Update on legal claim

16 February 2022

Lekoil Limited

("LEKOIL" or the "Company")

Update on legal claim

LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, notes that on 6 January 2022, the Company announced that it had been served with a writ of summons in the Grand Court of the Cayman Islands by Mr Olalekan Akinyanmi (the "Claim") challenging the validity of certain resolutions duly passed at the Company's Annual General Meeting held on 21 December 2021 (the "AGM"). By Notice of Motion dated 14 February 2022, Mr. Akinyanmi has applied to restrain the Company from acting on Resolutions 8 and 9. The Notice of Motion is expected to be heard in early to mid-March 2022. The Company considers that the Claim is entirely without merit and will defend the Claim in the normal manner. Further updates in relation to the Claim will be made as appropriate.

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: