NIGERIA: Lekoil Responds to Press Speculation on Metallon Corporation Shareholding

LEKOIL notes the recent local press speculation in relation to a letter received by the Company from the Honourable Minister of State of Petroleum Resources of Nigeria in connection with the prior acquisition of a significant shareholding in the Company by Metallon Corporation Limited  and the requirements that a significant change in shareholding be in adherence with the requirements of Nigerian Petroleum Act and related guidelines and procedures.

The Company confirms that it has notified Metallon of this matter and has advised Metallon, as a matter of urgency, to liaise with the Federal Ministry of Petroleum Resources in order to resolve any issues arising from the acquisition of Metallon’s shareholding.

In the event that Metallon’s acquisition of its shareholding in the Company has not complied with Nigerian legislation and, in the absence of any suitable remedial action, sanctions (which ultimately can include Licence revocation) could be imposed directly on the Company by the Ministry of Petroleum Resources.