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Oil Capital
Market: AIM
52-week High/Low: 22.25p / 14.13p
Sector: Energy
Market Cap: 95.23M

Lekoil is an Africa focused oil and gas exploration and production company with interests in Nigeria and Namibia. The Company was founded in 2010 by a group of leading professionals with extensive experience in the international upstream oil and gas industry as well as in global fund management and investment banking.

Lekoil is traded in the NEX Exchange HERE

Lekoil Ltd

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Big picture - Why invest in Lekoil Ltd

Lekoil Ltd Snapshot


Pan African Strategy focusing on:

  • Dahomey Basin
  • Niger Delta
  • New Basins


  • Create a balanced portfolio of exploration production assets
  • Exploit overlooked opportunities in new and existing basins
  • Utilize corporate structures and partnerships that benefit from advantageous fiscal terms to indigenous companies
  • Utilize and grow regional and intra-continental relationships
  • Optimize our strong technical team and industry relationships
  • Maximize our strong relationships in financial industry

Growth strategy overview

Medium-term (18 – 36 months)


  • Commence and grow production from Otakikpo Marginal field.
  • Further appraisal of OPL 310.
  • Grow asset portfolio with value accretive acquisitions in line with corporate strategy.
  • Namibia: Historical data review prior to basin study and new data acquisition.
  • Build out Dahomey basin portfolio.

Long-term (36+ months)



  • Continue phased implementation of Otakikpo development.
  • Final Investment Decision for OPL 310.
  • Add other producing assets – (marginal fields/ acquire economic IOCs divestments).
  • Pursue other opportunities in known basins.
  • Execute other studies and add high-impact, promising exploration plays.


Pipeline/Business Development priorities


Converting small to mid-sized marginal opportunities to production (operated)


Acquiring mid-large sized non-operated divestment opportunities


Acquiring and maturing appraisal opportunities


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LEKGAS was incorporated in April 2016, as a wholly-owned subsidiary of LEKOIL Ltd to engage primarily in the midstream segment of the natural gas value chain.

LEKGAS would invest / participate in the development of natural gas transportation and processing facilities, power generation and other gas utilization projects.

Additionally, LEKGAS has a mandate to ensure all upstream natural gas production from LEKOIL Ltd - and its affiliates – is profitably monetized on schedule such that oil production especially from fields with associated gas is not curtailed due to lack of a field export solution for gas.




Samuel Adegboyega - Non-Executive Chairman

Samuel has over 30 years’ experience in the oil and gas industry, and is currently Managing Director of SOWSCO Well Services (Nig.) Ltd., in Port Harcourt, Nigeria.  Samuel is a member of the Board of Trustees Ile-Oluji Economic Summit Group, a traditional local community leadership organisation as well as being a founding member of S.T. Adegboyega & Co., a Nigerian law firm.

Samuel is a founding member and current Executive of the Petroleum Technology Association of Nigeria, an association formed to bring together Nigerian oil and gas enterpreneurs.  Samuel graduated from the University of Ibadan with a degree in Petroleum Engineering.


Olalekan Akinyanmi - Chief Executive Officer

Olalekan (“Lekan”) has over 20 years’ experience in the oil and gas industry, most recently with AllianceBernstein L.P. in New York where he spent six years as a research analyst and portfolio manager covering Energy and Materials worldwide.

Lekan has held senior positions at UBS Investment Research, 3Fold Ventures and Encabler Inc, a Californian headquartered technology company specialising in interactive television software, which he founded in June 2000, as well as successfully negotiating and raising the first round of equity capital for the Company’s operations.

Prior to founding Encabler Inc, Lekan worked as lead engineer for Schlumberger Limited, where he advanced High Pressure High Temperature wireline operations for Texaco’s North Sea oil prospects.  Lekan’s work at Schlumberger took him to a number of different petroleum jurisdictions including Scotland, Oman, Pakistan, Egypt and Nigeria.

Lekan graduated from the Obafemi Awolowo University in Nigeria with a Bachelor of Science Degree in Electronic and Electrical Engineering and also holds an MBA from Massachusetts Institute of Technology (MIT) Sloan School of Management.  He is also a Member of the Society of Petroleum Engineers.


Bruce Burrows - Chief Financial Officer

Bruce Burrows is Chief Financial Officer (CFO) at LEKOIL Limited. Prior to joining LEKOIL, Bruce was the CFO of Seven Energy, a private integrated gas company in south east Nigeria, with upstream oil and gas interests in the region. Prior to Seven Energy, he was for 14 years Finance Director of JKX Oil & Gas PLC, the London listed exploration and production Company with interests in Ukraine and central and Eastern Europe. Bruce has established and maintained productive, proactive and effective relationships with investors and banks in the UK, Nigeria and internationally.

Mr. Burrows is a member of the Institute of Chartered Accountants of Australia & New Zealand and initially held various positions at Ernst & Young in both Wellington and London. He holds a BSc Honours degree from Canterbury University, a Diploma in Accounting from Victoria University.


Gregory Eckersley - Non-Executive Director

Gregory (“Greg”) has 25 years’ experience in international financial markets. He is the global head of the Abu Dhabi Investment Authority’s internal equities department, where he oversees portfolios, risk management and the due diligence process.

Prior to joining the Abu Dhabi Investment Authority, Greg worked for AllianceBernstein L.P. in New York, where he acted as Senior Portfolio Manager, leading a team responsible for the construction, management and risk control of multiple global and international growth equity portfolios.  Prior to this appointment he was with AllianceBernstein in South Africa as Chief Executive of its regional offices, Draycott Partners, Century Asset Management and CIGNA International Investment Advisors in London.

