Director Loan - Update of Legal Claims

Source: www.gulfoilandgas.com 1/19/2022, Location: Africa

LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa, notes that as previously announced, the recovery of the CEO loan made to Mr. Olalekan Akinyanmi is the subject of two lawsuits, one brought by the Company in the Courts of England & Wales and one brought by Mr. Akinyanmi in the Courts of New Jersey.

In respect of the Company's lawsuit brought in England & Wales, the Courts have declined to accept jurisdiction over the matter.

In respect of the Mr. Akinyanmi's lawsuit brought in New Jersey, the Company is expecting a hearing on the relevant jurisdiction for the claims in the very near future.

Upon receipt of both judgements, the Company will update the market as to the next steps in the recovery of the CEO loan.

The Company believes that the current outstanding balance of the CEO loan is circa US$1.5m.


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