PetroNor E&P ASA

Legal Proceedings Report • May 13, 2024

PetroNor E&P ASA: Company update re Økokrim charges

Oslo, 13 May 2024: PetroNor E&P ASA ("PetroNor" or the "Company") refers to previous market updates on the 2021 charges and allegation of corruption against two individuals related to the Company. The charges are instigated by the national Authority for Investigation and Prosecution of Economic and Environmental Crime in Norway (Økokrim).

The Company was today notified by Økokrim that these charges have been revised to include misleading investors through disclosures made to the market during the reverse take-over of African Petroleum Corporation Limited and subsequent disclosures. Consequently, the Company and its subsidiary Hemla Africa Holding have been given formal status as suspect for any possible corporate criminal liability resulting from the revised charges against the individuals.

Økokrim has also notified the Company that the current chairman of the Company Mr Eyas Alhomouz is subject to the charges relating to market disclosures. As announced on 8 May 2024, the nomination committee has proposed to the annual general meeting 29 May 2024 that Mr Joseph Iskander will replace Mr Alhomouz, who has decided not to stand for re-election.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Chris Butler, Group Financial Controller of PetroNor E&P ASA on 13 May 2024 at 21:00 CEST.

For further information, please contact:

Investor Relations Email: ir@petronorep.com www.petronorep.com