Directorate Change

RNS Number : 1722U

Lekoil Limited

29 July 2022

 

29 July 2022

Lekoil Limited

("LEKOIL" or the "Company")

Directorate Update

LEKOIL (AQSE: LEK), the Cayman Islands litigation asset company with an investment in oil & gas assets in Nigeria, wishes to announce that its Non-Executive Chairman, Mr Olapade Durotoye has notified the Board of Directors of his intention, subject to final agreements, to take up a significant role with Savannah Energy PLC in Nigeria.

Savannah Energy is an investor in the company and by the terms of the Convertible Facility Agreement between the Company and a Savannah Energy subsidiary (as announced by the Company on 28 February 2022), the Savannah Energy subsidiary is entitled to appoint two Directors to the Board of the Company. Mr Durotoye will take up the second Director's seat.

The Board will assess any required changes to the Board to maintain the balance of Independent Directors as soon as possible.  

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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