On March 2, 2022, Lekoil Nigeria Ltd announced that it has proposed 1) a restructuring to remove the costs associated with Lekoil Limited, 2) requisition an extraordinary shareholders meeting to remove the board in its entirety, 3) shareholders vote against the approval of the Option Agreement at the forthcoming extraordinary general meeting of the Company convened to approve the Option Agreement, and 4) immediately commence legal action to prevent the implementation of and to void the Savannah CFA, the Option Agreement and the Tripartite Agreement. In addition, Lekoil Nigeria and its management team intends to take all legal action to protect the assets of Lekoil Nigeria and protect the interests of Shareholders including bringing claims for inducement of breach of contract against any party that may have done so.