Lekoil Limited Provides Operational Update

LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa, is pleased to provide the following corporate and operational update:

Operational Development for the month of January 2022 taken from information provided by Lekoil Nigeria

· Otakikpo:
o Oil production in January 2022 of 4,544 bopd (gross)/1,817 bopd (net).
o Oil production in January was interruption free.
o Ongoing work for drilling of two (2) additional production wells, namely: preparation of drillsite and campsite; movement of rig to well site for warm stack; engaged vendors for procurement of long lead items; financial commitments stalling procurement.

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

· OPL 325:
o No material update.

· OPL 276
o No material update.