Lekoil Votes In Favour Of Agreement With Savannah Energy

Lekoil Ltd, oil and gas exploration and production company focused on Nigeria and West Africa has voted to approve the option agreement entered into with Savannah Energy Investments with 82 per cent for and 18 per cent against.

It also voted to issue 151.8 million in fully paid shares, in an Extraordinary General Meeting(EGM).

Interim chair, Anthony Hawkins said: “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 Mr. 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.”

Hawkins, further said: “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.”