Award of options

RNS Number : 1673K

Lekoil Limited

24 December 2015

 

24 December 2015

Lekoil Limited

("Lekoil" or the "Company")

Award of Options

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 to Directors under the Long Term Incentive Plan for the CEO 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	3,143,000	5,480,000	8,623,000
Samuel Adegboyega	Non-executive Chairman	100,000	750,000	850,000
Gregory Eckersley	Non-executive Director	100,000	1,162,500	1,262,500
Aisha Oyebode	Non-executive Director	100,000	187,500	287,500
John Van Der Welle	Non-executive Director	100,000	187,500	287,500
H. Adesola Oyinlola	Non-executive Director	100,000	-	100,000

In 2013, some of the Non-Executive Directors were issued options with an exercise price of 49p in accordance with the Executive Stock Incentive Plan. The above award of options was to occur in June 2015, however the Company was in a close period at that time. All options issued under this award are being issued with an exercise price of 40p. 

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	41,868,293	8.6%
Samuel Adegboyega	Non-executive Chairman	1,160,000	0.2%
Gregory Eckersley	Non-executive Director	2,848,050	0.6%
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%

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

Lekoil Limited Hamilton Esi, Corporate Communications	[phone]
Strand Hanson Limited (Financial & Nominated Adviser) James Harris / James Spinney / Ritchie Balmer	[phone]
BMO Capital Markets Limited (Joint Broker) Rupert Newall / Neil Haycock / Thomas Rider	[phone]
Mirabaud Securities LLP (Joint Broker) Peter Krens / Edward Haig-Thomas	[phone] [phone]
Tavistock (Financial PR) Simon Hudson / Ed Portman / Merlin Marr-Johnson	[phone]

-ends-

 

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