LEKOIL LIMITED: Award of Options

11 October 2017

Lekoil Limited

("LEKOIL" or the "Company")

Award of Options

LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, announces that the Company has made the following award of options over ordinary shares of par value US$0.00005 each in the capital of the Company ("Ordinary Shares") to the CFO, Lisa Mitchell, under the Company's long term incentive plan.

All options issued under this award are being issued with an exercise price of 17.16p, being the trailing three day average closing price prior to the date of grant. The options have a ten-year exercise term and vest in three years. Lisa Mitchell currently has no holdings of Ordinary Shares in the Company.

The 1,500,000 options granted to the previous CFO, Bruce Burrows, who leaves the Company at the end of October, will expire without vesting.

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

LEKOIL Limited

Alfred Castaneda, Investor Relations

Hamilton Esi, Corporate Communications

+44 20 7920 3150 / +44 20 7920 3150

Strand Hanson Limited (Financial & Nominated Adviser)

James Harris / James Spinney / Ritchie Balmer

+44 20 7409 3494

Mirabaud Securities Limited (Joint Broker)

Peter Krens / Edward Haig-Thomas

+44 20 7878 3362 / +44 20 7878 3447

BMO Capital Markets (Joint Broker)

Jeremy Low / Neil Haycock / Thomas Rider

+44 20 7236 1010

Tavistock (Financial PR)

Simon Hudson / Barney Hayward

+44 20 7920 3150

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