol BV, which owns SIBV. The Saigak field is located approximately 120 km from the Company's existing Akzhar field in the Aktyubinsk regil of Western Kazakhstan and is operated by Maersk Oil Kazakhstan GmbH, which owns the remaining 60% interest.