Greg graduated from Oxford University in 1987 with a degree in Philosophy, Politics and Economics (PPE), where he also received a Rhodes scholarship.  He then undertook a programme in Investment Management and Modern Portfolio Theory at the London Business School.


Aisha Oyebode - Non-Executive Director

Mrs. Aisha Oyebode is the CEO of the Murtala Muhammed Foundation and Group Chief Executive Officer, Asset Management Group (AMG) Limited. Prior to becoming CEO, Aisha was the Executive Director of AMG from October 1991-June 1993. Aisha is a legal practitioner with an LL.M (Public International Law) from Kings College, University of London and a Masters in Business Administration (MBA) with a distinction in Finance from Imperial College, University of London.

Mrs. Oyebode has several years of practical experience in corporate and litigation matters having worked in the prestigious law firm of Ajumogobia, Okeke, Aluko and Oyebode. She was called to the Nigerian Bar in 1989. She has completed several attachments with global financial institutions which include Caisse Privee Banque, Brussels; Banque Rivaud, Paris; and Banque Privee, Geneva. Aisha also serves as a member of various boards.


John Van Der Welle - Non-Executive Director

John has over 25 years’ oil industry experience, having qualified as a chartered accountant with Arthur Andersen in 1981. He is a member of the Association of Corporate Treasurers and the Institute of Taxation.

After 11 years at Enterprise Oil where he was Business Development Manager and subsequently Group Treasurer, John has been Finance Director of a number of listed E&P companies, including Premier Oil between 1999 and 2005.

He was Managing Director and Head of Oil and Gas at the Royal Bank of Scotland in 2007-2008 and, since 2010 has worked as a consultant to, and non-executive director of, a number of listed and private E&P companies including, most recently, his appointment to the board of Hurricane Energy Plc.


H. Adesola Oyinlola - Non-Executive Director

Mr. H. Adesola (‘Sola) Oyinlola  brings a wealth of industry experience to the Board. He was most recently Chairman of Africa at Schlumberger and was also the President of the Schlumberger Foundation, a non-profit corporate foundation. Having worked with Schlumberger for 30 years, Sola has held a number of senior operational positions across the world, including Vice President and Global Treasurer, and Managing Director for Nigeria and West Africa.

Sola is a co-founder of the Petroleum Club of Lagos and serves on a number of boards including Guaranty Trust Bank plc and the Schlumberger Foundation. He has a  passion for human capital and host community development, as evidenced by his participation in issues of economic development, inclusion, and mentoring. He holds a BSc in Accounting from the University of Ghana, and an MBA from Stanford University. He is an alumnus of the Oxford Institute for Energy Studies.



Last updated on 7 February 2017

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[email protected]

[email protected]

Media contact
Hamilton Esi, Vice President Corporate Communications
+234 1 2770560
+1 609 945 0805
[email protected]

Churchgate Tower 1, 9th Floor, PC 30, Churchgate Street
Victoria Island, Lagos
T. +234 1 277 0560
F. +234 1 277 0561

136 Main Street
Suite 301
Princeton, NJ 08540
T. +1 609 945 0805
F. +1 609 945 1137

Berkeley Square House
Suite 276
Berkeley Square
London W1J 6BD
T. +44 207 887 1446


Tavistock Communications
131 Finsbury Pavement
London EC2A 1NT
T: +44 (0)207 920 3150

Registered office:

Intertrust Corporate Services (Cayman) Limited
190 Elgin Avenue
George Town
Grand Cayman KY1-9005
Cayman Islands

Principal place of business and business address of the Directors:

Churchgate Tower 1, 9th Floor
PC 30 Churchgate Street
Victoria Island

Financial and Nominated Adviser:

Strand Hanson Limited
26 Mount Row
London W1K 3SQ
United Kingdom

Joint Brokers:

Mirabaud Securities LLP
33 Grosvenor Place
London SW1X 7HY
United Kingdom

BMO Capital Markets
95 Queen Victoria Street
London EC4V 4HG
United Kingdom

Solicitors to the Company as to English law:

Norton Rose Fulbright LLP
3 More London Riverside
London SE1 2AQ
United Kingdom

Solicitors to the Company  as to Nigerian law:

Banwo & Ighodalo 
98 Awolowo Road
Southwest Ikoyi

Solicitors to the Company as to Namibian law:

Ellis Shilengudwa Inc
24 Orban Street
PO Box 3300

Solicitors to the Company as to Cayman law:

190 Elgin Avenue
George Town
Grand Cayman KY1-9001
Cayman Islands

Solicitors to the Company as to US law:

Fulbright & Jaworski LLP (Norton Rose Fulbright)
666 Fifth Avenue
New York 10103-3198

Solicitors to the Nominated Adviser and Broker:

Field Fisher Waterhouse LLP
35 Vine Street
London EC3N 2AA
United Kingdom

Auditors to the Company:

Akintola Williams Deloitte
Civic Centre Towers
Ozumba Mbadiwe Avenue
Victoria Island

Reporting Accountants to the Company:

55 Baker Street
London W1U 7EU
United Kingdom

Competent Person:

Netherland, Sewell & Associates, Inc
4500 Thanksgiving Tower
1601 Elm Street Suite 4500
Texas 75201

Financial PR:

Tavistock Communications Limited
131 Finsbury Pavement
London EC2A 1NT
United Kingdom


Computershare Investor Services (Cayman Islands) Ltd
The R & H Trust Co Ltd
Regatta Office Park
West Bay Road
Grand Cayman KY1-1103
Cayman Islands


Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 6ZZ
United Kingdom

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