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Description of business:
The Company is an exempted limited liability company incorporated in the Cayman Islands on 3 December 2010. The Company acts as the holding company for the Group, which intends to use its access to potential oil and gas licence interests and its experienced management team, to build a multi-asset exploration, development and production business in Africa. The Company's principal subsidiary, Lekoil (Nigeria) Limited, a company incorporated in Nigeria, ("Lekoil Nigeria"), was incorporated on 5 November 2010 and the Company considers Nigeria as its main country of operation. Nigeria Lekoil Nigeria's subsidiary, Mayfair Assets & Trust Limited ("Mayfair"), has entered into a farm out agreement with a subsidiary of Afren plc by which Mayfair will ultimately acquire, upon completion, an overall 30 per cent economic interest including a 17.14 per cent. participating interest in OPL310, an offshore Nigerian asset located in the Dahomey-Benin Basin. OPL310 represents an early stage asset with significant potential and strong partners. The Company is entitled to 90 per cent. of the income and capital distributed from Lekoil Nigeria and therefore has an indirect 27 per cent. economic interest and an indirect 15.43 per cent. participating interest in OPL310. Unrisked net recoverable prospective resources attributable to the Company have been estimated by Netherland, Sewell & Associates, Inc. at c.128.5 mmboe with production estimated to commence, assuming positive drilling results, in late 2015 at the earliest. Namibia In addition, the Company's Namibian subsidiary, Lekoil Exploration and Production (Pty) Ltd ("Lekoil Namibia"), is the operator of Namibian offshore exploration blocks, located in the prospective Luderitz Basin. Lekoil Namibia holds a 77.5 per cent. participating interest and economic interest in Blocks 2514 A & B. Lekoil Namibia intends to acquire 2D seismic data in 2014 as a first step towards defining drillable exploration prospects. The Company is entitled to 90 per cent. of the income and capital distributed by Lekoil Namibia, equating to an indirect 69.75 per cent. participating interest and economic interest in Blocks 2514 A & B.

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Lekoil Limited (the "Company", or, together with its subsidiaries, the "Group")

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