Litigation Update

RNS Number : 9442U

Lekoil Limited

04 August 2022

 

4 August 2022

Lekoil Limited

("LEKOIL" or the "Company")

Litigation Update

LEKOIL (AQSE: LEK), the Cayman Islands litigation asset company with an investment in oil & gas assets in Nigeria, wishes to announce a development in the litigation commenced by Mr Akinyanmi in the Superior Court of New Jersey. He alleged (amongst other things) breach of contract in the termination of his employment contract in an attempt to set off such sums against the amounts owing under the CEO Loan.

The Company announced on 14 June 2022 that it had successfully challenged Mr. Akinyanmi's choice of the New Jersey state court forum as improper to hear the claim and the claim would be stayed until further notice pending arbitration. Mr Akinyanmi has now appealed the decision of the court.  The Company will fight this appeal.

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.lekoilplc.com or contact:

First Sentinel Corporate Finance Ltd (AQSE Corporate Adviser) Brian Stockbridge	[phone]
Tennyson Securities (Broker) Peter Krens	[phone]
Camarco (Financial PR Advisor) Billy Clegg / Owen Roberts / Violet Wilson	[phone]

 

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