LEKOIL Provides Director Loan - Update

Source: www.gulfoilandgas.com 3/10/2021, Location: Africa

LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa, announces that the Board of the Company has decided to apply a portion of the salary payable to Mr. Olalekan Akinyanmi, a director of the Company, towards the repayment of the loan provided to him by the Company (the "Loan") as contemplated within the amendment to the agreement as announced on 18 December 2020 (the "Amended Loan Agreement").

Under the terms of the Amended Loan Agreement, Mr. Akinyanmi was due to make the second instalment payment of US$413,523 on or before 9 March 2021. As the Company has not received this payment, the following action under the terms of the amended loan agreement has been initiated such that a portion of the salary payable to Mr. Akinyanmi shall be applied towards the Loan, as agreed in the Amended Loan Agreement as a method of default recovery, until the repayment schedule is satisfied. As the Company considers the Loan to be in default, under the agreement, an additional interest of 4% per annum will be applied to amounts in arrears under the agreed payment schedule. As at 9 March 2021, the outstanding balance of the Loan provided to Mr. Akinyanmi was approximately US$1.5 million. In applying this arrangement, the Company's reserves its rights under the Loan agreement, without prejudice, and at law.


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