Interim Results Reporting Timeline and Optimum Payment

Source: www.gulfoilandgas.com 9/28/2020, Location: Africa

LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa, provides the following corporate update:

Interim Results Reporting Timeline
In line with the guidance issued by AIM regulation in an inside AIM notification dated 9 June 2020, and the ongoing COVID-19 related disruption to processes, the Company is availing of the one month extension to the date by which it is required under AIM Rule 18 to publish its interim accounts for the six months ended 30 June 2020. Accordingly, the Company is required to publish its 2020 interim accounts by 31 October 2020.

Optimum Payment
The Company is in discussions with Optimum regarding a deferment of the payment due on the 30 September 2020 of US$2.0 million. The intention is to focus the Company's resources on securing funding for the second phase of the Otakikpo development as well as the Ogo appraisal programme. The Company is hopeful of a mutually acceptable solution being reached between the Parties and will update shareholders as and when appropriate.


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