LEKOIL

AIM Rule 26

The following information is disclosed in accordance with Rule 26 of the AIM Rules. 

Last updated on 24 February 2017

Business Description

Lekoil is an African focused oil and gas exploration and production company which currently holds interests offshore Nigeria and offshore Namibia. The Company was founded in 2010 by a group of leading professionals with extensive experience in the international upstream oil and gas industry as well as in global fund management and investment banking.

The Company entered into a farm out agreement, in Febrauary 2013, with Afren PLC to acquire an overall 30 per cent economic interest, including a 17.14 per cent participating interest, in OPL310, an offshore Nigerian asset located in the Dahomey-Benin Basin. OPL310 represents an early stage asset with significant potential and strong partners. The initial exploration well, Ogo-1, was spudded on 23 April 2013. In addition, Lekoil is the operator of two Namibian offshore exploration blocks (Blocks 2514 A & B) located in the prospective Luderitz Basin.

Company Information

Lekoil Limited is an exempted limited liability company incorporated and registered in the Cayman Islands on 3 December 2010 (Registration Number WK-248859). The Company’s principle subsidiary, Lekoil Nigeria, was an incorporated under the laws of the Federal Republic of Nigeria (Registration Number RC 920325). The Group’s subsidiary, Lekoil Namibia, was incorporated in Namibia in August 2011 (Registration Number RC 2011/0523). In addition, the Group has further subsidiary companies in Benin and the USA.

The Company was established on 3 December 2010. The Company acts as the holding company for the Group, which intends to use its access to potential oil and gas licence interests and its experienced management team, to build a multi-asset exploration, development and production business in Africa.

Since the Company is not incorporated in the UK and the rights of the shareholders may be different from the rights of shareholders in a UK incorporated company.

The company’s shares are not traded on any other exchange or trading platform and the AIM shares are freely transferable.

Directors

Please click here for details of the Company’s Board of Directors

Responsibilities of the Board

The audit committee

The audit committee will comprise Samuel Adegboyega, Gregory Eckersley and John van der Welle on Admission. The members will all be independent Non-Executive Directors of the Company. It shall meet not less than three times a year. The audit committee receives and reviews reports from management and from the Company’s auditors relating to the interim and annual accounts and to the internal control procedures in use throughout the Group. It is responsible for ensuring that the financial performance of the Group is properly reported with particular regard to legal requirements, accounting standards and the AIM Rules for Companies. The ultimate responsibility for reviewing and approving the annual report and accounts and the half-yearly reports remains with the Board.

The remuneration committee

The remuneration committee will comprise Samuel Adegboyega, Gregory Eckersley and John van der Welle on Admission. The members will all be independent Non-Executive Directors of the Company. It shall meet not less than twice a year. It is responsible for determining and reviewing the terms and conditions of service (including remuneration) and termination of employment of executive directors and senior employees and the grant of options implemented from time to time.

The Directors intend to comply with Rule 21 of the AIM Rules relating to directors’ and applicable employees’ dealings in the Company’s securities. Accordingly, the Company has adopted the Share Dealing Code for directors and applicable employees and the Company will take all reasonable steps to ensure compliance by its directors and applicable employees with the provisions of the AIM Rules relating to dealings in securities.

Articles of Association

Please click here for details of the Company’s Articles of Association

Admission Document

Please click here for a copy of the Company’s Admission Document

Financial Reports

Click here for the latest annual report and accounts
Click here for the latest half-yearly report and accounts

Exchange/Trading Platform

Lekoil Limited shares are admitted to trading on AIM and it is not listed on any other exchanges or trading platforms. The Company was admitted to trading by the London Stock Exchange on 17 May 2013 under the ticker LEK.

Corporate Governance

Please click here for detail of our corporate governance

Shares in Issue

Pursuant to the terms of the AIM Rules published May 2014 and insofar as it is aware, at 24 February 2017, there are 536,529,893 ordinary shares in issue and 17.5% (70,143,943 ordinary shares) of the Company's AIM securities are not held in public hands.

Significant Shareholders

Please click here to see our significant shareholders

Share Restrictions

There are no restrictions on the transfer of Lekoil shares

Click here for LEKOIL Plc’s page on the AIM website

Directors, Secretary and Advisers

Directors:

Samuel Akinbamijo Adegboyega (Non-Executive Chairman)
Olalekan Akinsoga Akinyanmi (Chief Executive Officer)
Gregory Douglas Eckersley (Non-Executive Director)
Aisha Muhammed-Oyebode (Non-Executive Director)
John Alexander van der Welle (Non-Executive Director)
H. Sola Oyinlola (Non-Executive Director)

 

Registered office:

Intertrust Corporate Services (Cayman) Limited
190 Elgin Avenue
George Town
Grand Cayman KY1-9005
Cayman Islands

Principal place of business and business address of the Directors:

Churchgate Tower 1, 9th Floor
PC 30 Churchgate Street
Victoria Island
Lagos
Nigeria
Website: www.lekoil.com

Advisers
Financial and Nominated Adviser:

Strand Hanson Limited
26 Mount Row
London W1K 3SQ
United Kingdom

Joint Brokers:

Mirabaud Securities LLP
33 Grosvenor Place
London SW1X 7HY
United Kingdom

BMO Capital Markets
95 Queen Victoria Street
London EC4V 4HG
United Kingdom

Solicitors to the Company as to English law:

Norton Rose Fulbright LLP
3 More London Riverside
London SE1 2AQ
United Kingdom

Solicitors to the Company  as to Nigerian law:

Banwo & Ighodalo
98 Awolowo Road
Southwest Ikoyi
Lagos
Nigeria

Solicitors to the Company as to Namibian law:

Ellis Shilengudwa Inc
24 Orban Street
PO Box 3300
Windhoek
Namibia

Solicitors to the Company as to Cayman law:

Walkers
190 Elgin Avenue
George Town
Grand Cayman KY1-9001
Cayman Islands

Solicitors to the Company as to US law:

Fulbright & Jaworski LLP (Norton Rose Fulbright)
666 Fifth Avenue
New York 10103-3198
USA

Solicitors to the Nominated Adviser and Broker:

Field Fisher Waterhouse LLP
35 Vine Street
London EC3N 2AA
United Kingdom

Auditors to the Company:

Akintola Williams Deloitte
Civic Centre Towers
Ozumba Mbadiwe Avenue
Victoria Island
Lagos
Nigeria

Reporting Accountants to the Company:

BDO LLP
55 Baker Street
London W1U 7EU
United Kingdom

Competent Person:

Netherland, Sewell & Associates, Inc
4500 Thanksgiving Tower
1601 Elm Street Suite 4500
Dallas
Texas 75201
USA

Financial PR:

Tavistock Communications Limited
131 Finsbury Pavement
London EC2A 1NT
United Kingdom

Registrars:

Computershare Investor Services (Cayman Islands) Ltd
The R & H Trust Co Ltd
Winward1
Regatta Office Park
West Bay Road
Grand Cayman KY1-1103
Cayman Islands

Depositary:

Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 6ZZ
United Kingdom

Disclaimer

The information available in this part of the website is disclosed solely for the purposes of and in accordance with the disclosure obligations required by rule 26 of the AIM Rules for Companies. The Company does not intend documents posted or referred to in this section of the website to be used for any purpose beyond fulfilling its obligations under Rule 26. Any such documents may contain information which has become out of date, and accordingly no reliance should be placed on the information or opinions contained in any such document or on its completeness and no undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of the Company or any of its directors, officers, partners, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained in any such document and no responsibility or liability is accepted by any of them for any such information or opinions.