LEKOIL, the oil and gas exploration, development and production company with a focus on Africa, provides an update on OPL310 with reference to the Company's Application for a Declaration regarding Ministerial Consent filed at the Federal High Court, Lagos on March 28, 2018.

Further to the Company's announcement on 3 December 2018, the hearing on the above matter did not occur as planned on Wednesday, January 9, 2019 due to the relevant Judge being unavailable and has been adjourned to a later date to be confirmed to the Company shortly.

The parties remain in negotiations aimed at seeking a satisfactory conclusion for all parties on the above matter.  LEKOIL and Optimum continue commercial discussions regarding the financial and technical obligations of both parties in the block once development work is underway. LEKOIL will provide further updates to the market as appropriate. The Company is represented by Fidelis Oditah QC, SAN.