Lekoil Limited - Directorate Change
29/07/2022 07:00
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RNS Number : 1722U Lekoil Limited 29 July 2022
29 July 2022
Lekoil Limited
("LEKOIL" or the "Company")
Directorate Update
LEKOIL (AQSE: LEK), the Cayman Islands litigation asset company with an
investment in oil & gas assets in Nigeria, wishes to announce that its
Non-Executive Chairman, Mr Olapade Durotoye has notified the Board of
Directors of his intention, subject to final agreements, to take up a
significant role with Savannah Energy PLC in Nigeria.
Savannah Energy is an investor in the company and by the terms of the
Convertible Facility Agreement between the Company and a Savannah Energy
subsidiary (as announced by the Company on 28 February 2022), the Savannah
Energy subsidiary is entitled to appoint two Directors to the Board of the
Company. Mr Durotoye will take up the second Director's seat.
The Board will assess any required changes to the Board to maintain the
balance of Independent Directors as soon as possible.
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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