LEKOIL (AQSE: LEK), the Cayman Islands litigation asset company with an investment in oil & gas assets in Nigeria, wishes to announce that its Non-Executive Chairman, Mr Olapade Durotoye has notified the Board of Directors of his intention, subject to final agreements, to take up a significant role with Savannah Energy PLC in Nigeria.

Savannah Energy is an investor in the company and by the terms of the Convertible Facility Agreement between the Company and a Savannah Energy subsidiary (as announced by the Company on 28 February 2022), the Savannah Energy subsidiary is entitled to appoint two Directors to the Board of the Company. Mr Durotoye will take up the second Director’s seat.

The Board will assess any required changes to the Board to maintain the balance of Independent Directors as soon as possible.