Corporate and Operational Update

15 September 2021

Lekoil Limited

("LEKOIL" or the "Company")

Corporate and Operational Update

LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, is pleased to provide the following corporate and operational update:

Operational Development for the month of August 2021 taken from information provided by Lekoil Nigeria

· Otakikpo:

o Oil production in August 2021 of circa 1,714 bopd (gross)/685 bopd (net).

o As in July, Oil production in August 2021 was negatively impacted by oil evacuation issues affecting the FSO and the export terminal. In addition a delay in renewing an environmental permit also had a production impact. Production that was intermittent during August has now recommenced.

o Ongoing subsurface studies for drilling additional production wells.

o No material progress/update on financing required to drill additional production wells.

· OPL 310 (Ogo):

o Assessing wellhead deliver options.

· OPL 325:

o Asset status reviewed with external partners.

· OPL 276

o Ongoing technical work to optimize appraisal well locations.

o Developing non-associated gas plans.

Corporate Developments

· The Company has received a letter from shareholders associated with Lekoil Nigeria related to the entry into Convertible Facility Agreement ("CFA"). The Company will consider the letter and respond in due course.

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: