Lekoil Limited Award of Options to Directors and PDMRs (3731X)

TIDMLEK

RNS Number : 3731X

Lekoil Limited

09 August 2018

9 August 2018

Lekoil Limited

("LEKOIL" or the "Company")

Award of Options to Directors and PDMRs

LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, announces that the Company has made the following awards of options over ordinary shares of par value US$0.00005 each in the capital of the Company ("Ordinary Shares") to Directors under the Long Term Incentive Plan for the CEO and CFO, and the Non-Executive Director Share Plan for the Non-Executive Directors:

 
                                                    Options     Existing 
 Director              Position                     granted      options   Total options 
--------------------  -------------------------  ----------  -----------  -------------- 
 Olalekan Akinyanmi    Chief Executive Officer    2,500,000   11,223,000      13,723,000 
 Lisa Mitchell         Chief Financial Officer    1,500,000    1,500,000       3,000,000 
 Samuel Adegboyega     Non-executive Chairman       100,000      950,000       1,050,000 
 Aisha Oyebode         Non-executive Director       100,000      387,500         487,500 
 John Van Der Welle    Non-executive Director       100,000      387,500         487,500 
 Hezekiah Adesola 
  Oyinlola             Non-executive Director       100,000      200,000         300,000 
 Gregory Eckersley     Non-executive Director       100,000    1,362,500       1,462,500 
 Tom Schmitt           Non-executive Director       100,000            -         100,000 
 

The Company has also made awards of options over Ordinary Shares under the Long Term Incentive Plan for the following members of the senior management team that the Company has designated as persons discharging managerial responsibilities ("PDMRs"):

 
                                                      Options    Existing 
 Name                 Position                        granted     options   Total options 
-------------------  -----------------------------  ---------  ----------  -------------- 
 Adeleke Adedipe      Chief Operating Officer         300,000   1,500,000       1,800,000 
 Samuel Olotu         Chief Technical Officer         375,000   7,325,000       7,700,000 
 Dotun Adejuyigbe     GM, Commercial                  250,000   2,650,000       2,900,000 
 U. Hamilton Esi      GM, Communications              150,000   1,230,000       1,380,000 
 Gloria Iroegbunam    GM, Legal                       200,000   2,200,000       2,400,000 
 Kike Fajemirokun     Head, HR and Administration     150,000   1,000,000       1,150,000 
 Shola Adekeye        MD, LEKGAS                      200,000     600,000         800,000 
 

In addition, 2,005,000 options over Ordinary Shares are being made available to other eligible employees under the Long Term Incentive Plan.

All options issued under these awards are being issued with an exercise price of 19.73p, being the trailing three day average closing price prior to the date of grant. Options have a three-year vesting period from the date of award and a seven year expiry from when the options vest.

The Directors currently have the following interests in ordinary shares in addition to the options set out above:

 
                                                                         % of issued 
 Director               Position                   Number of shares    share capital 
---------------------  -------------------------  -----------------  --------------- 
 Olalekan Akinyanmi     Chief Executive Officer          39,332,551              7.3 
 Lisa Mitchell          Chief Financial Officer                   -                - 
 Samuel Adegboyega      Non-executive Chairman            1,160,000              0.2 
 Aisha Oyebode          Non-executive Director              256,250              0.1 
 John Van Der 
  Welle                 Non-executive Director                    -                - 
 H. Adesola Oyinlola    Non-executive Director              632,431              0.1 
 Gregory Eckersley      Non-executive Director            3,003,050              0.5 
 Tom Schmitt            Non-executive Director                    -                - 
 

For further information, please visit www.lekoil.com or contact:

 
LEKOIL Limited 
 Alfred Castaneda, Investor Relations 
 Lisa Mitchell, Chief Financial Officer        [phone] 
Strand Hanson Limited (Financial & 
 Nominated Adviser) 
 James Harris / James Spinney / Ritchie 
 Balmer                                        [phone] 
Mirabaud Securities Limited (Joint 
 Broker)                                       [phone] / +44 20 
 Peter Krens / Edward Haig-Thomas              7878 3447 
BMO Capital Markets (Joint Broker) 
 Jeremy Low / Neil Haycock / Thomas 
 Rider                                         [phone] 
Numis Securities (Joint Broker) 
 John Prior / Ben Stoop                        [phone] 
Tavistock (Financial PR) 
 Simon Hudson / Barney Hayward / Charles 
 Vivian                                        [phone] 
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

-ends-

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August 09, 2018 08:42 ET (12:42 GMT)