IN BRIEF: Lekoil Informs Metallon Of Nigeria Petroleum Ministry Letter

Lekoil Ltd - oil & gas exploration and production in Nigeria - Notes recent local press ...

Alliance News 7 January, 2021 | 7:21PM
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Lekoil Ltd - oil & gas exploration and production in Nigeria - Notes recent local press speculation in relation to a letter received from the Minister of State of Petroleum Resources of Nigeria in connection to significant shareholding by Metallon Corp Ltd as relates to Nigerian Petroleum Act, saying it must be compliant with ministerial guidelines. Lekoil confirms that it has notified Metallon of this matter and has advised Metallon to liaise with the Federal Ministry of Petroleum Resources in order to resolve any issues from Metallon's shareholding. Metallon holds 15% stake in Lekoil.

The government, through the Ministry of Petroleum Resources, has objected to tactics adopted by South African company Metallon in relation to potential takeover of Lekoil. At the end of 2020, Metallon called for an extraordinary general meeting with a proposition to change Lekoils chair and also introduce three new board members.

Current stock price: 1.8 pence

Year-to-date change: up 2.9%

By Arvind Bhunjun; arvindbhunjun@alliancenews.com

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