REG - Lekoil Limited - Directorate Changes
09/06/2022 08:15
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RNS Number : 2354O Lekoil Limited 09 June 2022
9 June 2022
Lekoil Limited
("LEKOIL" or the "Company")
Directorate Changes
LEKOIL (AQSE: LEK), the Cayman Islands company with an investment in oil &
gas assets in Nigeria, is pleased to announce the following appointments to
the Company, each with immediate effect:
· Mr. Olapade Durotoye becomes the Non-Executive Chairman
· Mr. Guy Oxnard becomes an Executive Director
· Mr. Dipo Sofola becomes a Non-Executive Director
The appointments are part of a managed succession planning in which Mr.
Anthony Hawkins and Mr. Al Tindall will each cease being Directors of the
Company as of 30 June 2022. Mr. Hawkins has served as a Non-Executive
Director of the Company since January 2020 and as the Interim Executive
Chairman since June 2021. Mr Tindall has been a Non-Executive Director of
the Company since April 2021.
Commenting on the Board changes, Mr. Anthony Hawkins, said:
" I am very pleased to welcome Mr. Durotoye into the role of Non-Executive
Chairman. He brings a wealth of experience of the Nigerian oil & gas
industry into the role and I believe he, and the rest of the Board, are well
placed to guide the Company in the recovery of its investments in Lekoil
Nigeria.
The Board is delighted to welcome Mr. Oxnard and Mr. Sofola to the Company.
Mr. Oxnard brings over 25 years of legal and commercial experience to the
Company and is well placed to assist in the administration of the Company,
having advised the Company since September 2021 on a number of matters.
Mr. Sofola brings with him a wealth of intimate knowledge of the Nigerian
energy sector, currently he is Business Development Manager at Savannah
Energy. As previously disclosed, the Company's arrangements with Savannah
Energy Investments Limited permit it to appoint a director to the Board of the
Company and we welcome Mr. Sofola's appointment as we believe he will
contribute a depth of sector knowledge and practical experience to the Board
and the Company."
Commenting on the Board changes, the Company's Chairman, Mr. Olapade Durotoye
said:
"I'd like to thank Mr. Hawkins and Mr. Tindall for all their work since the
times of their appointment. In particular, I would like to recognise the
role Mr. Hawkins has played in ensuring that the Company has been able to
protect its position vis-à-vis Lekoil Nigeria over the past 12 months.
Looking forward, the Company will continue to act in the best interests of our
shareholders as we look to protect and recover our investments in Lekoil
Nigeria."
Details of each of the appointees is set out below:
Mr Guy Oxnard is a common law qualified upstream and midstream oil & gas
lawyer with experience on four continents, including Africa. As a General
Counsel, Executive Manager, Company Secretary and Head of Compliance he has
specialised in the structuring, financing and management of transborder
pipeline projects, with particular interest in joint venture governance. He
also is experienced in M&A and litigation management. Prior to joining
Lekoil, Mr Oxnard worked with Tullow Oil plc, Trans Adriatic Pipeline AG,
Apache Energy Corp and law firm Herbert Smith Freehills.
Mr. Dipo Sofola is a senior oil and gas executive with over a decade of energy
experience, focused on energy commercialization and business development in
the Nigerian oil and gas sector. Mr. Sofola is a Business Development Manager
for Savannah Energy, where he leads on significant strategic projects, in line
with Savannah Energy's objective of delivering impactful and transformative
energy projects on the African continent. Previously, Mr. Sofola was a Senior
Commercial Advisor at Seven Energy (now Savannah Entergy), leading on
commercial transactions. He has also previously worked as a Business
Development analyst with multinational telecommunications group, Etisalat in
Nigeria. Mr. Sofola holds a BA (Hons) in Business Finance from University of
Durham and an MSc in Project and Enterprise Management from University College
London.
The following information is provided for the purpose of Rule 4.9 of the AQSE
Growth Market Access Rulebook for Mr. Guy Oxnard. There is no further
information to be disclosed pursuant to Rule 4.9 of the AQSE Growth Market
Access Rulebook.
Current directorships and/or partnerships: Former directorships and/or partnerships (within the last five years):
Oxon Hall Management Limited
The following information is provided for the purpose of Rule 4.9 of the AQSE
Growth Market Access Rulebook for Mr. Dipo Sofola. There is no further
information to be disclosed pursuant to Rule 4.9 of the AQSE Growth Market
Access Rulebook.
Current directorships and/or partnerships: Former directorships and/or partnerships (within the last five years):
Pine Park Limited Savannah Energy Investment Limited
Kaydars Learning Academy Blue Oasis Global Investment Limited
Barbar Multidynamic Concepts and Services Limited
Panda Express Meals Limited
284 Lounge Limited
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
(http://www.lekoilplc.com) or contact:
First Sentinel Corporate Finance Ltd (AQSE Corporate Adviser)
Brian Stockbridge +44 203 989 2200
Tennyson Securities (Broker) +44 20 7186 9030
Peter Krens
Camarco (Financial PR Advisor) +44 20 3757 4983
Billy Clegg / Owen Roberts / Violet Wilson
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