Lekoil Limited Announces Notification of Legal Claim

Source: www.gulfoilandgas.com 1/6/2022, Location: Africa

LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa, notes that it has been served with a writ of summons in the Grand Court of the Cayman Islands by Olalekan Akinyanmi (the "Claim") challenging the validity of Resolutions 8 and 9 which were duly passed at the Company's Annual General Meeting held on 21 December 2021.

Resolution 8 concerns the allotment of ordinary shares in the Company ("Shares") to settle accrued but unpaid fees to creditors who agree to take part or all of their fees in Shares. Resolution 9 concerns the allotment of Shares to enable the Company, if required pursuant to the terms of the Convertible Facility Agreement dated 2 September 2021, to issue Shares to the Lenders in respect of any outstanding amounts under the Convertible Facility Agreement.

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.


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