LEK.L Regulatory News (LEK)

16 May 2022

Lekoil Limited

("LEKOIL" or the "Company")

Notice of application for admission to the Aquis Stock Exchange and Cancellation of Admission to trading on AIM

LEKOIL (AIM: LEK), announces that it has applied for admission of its Ordinary Shares to trading on the Access segment of the AQSE Growth Market operated by the Aquis Stock Exchange (AQSE). It is expected that admission will occur on 18 May 2022 and that trading will commence on AQSE as soon as the audited accounts for the Company are released to the market, expected to be by the end of June 2022.

The Company's Ordinary Shares have been suspended from trading on AIM since October 2021. Pursuant to AIM Rule 41, admission of the Company's shares to trading on AIM will be cancelled with effect from 7.00 a.m. on 18 May 2022 with the Company's shares being admitted to trading on the AQSE Growth Market from this time.

Moving from AIM to AQSE will not affect a shareholder's legal or beneficial right to his or her shares. Shareholders are not required to take any action at this stage.

Anthony Hawkins, Interim Executive Chairman, commented:

"The Board of the Company considers AQSE to be a suitable exchange to provide for the continued listing of its shares.

The Board is of the view that the Company's primary activity is now the recovery of its investment through litigation against the Lekoil Nigeria group and Mr. Akinyanmi. This characterisation will allow the Company to fulfil its disclosure obligations to the AQSE market, noting that a successful recovery of the intercompany debts due to the Company will be the primary source of value for shareholders (with minimal value attributable to the day-to-day operational activities of Lekoil Nigeria).

With respect to the suspension of the Company's shares from trading on AQSE, the Company has a clear understanding as to what is required to restore trading in the Company's shares on AQSE and we are diligently working through that plan. We will update our shareholders on this matter as soon as is practicable.

In selecting the AQSE Growth Market, the Board was keen to provide shareholders with the services of a regulated SME Growth market and a trading facility while it pursues its litigation assets, and its strategy unfolds."

With effect from the cancellation of the admission of the Company's shares to trading on AIM SP Angel Corporate Finance LLP will cease to act as Nominated Adviser and joint broker to the Company.

The Company's shares will continue to be registered with the existing ISIN number KYG5462G1073 and SEDOL number B9FFQF9. The Company's ticker symbol will continue to be LEK.

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: