LEK.L Regulatory News (LEK)

10 June 2021

Lekoil Limited

("LEKOIL" or the "Company")

Corporate Update

LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, provides an update on the termination of the employment contract of its CEO, Mr. Olalekan Akinyanmi.

CEO contract

The Company is aware that in late 2020 Mr. Akinyanmi, without the prior knowledge or consent of the Company, entered into an employment contract with Lekoil Nigeria Limited ("Lekoil Nigeria"), to act as its Chief Executive Officer, with effect from 1 January 2021. The Company has been advised that this represents a conflict of interest and is a breach of his employment contract with the Company. This was one of the reasons for the termination of his employment contract with the Company.

The Company is aware that Lekoil Nigeria has stated that Mr. Akinyanmi remains the CEO of Lekoil Nigeria. The Company will seek to ensure that Mr. Akinyanmi be restricted from continuing in this role as CEO of Lekoil Nigeria, as per the provisions of his employment contract with the Company. The Company reserves its rights to challenge the validity of any actions in breach of these provisions and would advise relevant parties to seek the relevant legal advice.

Background - the Company and Lekoil Nigeria

The Company notes that the current corporate structure containing the Company and Lekoil Nigeria was in place at the time the Company was admitted to AIM in 2013 ("Admission"). The Admission Document is available on the Company website at https://www.lekoil.com/corporate-documents.

The Company confirms that, since Admission, no changes have been made to the Shareholders Agreement between the Company and Lekoil Nigeria. A description of the Shareholders Agreement is set out in the Admission Document. The Shareholders Agreement is between the Company, Lekoil Nigeria, Mr. Akinyanmi and the employees and directors of Lekoil Nigeria.

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

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