Lekoil Limited Award of Options (5379J)

TIDMLEK

RNS Number : 5379J

Lekoil Limited

29 June 2017

29 June 2017

Lekoil Limited

("LEKOIL" or the "Company")

Award of Options

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 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, which were approved by shareholders at the Company's AGM held on 8 August 2016:

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

All options issued under these awards are being issued with an exercise price of 15.92p, being the .

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

 
 Director              Position                   Number of      % of issued 
                                                     shares    share capital 
--------------------  ------------------------  -----------  --------------- 
                       Chief Executive 
 Olalekan Akinyanmi     Officer                  39,332,551              7.3 
 Bruce Burrows         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          Non-executive Director             -                - 
  Welle 
 H. Adesola 
  Oyinlola             Non-executive Director       632,431              0.1 
 Gregory Eckersley     Non-executive Director     2,953,050              0.5 
 

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

LEKOIL Limited

Alfred Castaneda, Investor Relations

Hamilton Esi, Corporate Communications

[phone] / [phone]

Strand Hanson Limited (Financial & Nominated Adviser)

James Harris / James Spinney / Ritchie Balmer

[phone]

Mirabaud Securities LLP (Joint Broker)

Peter Krens / Edward Haig-Thomas

[phone] / [phone]

BMO Capital Markets (Joint Broker)

Jeremy Low / Neil Haycock / Thomas Rider

[phone]

Tavistock (Financial PR)

Simon Hudson / Barney Hayward

[phone]

-ends-

This information is provided by RNS

The company news service from the London Stock Exchange

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June 29, 2017 02:23 ET (06:23 GMT)