AQSE Growth Market Rule 4.14

The following information is disclosed in accordance with AQSE Growth Market Rule 4.14.

Last updated on 18 May 2022
Business Description

LEKOIL is an African focused oil and gas exploration and production company which currently holds interests in Nigeria. The Company was founded in 2010 by a group of leading professionals with extensive experience in the international upstream oil and gas industry as well as in global fund management and investment banking.
 
The Company entered into a farm out agreement, in Febrauary 2013, with Afren PLC to acquire an overall 30 per cent economic interest, including a 17.14 per cent participating interest, in OPL310, an offshore Nigerian asset located in the Dahomey-Benin Basin. OPL310 represents an early stage asset with significant potential and strong partners. The initial exploration well, Ogo-1, was spudded on the 23rd April 2013.

Company Information

LEKOIL Limited is an exempted limited liability company incorporated and registered in the Cayman Islands on 3 December 2010 (Registration Number WK-248859). The Company’s principle subsidiary, LEKOIL Nigeria, was an incorporated under the laws of the Federal Republic of Nigeria (Registration Number RC 920325). The Group’s subsidiary, LEKOIL Namibia, was incorporated in Namibia in August 2011 (Registration Number RC 2011/0523). In addition, the Group has further subsidiary companies in Benin and the USA.

The Company was established on 3 December 2010. The Company acts as the holding company for the Group, which intends to use its access to potential oil and gas licence interests and its experienced management team, to build a multi-asset exploration, development and production business in Africa.

Since the Company is not incorporated in the UK and the rights of the shareholders may be different from the rights of shareholders in a UK incorporated company.

The company’s shares ceased trading on the AIM market on 18 May 2022 and are currently traded on the AQSE Growth Market. The company’s shares are not traded on any other exchange or trading platform and the AQSE shares are freely transferable.

Directors

Please click here for details of the Company’s Board of Directors

Responsibilities of the Board
The Audit Committee

The Audit Committee comprises of Anthony Hawkins, Tom Richardson, Al Tindall and Marco D’Attanasio. Mr. Tindall is an independent Non-Executive Director of the Company. The Audit Committee is chaired by Anthony Hawkins and shall meet not less than three times a year. The Audit Committee receives and reviews reports from management and from the Company’s auditors relating to the interim and annual accounts and to the internal control procedures in use throughout the Group. It is responsible for ensuring that the financial performance of the Group is properly reported with particular regard to legal requirements, accounting standards and the AIM Rules for Companies. This process includes reviews of annual and interim accounts; results announcements; risk and internal control systems; procedures; and accounting policies. The ultimate responsibility for reviewing and approving the annual report and accounts and the half-yearly reports remains with the Board.

The Remuneration Committee

The Remuneration Committee comprises of Anthony Hawkins, Tom Richardson, Al Tindall and Marco D’Attanasio. Mr. Tindall is an independent Non-Executive Director of the Company. The Remuneration Committee shall meet not less than twice a year. It is responsible for determining and reviewing the terms and conditions of service (including remuneration) and termination of employment of executive directors and senior employees and the grant of options implemented from time to time.

The Directors comply with Rule 21 of the AIM Rules relating to directors’ and applicable employees’ dealings in the Company’s securities. Accordingly, the Company has adopted the Share Dealing Code for directors and applicable employees and the Company will take all reasonable steps to ensure compliance by its directors and applicable employees with the provisions of the AIM Rules relating to dealings in securities.

Articles of Association

Please click here for details of the Company’s Articles of Association

Admission Document

Please click here for a copy of the Company’s Admission Document

Financial Reports

Click here for the latest annual report and accounts
Click here for the latest half-yearly report and accounts

Exchange/Trading Platform

LEKOIL Limited shares are admitted to trading on the AQSE Growth Market and it is not listed on any other exchanges or trading platforms. The Company was admitted to trading on the AQSE Growth Market on 18 May 2022 under the ticker LEK. Between 17 May 2013 and 18 May 2022, Lekoil Limited’s shares were traded on AIM, operated by the London Stock Exchange under the ticker LEK.

Corporate Governance

Please click here for detail of our corporate governance

Shares in Issue

Please click here to see our Shares in Issue

Significant Shareholders

Please click here to see our significant shareholders

Share Restrictions

There are no restrictions on the transfer of LEKOIL shares

Click here for LEKOIL Limited’s page on the AQSE website

Directors, Secretary and Advisers
Directors

Tony Hawkins (Interim Executive Chairman)
Tom Richardson (Non-Executive Director)
Marco D'Attanasio (Non-Executive Director)
Alphonso Tindall (Non-Executive Director)
Pade Durotoye (Non-Executive Director)
Dr. Adeoye Adefulu (Non-Executive Director)

Registered office

Intertrust Corporate Services (Cayman) Limited
190 Elgin Avenue
George Town
Grand Cayman KY1-9008
Cayman Islands

Principal place of business and business address of the Directors

Intertrust Corporate Services (Cayman) Limited
190 Elgin Avenue
George Town
Grand Cayman KY1-9008
Cayman Islands

Advisers

Corporate Adviser (AQSE)

First Sentinal Corporate Finance Limited
72 Charlotte Street
London, W1T 4QQ
United Kingdom
www.first-sentinel.com

Broker

Tennyson Securities
65 Petty France
London
SW1H 9EU
United Kingdom
www.tennysonsecurities.co.uk

Solicitors to the Company as to English law

Rosenblatt
165 Fleet Street
London, EC4A 2DY
United Kingdom
www.rosenblatt-law.co.uk

Solicitors to the Company as to Nigerian law

Streamsowers & Kohn
16D Akin Olugbade Street
Lagos
Nigeria
www.sskohn.com

Solicitors to the Company as to Cayman law

Walkers
190 Elgin Avenue
George Town
Grand Cayman KY1-9001
Cayman Islands
www.walkersglobal.com

Walkers is a leading international law firm that provides legal, corporate and fiduciary services to global corporations, financial institutions, capital markets participants and investment fund managers, and act as Solicitors to the Company as to Cayman law.

Auditors to the Company

Bright Graham Murray
Third Floor, 114A Emperor's Gate
Cromwell Rd
London SW7 4AG
United Kingdom
www.bgm.co.uk

Financial PR

Camarco
Cannongate House
62-64 Cannon Street
London EC4N 6AE
United Kingdom
www.camarco.co.uk

Registrars

Computershare Investor Services (Cayman Islands) Ltd
The R & H Trust Co Ltd
Winward1
Regatta Office Park
West Bay Road
Grand Cayman KY1-1103
Cayman Islands
www.computershare.com

Computershare Investor Services (Cayman Islands) Ltd act as the Company’s registrars and share depositary services providers.

Depositary

Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 6ZZ
United Kingdom
www.computershare.com

Disclaimer

The information available in this part of the website is disclosed solely for the purposes of and in accordance with the disclosure obligations required by rule 26 of the AIM Rules for Companies. The Company does not intend documents posted or referred to in this section of the website to be used for any purpose beyond fulfilling its obligations under Rule 26. Any such documents may contain information which has become out of date, and accordingly no reliance should be placed on the information or opinions contained in any such document or on its completeness and no undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of the Company or any of its directors, officers, partners, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained in any such document and no responsibility or liability is accepted by any of them for any such information or opinions.