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Lekoil announces results of extraordinary general meeting

Court grants Lekoil injunction against Optimum petroleum over oil license dispute

Lekoil Limited, the oil and gas exploration and production company with a focus on Nigeria and West Africa has announced the results of the Company’s Extraordinary Meeting (EGM) held on April 7, 2022.

Vote by shareholders with a combined share capital of 437,462,857 ordinary shares represents 58percent of the issued share capital of the Company.

The voting results show that 82percent of shareholders holding 356,596,324 units voted to approve the Option Agreement entered into with Savannah Energy Investments while 18percent (80,866,533 units) voted against it.

Also, 70percent of shareholders holdings 307,648,559 units of the company’s shares voted to authorise the directors to issue fully paid ordinary shares up to an aggregate number of 151,755,547 units while 30percent (129,814,298 units) voted against it.

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The above resolutions 1 and 2 were ordinary resolutions requiring a simple majority of votes cast to pass.

Anthony Hawkins, the Company’s Interim Executive Chairman commented: “The Company would like to thank its shareholders for approving both resolutions at the EGM. In particular, the vote in favour of entry into the Option Agreement was overwhelmingly endorsed by our shareholders (other than those associated with Lekoil Nigeria) and is a clear validation of the transactions with Savannah Energy.

“The voting also puts into context the recent actions of Akinyanmi and Lekoil Nigeria as they attempt to stifle the smooth running of the Company. The Company will continue with the work necessary to have the Company’s shares unsuspended and continue with the steps necessary to recover its investments in the Lekoil Group.”