Mar 09 - Arawak Announces 2008 Results

Source Company Web Site
Company Arawak Energy Corporation 
Tags Financial & Operating Data
Date March 31, 2009

rawak Energy Limited announces its results for the year ended 31 December 2008.

HIGHLIGHTS:

  • Annual average production rose 10% to 11,380 barrels of oil equivalent per day (“boepd”) (2007 - 10,332 boepd) comprising mainly oil and insignificant gas volumes
  • Record annual sales revenue of $278.6 million, up 37% (2007 - $202.7 million)
  • Average realised selling price of $72.61 per barrel, up 33% (2007 - $54.56 per barrel)
  • Net loss $27.9 million (2007 - net profit $31.3 million) after one-off costs of $11.7 million associated with re-domiciliation to Jersey and listing on the London Stock Exchange (“LSE”), and impairment charges of $45.9 million
  • On 28 October 2008, Rosco S.A. (“Rosco”), a subsidiary of Vitol Holdings B.V., announced a pre-conditional cash offer of C$0.90 per share for the Company. Following careful consideration, the Board of Directors recommended to shareholders in January an increased offer of C$1.00 per share (the “Offer”). On 24 March 2009, Rosco declared its offer unconditional and announced that it held 95.7% of Arawak’s issued common shares.
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