Lekoil Limited (LEK.L) Operational Update

LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, is pleased to provide the following corporate and operational update:

Operational Development for the month of November 2021 taken from information provided by Lekoil Nigeria

· Otakikpo:

o Oil production in November 2021 of 4,118 bopd (gross)/1,647 bopd (net).

o Oil production in November was impacted by well production control to arrest developing water and the shut in of several conduits to prevent tank tops.

o Ongoing technical work for drilling of two (2) additional production wells, namely finalizing logging program and perforation depths and initiation of detailed well planning.

o No material progress/update on financing required to drill additional production wells.

· OPL 310 (Ogo):

o Executed tripartite agreement to procure wellhead and mudline system and issued purchase order.

· OPL 325:

o No material update.

· OPL 276

o No material update.

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.

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