09:51 AM EST - Arawak Energy Ltd. : announced that its fiscal 2008 net loss was $27.94 million U.S. or $0.16 U.S. per share, compared to profit of $31.26 million U.S. or $0.18 U.S. per share for the prior year. The net loss in 2008 was $27.9 million U.S. after a writeoff of $45.9 million U.S. related to the Kazakhstan and Azerbaijan cost pools, in particular by poorer than expected results for the East Zharkamys III and South West Gobustan assets respectively. Funds from operations for the year were $49.73 million U.S. or $0.28 U.S. per share, compared to $64.49 million U.S. or $0.37 U.S. per share in the prior year. Oil and gas sales revenues for the year were $278.6 million U.S., compared to $202.7 million U.S. in 2007. Arawak Energy Ltd.
shares T.AAK are trading even at $0.99.
