Response to Press Speculation

7 January 2021

Lekoil Limited

("LEKOIL" or the "Company")

Response to Press Speculation

LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, notes the recent local press speculation in relation to a letter received by the Company from the Honourable Minister of State of Petroleum Resources of Nigeria in connection with the prior acquisition of a significant shareholding in the Company by Metallon Corporation Limited ("Metallon") and the requirements that a significant change in shareholding be in adherence with the requirements of Nigerian Petroleum Act and related guidelines and procedures.

The Company confirms that it has notified Metallon of this matter and has advised Metallon, as a matter of urgency, to liaise with the Federal Ministry of Petroleum Resources in order to resolve any issues arising from the acquisition of Metallon's shareholding.

In the event that Metallon's acquisition of its shareholding in the Company has not complied with Nigerian legislation and, in the absence of any suitable remedial action, sanctions (which ultimately can include Licence revocation) could be imposed directly on the Company by the Ministry of Petroleum Resources.

The Company will provide an update on the matter in due course.

The Requisitioned EGM, which will be held at 10.00 a.m. (GMT) on 8 January 2021 will proceed as planned.

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: