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Lekoil Ltd on Friday said Non-Executive Chair Olapade Durotoye plans to take up a ‘significant’ role with Savannah Energy PLC in Nigeria.
Lekoil is a litigation asset company with an investment in oil & gas assets in Nigeria. Meanwhile, Savannah Energy is an energy company focused on Africa.
Savannah Energy is an investor in Lekoil and, according to the terms of the convertible facility agreement between the companies, Savannah Energy is entitled to appoint two of Lekoil's directors to its board. Durotoye will take up the second director's seat.
Durotoye was appointed to chair of Lekoil in June.
‘The board will assess any required changes to the board to maintain the balance of independent directors as soon as possible,’ it added.
Shares in Lekoil were down 6.6% to 0.775 pence each on Friday afternoon, meanwhile Savannah Energy shares up 1.9% to 33.61p each.
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