Award of Options to Directors and PDMRs

RNS Number : 3731X

Lekoil Limited

09 August 2018

 

9 August 2018

Lekoil Limited

("LEKOIL" or the "Company")

Award of Options to Directors and PDMRs

LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, announces that the Company has made the following awards of options over ordinary shares of par value US$0.00005 each in the capital of the Company ("Ordinary Shares") to Directors under the Long Term Incentive Plan for the CEO and CFO, and the Non-Executive Director Share Plan for the Non-Executive Directors:

Director	Position	Options granted	Existing options	Total options
Olalekan Akinyanmi	Chief Executive Officer	2,500,000	11,223,000	13,723,000
Lisa Mitchell	Chief Financial Officer	1,500,000	1,500,000	3,000,000
Samuel Adegboyega	Non-executive Chairman	100,000	950,000	1,050,000
Aisha Oyebode	Non-executive Director	100,000	387,500	487,500
John Van Der Welle	Non-executive Director	100,000	387,500	487,500
Hezekiah Adesola Oyinlola	Non-executive Director	100,000	200,000	300,000
Gregory Eckersley	Non-executive Director	100,000	1,362,500	1,462,500
Tom Schmitt	Non-executive Director	100,000	-	100,000

The Company has also made awards of options over Ordinary Shares under the Long Term Incentive Plan for the following members of the senior management team that the Company has designated as persons discharging managerial responsibilities ("PDMRs"):

Name	Position	Options granted	Existing options	Total options
Adeleke Adedipe	Chief Operating Officer	300,000	1,500,000	1,800,000
Samuel Olotu	Chief Technical Officer	375,000	7,325,000	7,700,000
Dotun Adejuyigbe	GM, Commercial	250,000	2,650,000	2,900,000
U. Hamilton Esi	GM, Communications	150,000	1,230,000	1,380,000
Gloria Iroegbunam	GM, Legal	200,000	2,200,000	2,400,000
Kike Fajemirokun	Head, HR and Administration	150,000	1,000,000	1,150,000
Shola Adekeye	MD, LEKGAS	200,000	600,000	800,000

In addition, 2,005,000 options over Ordinary Shares are being made available to other eligible employees under the Long Term Incentive Plan.

All options issued under these awards are being issued with an exercise price of 19.73p, being the trailing three day average closing price prior to the date of grant.  Options have a three-year vesting period from the date of award and a seven year expiry from when the options vest.

The Directors currently have the following interests in ordinary shares in addition to the options set out above:

Director	Position	Number of shares	% of issued share capital
Olalekan Akinyanmi	Chief Executive Officer	39,332,551	7.3
Lisa Mitchell	Chief Financial Officer	-	-
Samuel Adegboyega	Non-executive Chairman	1,160,000	0.2
Aisha Oyebode	Non-executive Director	256,250	0.1
John Van Der Welle	Non-executive Director	-	-
H. Adesola Oyinlola	Non-executive Director	632,431	0.1
Gregory Eckersley	Non-executive Director	3,003,050	0.5
Tom Schmitt	Non-executive Director	-	-

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

LEKOIL Limited Alfred Castaneda, Investor Relations Lisa Mitchell, Chief Financial Officer	[phone]
Strand Hanson Limited (Financial & Nominated Adviser) James Harris / James Spinney / Ritchie Balmer	[phone]
Mirabaud Securities Limited (Joint Broker) Peter Krens / Edward Haig-Thomas	[phone] / [phone]
BMO Capital Markets (Joint Broker) Jeremy Low / Neil Haycock / Thomas Rider	[phone]
Numis Securities (Joint Broker) John Prior / Ben Stoop	[phone]
Tavistock (Financial PR) Simon Hudson / Barney Hayward / Charles Vivian	[phone]

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 ("MAR").

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