Lekoil Limited Directorate Change (6471A)

TIDMLEK

RNS Number : 6471A

Lekoil Limited

03 June 2021

3 June 2021

Lekoil Limited

("LEKOIL" or the "Company")

Directorate Change

LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, announces that it has terminated the employment contract of its CEO, Mr. Olalekan Akinyanmi, with immediate effect, due to a corporate governance breach.

The Company will commence a search for a new CEO and, in the interim period, Anthony Hawkins will act as interim Executive Chairman of the Company.

As previously announced, the Company is the lender under a loan agreement with Mr. Akinyanmi (the "Loan"). As at 31 May 2021, the outstanding balance of the Loan was approximately US$1.5 million. The Company will commence proceedings to recover the Loan.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

For further information, please visit www.lekoil.com or contact:

 
 
SP Angel Corporate Finance LLP (Nominated 
 Adviser and Joint Broker) 
 John Mackay / Jeff Keating / Stuart Gledhill 
 / Richard Hail                                         +44 20 3470 0470 
Tennyson Securities (Joint Broker) 
 Peter Krens / Edward Haig-Thomas                       +44 20 7186 9030 
Instinctif (Financial PR)                               +44 20 7457 2020 
 Mark Garraway / Galyna Kulachek / Sarah           lekoil@instinctif.com 
 Hourahane

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END

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June 03, 2021 02:00 ET (06:00 GMT)

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