Lekoil Nigeria secures court injunction against Lekoil, Savannah Energy

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By Henry Uche, Lagos

Following the face-off between Lekoil Nigeria Limited (Plaintiff) and Lekoil Limited (Cayman Island) & Savannah Energy investments ltd (Defendants) and with the announcement on February 8 by Lekoil Limited that it had entered into an agreement with Savannah Energy Investments Limited- a subsidiary of Savannah Energy PLC, Lekoil Nigeria Limited, joined by a number of third-parties including Lekoil Oil & Gas Investments Limited, Mayfair Assets & Trust Limited, Lekoil 276 Limited and Lekoil Exploration & Production Nigeria Limited, has been granted its Prayers by the Federal High Court Lagos- Nigeria, on Monday, April 4, before Justice Y Bogoro.

The court order made available to Daily Sun and a statement signed by Hamilton Esi and Damilola Isafiade, of Corporate Communications and Investor Relations, LEKOIL Nigeria Limited respectively and Hudson Sandler (Financial PR) Mark Garraway, revealed that upon a Motion Ex Parte filed before the same court, the Plaintiff earlier made the following prayers:

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1. An Order of the Honourable Court granting leave to issue the Originating Summons in a suit for service on the 1st and 2nd Defendants and endorse same accordingly for service outside the jurisdiction of the Honourable Court.

2. An Order of the Honourable Court granting leave to the Applicants to serve the 1st and 2nd Defendants the Originating Summons and other processes filed in the suit before the appearance of counsel on their behalf by courier service of speed post at the following addresses outside the jurisdiction of this Honorable Court:

i. Defendant- Walkers Corporate Limited, 190 Eigin Avenue, George Town Grand Cayman KY1-9001, Cayman Islands.

ii. Defendant – 40 Bank Street, London, E14 5NR.

3. An Order of interim injunction restraining the Defendants (pending the hearing of the Motion on Notice for interlocutory injunction dated 4” April, 2022 filed in the suit) from interfering with the res of the suit or carrying out any action that will foist a fait accompli on the Honourable Court in any way, form or manner, including but not limited to:

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i. Transferring interests in the 1st, 2nd, 3rd, 4th and 5th Plaintiffs;

ii. Altering the beneficial and/or equity rights of the 1st Defendant in the Plaintiffs,

iii. Taking step(s) to give effect to any agreement in any way or manner howsoever that alters (or put(s) in a position to alter) the 1st Defendant’s ownership, equity, share capital structure, rights or interest in the assets of the Plaintiffs and

4. For such Further Order or other Orders as the Honourable Court may deem fit and proper to make in the circumstances of the case.

The injunction against Lekoil Limited and Savannah Energy Investments Limited saw the court granting them (Plaintiff) its Prayers and thereupon restraining them (Defendants) from taking any steps in furtherance of the transfer of any interest/s in oil and gas assets of Lekoil Nigeria Limited and the transfer or creation of any interest in Lekoil Nigeria Limited, that will alter the ownership, equity or share capital structure of Lekoil Nigeria Limited.

Accordingly, the following resolutions are to be voted at the forthcoming Extraordinary General Meeting convened by Lekoil Limited on Thursday 7th April 2022 have been injuncted by the order of the Federal High Court of Nigeria:

• Approving the Option Agreement entered into with Savannah Investments, in accordance with the requirements of Rule 15 of the AIM Rules.

• Authorising the Directors to allot and issue fully paid ordinary shares up to an aggregate number of 151,755,547, which is approximately 20 per cent (20%) of the Company’s current issued ordinary share capital.

‘The Board of Lekoil Nigeria is delighted that the injunction has been granted, prohibiting a substantially dilutive issuance of equity and an option agreement with Savannah Energy Investments Limited which would have denied shareholders of significant value,’ the statement read affirmed.

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