Lekoil Nigeria CEO Secures Court Injunction

RNS Number : 4275D

Lekoil Nigeria Limited
(“Lekoil Nigeria”)

LEKOIL NIGERIA CEO SECURES COURT INJUNCTION AGAINST LEKOIL LIMITED AND SAVANNAH DEAL

LAGOS, Nigeria. 02 March 2022

The Chief Executive Officer of Lekoil Nigeria, Olalekan Akinyanmi sought an injunction in the Grand Court of the Cayman Islands after  Lekoil Limited announced on February 28th 2022 , that, among other things, it had entered into a deal with Savannah Energy, which would have been massively dilutive for Lekoil Limited’s shareholders. Mr Akinyanmi sought the following relief:

1.   Until further order of the Court, Lekoil Limited (the “Company”) be restrained from issuing or allotting any shares in the Company pursuant to:

a)   a convertible facility agreement entered into by the Company on 2 September 2021;

b)   a convertible facility and option agreement entered into between the Company and Savannah Energy Investments Limited on 28 February 2022; and

c)   a tripartite agreement entered into between the Company and Savannah Energy Investments Limited and others on 28 February 2022.

The Board of Lekoil Nigeria confirms that the Grand Court has granted the interim injunction which effectively prohibits Lekoil Limited from allotting any shares pursuant to the Agreement with Savannah, among others. Lekoil Limited has the liberty to bring the matter back before the Court on 24 hours’ notice to Mr Akinyanmi.

Lekoil Nigeria had, on Tuesday, March 1, 2022, released its response to the Lekoil Limited and Savannah deal. The updated response is attached.

http://www.rns-pdf.londonstockexchange.com/rns/4275D_1-2022-3-2.pdf

For further information, please contact:

LEKOIL Nigeria Limited
Hamilton Esi, Corporate Communications
+234 810 642 1047
Damilola Isafiade, Investor Relations
+234 818 007 5493

Hudson Sandler (Financial PR)
Mark Garraway
+44 (0)7771 860938

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