Corporate Update

1 April 2022

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 the following corporate updates.

Suspension of trading in Company shares

As shareholders will be aware, trading in the Company's Ordinary Shares ("Shares") were suspended with effect from 7.30 a.m. on 1 October 2021. The Company has been advised by its Nominated Adviser that trading in its Shares will remain suspended while it continues to work with its Nominated Advisor on matters that are required for trading in the Shares to be restored and in the event trading cannot be restored in due course, the Company's admission to trading on AIM will be cancelled.

Board remuneration

The Company provides the following update for the current remuneration agreed with the Company's Board of Directors.

· Base compensation, for each Board member, of circa US$40,000 per annum (i.e., US$240,000 per annum for 6 Board members).

· The Company's Interim Executive Chairman is entitled to an additional US$50,000 for his additional work in 2021 and an amount, at the Board's discretion, for his additional work in 2022.

· The Company may elect to pay the compensation in either cash or Shares. At present, the Company has elected to pay all outstanding compensation in Shares but without any issuances of Shares to date.

· Any payment is Shares is to be calculated by reference to a deemed share price of 1.5p (for compensation due for 2021) or the higher of 1.5p and the 30-day VWAP (for compensation due in 2022).

Extraordinary General Meeting - 7 April 2022

The Company notes that the extraordinary general meeting to be held on 7 April 2022 will be held at 4.00 p.m. Greenwich Mean Time (GMT)/ 5.00 p.m. British Summer Time (BST). Shareholders who wish to attend should contact info@lekoilplc.com for dial-in details.

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: