Lekoil Limited OPL 310 Licence Relief from Expiration (4071I)
November 26 2018 - 1:00AM
UK Regulatory
TIDMLEK
RNS Number : 4071I
Lekoil Limited
26 November 2018
26 November 2018
LEKOIL Limited
("LEKOIL" or the "Company")
OPL 310 Licence Relief from Expiration
LEKOIL (AIM: LEK), the oil and gas exploration, development and
production company with a focus on Africa, announces that the
Company has written to the Federal Ministry of Petroleum Resources
for a relief from enforcement of expiration of the exploration
licence for lease OPL 310 in which it holds an unconditional 17.14
per cent interest and an additional 22.86 per cent interest, which
is subject to Ministerial consent.
LEKOIL has requested that the Ministry grant an extension of the
license beyond February 2019 in order to recover the three years
and one month lost due to regulatory delays beyond the control of
the Company and thereby enable the current holders of participating
interests in OPL 310 to fulfil the requirements for the conversion
of OPL 310 to an OML.
Lekoil believes it has valid grounds under the relevant
Petroleum Act of 1969 for being granted an extension, and will
provide an update in due course.
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 ("MAR").
For further information, please visit www.lekoil.com or
contact:
LEKOIL Limited
Alfred Castaneda, Investor Relations
Lisa Mitchell, Chief Financial Officer +44 20 7920 3150
Strand Hanson Limited (Financial &
Nominated Adviser)
James Harris / James Spinney / Ritchie
Balmer +44 20 7409 3494
Mirabaud Securities Limited (Joint
Broker) +44 20 7878 3362 / +44 20
Peter Krens / Edward Haig-Thomas 7878 3447
BMO Capital Markets (Joint Broker)
Jeremy Low / Thomas Rider +44 20 7236 1010
Numis Securities (Joint Broker)
John Prior / Ben Stoop +44 20 7260 1000
Tavistock (Financial PR)
Simon Hudson / Nick Elwes / Barney
Hayward +44 20 7920 3150
-ends-
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END
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