Lekoil Announces Annual Results for Year Ended 31 December 2020

Source: www.gulfoilandgas.com 10/18/2021, Location: Africa

LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa, announces its final audited results for the year to 31 December 2020 (the "Accounts") and a corporate and operational update.

On 30 September 2021, the Company announced that trading in the Company's Ordinary Shares ("Shares") on AIM would be suspended (under AIM Rule 19) with effect from 7.30 a.m. on 1 October 2021 pending publication of the Accounts, which has now been complied with.

Notwithstanding this, the Company has been advised by its nominated adviser that trading in its Shares will remain suspended (under AIM Rule 40) until such time as it has clarified, for the purposes of the AIM Rules, its relationship with its operating subsidiary. The Company will provide updates on the suspension when it has further information.

Operational update for the month of September 2021 taken from information provided by Lekoil Nigeria

· Otakikpo:
o Oil production in September 2021 of circa 5,169 bopd (gross)/2,067 bopd (net).
o Oil production in September 2021 was largely interruption free.
o Ongoing technical work for drilling of two (2) additional production wells.
o No material progress/update on financing required to drill additional production wells.

· OPL 310 (Ogo):
o No material update.

· OPL 325:
o No material update.

· OPL 276
o Ongoing technical and commercial work for appraisal well drilling.
o Engagement with vendors for vendor financing of appraisal wells.

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