Lekoil : Directorate Changes

RNS Number : 7631Y

Lekoil Limited

06 January 2020

6 January 2020

Lekoil Limited

("LEKOIL" or the "Company")

Directorate Changes

LEKO I L (AI M: LEK), the oil and gas explora on and produc on company with a focus on Nigeria and West Africa,is pleased to announce the appointment of The Rt. Hon. Mark Simmonds and Mr. Tony Hawkins as Non-Executive Directors, with immediate effect.

years and was also a senior advisor to the then Prime Minister, David Cameron. He focused on driving and facilita ng inward investment into Africa and the Commonwealth across a range of key economic sectors including Hydrocarbons, Financial Services, Healthcare, Infrastructure, Energy & Agriculture.

Mr. Simmonds has a deep knowledge of the economic and poli cal composi on of African Governments, countries and regions and has chaired the UN Security Council on two occasions . He is Chairman of Africa O il Week, "The Davos of Africa's Hydrocarbon I ndustry" the link between African Governments and the Private Sector and chairs the African O il Week Advisory Board. He is addi onally involved in clean technology for the Hydrocarbon Sector. He has several other interna onal roles which include being a senior advisor to Kroll, chairman of the Advisory Board of the global investment pla orm, I nvest Africa, senior adviser to a Global Mul -Strategy Hedge Fund, senior adviser to a large UK based Family O ffice, Chairman of GI G Technology and an Advisory Board Member of the Commonwealth I nvestment Council. He also has roles with not for profit organisa ons, including as Honorary Vice President of Flora & Fauna I nterna onal . He is a Trustee of the Bri sh I ns tute in East Africa, a Board Member of Engender Health and of a member of Her Majesty's Privy Council .

Mr. Hawkins, aged 48, is an English and Australian qualified lawyer of twenty (20) years' experience, who has worked in both private prac ce and corporate roles . He is a senior energy lawyer, asset manager and commercial nego ator, predominately in oil and gas but also in power, LNG and renewables . Mr. Hawkins is currently the Chief Execu ve O fficer at Columbus Energy Resources plc as well as owning a consultancy firm. Previously, he was Legal and M&A Director at Columbus Energy Resources plc which followed his role as General Counsel & Head of Commercial for Sterling Energy plc, a London listed oil & gas company. Prior to Sterling Energy, Tony spent six (6) years at Centrica plc (a FTSE 100 listed u lity), where he had several roles, including interim General Counsel for Centrica Energy. Prior to that, he worked for ten (10) years in private prac ce in Australia and the UK, most recently with Dewey LeBoeuf in London.

Mr. Hawkins is a member of the Associa on of I nterna onal Petroleum Nego ators and was previously a member of the legal commi ee of O il & Gas UK where he was instrumental in helping to develop the standard DES LNG Master Sale Agreement for the European Federation of Energy Traders .

Concurrent with these appointments, LEKO I L announces that Mr. Greg Eckersley,who has served as LEKO I L's interim Chief Financial O fficer since May 2019, will not be returning to his previous role on LEKO I L's Board as a Non-Execu ve Director following the comple on of his six (6) month term in that posi on. The Company's finance func on will be overseen by a recently appointed CFO of Nigerian opera ons, with the assistance of the wider LEKO I L finance team. The process to appoint a candidate to assume overall responsibility for the group finance func on is ongoing and the Company looks forward to providing an update as and when appropriate.

I n addi on, Non-Execu ve Director, John van der Welle, will also be stepping down from LEKO I L's Board with immediate effect. Hezekiah Adesola Oyinlola will assume the role of Chair of the Audit Committee following John's departure.

Greg Eckersley, interim Chief Financial Officer, commented: "I t has been a pleasure to be part of the LEKO I L story from its incep on, and as a founding Board member since I P O. I n the last seven years it has acquired world class assets and has built a highly skilled and technically competent team. I am pleased with the role that I was able to play in helping achieve this, despite the challenging oil E&P environment that we have had to carefully navigate through. My me as interim CFO was primarily focused on strengthening the financial repor ng and procurement system in order to ensure the company is properly prepared for the next phase in its growth. W ith the important recent extension of the O P L 310 License, the signing of O P L 276 and O P L 325 agreements, and the successful securing of ini al development funding, the next few years will be an exci ng growth period for LEKO I L and its shareholders . I t will be a period that will likely benefit from a new and fresh perspec ve, which I expect both Mark and Tony will be able to provide to the Board. I wish them, the Board and the full LEKOIL team, every success in 2020 and beyond."

John van der Welle, N on-Execuve Director, commented:"Having served on the Board for over six years since the I P O in 2013, through the early stages of the Company's growth achieved in challenging mes in the E&P sector, I would like to wish the Company the very best as it embarks on an exciting operational programme moving forward."

Samuel Adegboyega, Chairman of L EKO IL , commented:"I would also like to welcome Mark and Tony to the Board and tha nk both Greg and John for their significant contribu on to LEKO I L. I know I speak on behalf of the full Board when I say that we will miss their contribution to the Board function, and we wish them all the best in their future endeavors ."

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