Arawak Energy Corp., Anguilla, British West Indies, (Toronto: ABG) plans to acquire Saigak Investments BV from privately held Rotterdam, The Netherlands-based Vitol BV for 8.4 million shares valued at C$24.7 million. Saigak has a 40% participating interest in the Saigak Field in western Kazakhstan. The field is approximately 120 kilometers from Arawak's existing Akzhar Field in the Aktyubinsk region. The Saigak Field is operated by Maersk Oil Kazakhstan GmbH, which owns the remaining 60% interest. Gross production is approximately 3,500 barrels of oil equivalent per day. Original recoverable reserves are 14.6 million barrels with net recoverable reserves of 2.4 million barrels as of year-end 2006.
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