Lekoil Limited Directorate Changes (2354O)

TIDMLEK

RNS Number : 2354O

Lekoil Limited

09 June 2022

9 June 2022

Lekoil Limited

("LEKOIL" or the "Company")

Directorate Changes

LEKOIL (AQSE: LEK), the Cayman Islands company with an investment in oil & gas assets in Nigeria, is pleased to announce the following appointments to the Company, each with immediate effect:

   --      Mr. Olapade Durotoye becomes the Non-Executive Chairman 
   --      Mr. Guy Oxnard becomes an Executive Director 
   --      Mr. Dipo Sofola becomes a Non-Executive Director 

The appointments are part of a managed succession planning in which Mr. Anthony Hawkins and Mr. Al Tindall will each cease being Directors of the Company as of 30 June 2022. Mr. Hawkins has served as a Non-Executive Director of the Company since January 2020 and as the Interim Executive Chairman since June 2021. Mr Tindall has been a Non-Executive Director of the Company since April 2021.

Commenting on the Board changes, Mr. Anthony Hawkins, said:

" I am very pleased to welcome Mr. Durotoye into the role of Non-Executive Chairman. He brings a wealth of experience of the Nigerian oil & gas industry into the role and I believe he, and the rest of the Board, are well placed to guide the Company in the recovery of its investments in Lekoil Nigeria.

The Board is delighted to welcome Mr. Oxnard and Mr. Sofola to the Company.

Mr. Oxnard brings over 25 years of legal and commercial experience to the Company and is well placed to assist in the administration of the Company, having advised the Company since September 2021 on a number of matters.

Mr. Sofola brings with him a wealth of intimate knowledge of the Nigerian energy sector, currently he is Business Development Manager at Savannah Energy. As previously disclosed, the Company's arrangements with Savannah Energy Investments Limited permit it to appoint a director to the Board of the Company and we welcome Mr. Sofola's appointment as we believe he will contribute a depth of sector knowledge and practical experience to the Board and the Company."

Commenting on the Board changes, the Company's Chairman, Mr. Olapade Durotoye said:

"I'd like to thank Mr. Hawkins and Mr. Tindall for all their work since the times of their appointment. In particular, I would like to recognise the role Mr. Hawkins has played in ensuring that the Company has been able to protect its position vis-à-vis Lekoil Nigeria over the past 12 months.

Looking forward, the Company will continue to act in the best interests of our shareholders as we look to protect and recover our investments in Lekoil Nigeria."

Details of each of the appointees is set out below:

Mr Guy Oxnard is a common law qualified upstream and midstream oil & gas lawyer with experience on four continents, including Africa. As a General Counsel, Executive Manager, Company Secretary and Head of Compliance he has specialised in the structuring, financing and management of transborder pipeline projects, with particular interest in joint venture governance. He also is experienced in M&A and litigation management. Prior to joining Lekoil, Mr Oxnard worked with Tullow Oil plc, Trans Adriatic Pipeline AG, Apache Energy Corp and law firm Herbert Smith Freehills.

Mr. Dipo Sofola is a senior oil and gas executive with over a decade of energy experience, focused on energy commercialization and business development in the Nigerian oil and gas sector. Mr. Sofola is a Business Development Manager for Savannah Energy, where he leads on significant strategic projects, in line with Savannah Energy's objective of delivering impactful and transformative energy projects on the African continent. Previously, Mr. Sofola was a Senior Commercial Advisor at Seven Energy (now Savannah Entergy), leading on commercial transactions. He has also previously worked as a Business Development analyst with multinational telecommunications group, Etisalat in Nigeria. Mr. Sofola holds a BA (Hons) in Business Finance from University of Durham and an MSc in Project and Enterprise Management from University College London.

The following information is provided for the purpose of Rule 4.9 of the AQSE Growth Market Access Rulebook for Mr. Guy Oxnard. There is no further information to be disclosed pursuant to Rule 4.9 of the AQSE Growth Market Access Rulebook.

 
 Current directorships and/or   Former directorships and/or partnerships 
  partnerships:                  (within the last five years): 
 Oxon Hall Management Limited 
                               ----------------------------------------- 
 

The following information is provided for the purpose of Rule 4.9 of the AQSE Growth Market Access Rulebook for Mr. Dipo Sofola. There is no further information to be disclosed pursuant to Rule 4.9 of the AQSE Growth Market Access Rulebook.

 
 Current directorships and/or    Former directorships and/or partnerships 
  partnerships:                   (within the last five years): 
 Pine Park Limited               Savannah Energy Investment Limited 
  Kaydars Learning Academy        Blue Oasis Global Investment Limited 
  Barbar Multidynamic Concepts 
  and Services Limited 
  Panda Express Meals Limited 
  284 Lounge Limited 
                                ----------------------------------------- 
 

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 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

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

 
First Sentinel Corporate Finance Ltd (AQSE 
 Corporate Adviser) 
 Brian Stockbridge                                [phone] 
Tennyson Securities (Broker) 
 Peter Krens                                      [phone] 
                                              -------------------- 
Camarco (Financial PR Advisor) 
 Billy Clegg / Owen Roberts / Violet Wilson       [phone] 
                                              -------------------- 
 

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June 09, 2022 02:02 ET (06:02 GMT)