PetroNor E&P ASA

Regulatory Filings • Feb 15, 2022

PetroNor E&P Limited: Indicative timeline for re-domicile process and listing of shares in PetroNor E&P ASA

Oslo, 15 February 2022: PetroNor E&P Limited (OSE ticker: "PNOR") (the "Company", and together with its consolidated subsidiaries, "PetroNor") is on track with the process to change domicile from Australia to Norway and be admitted to listing on the Oslo Stock Exchange main list ("Oslo Børs"). Following the change of domicile, PetroNor E&P ASA ("PetroNor Norway") will be the ultimate parent of PetroNor and become the listed entity. Reference is made to the press releases published in relation to PetroNor's contemplated re-domicile to Norway on each of 11 February 2022, 28 January 2022, 16 December 2022, 9 December 2022, 8 December 2022, 2 December 2022, 29 November 2021, 16 November 2021, 29 October 2021 and 27 October 2021.

In relation to the contemplated re-domicile, and in order to transfer all of the shares held by the Company's shareholders to PetroNor Norway and comply with Australian court and legal requirements, the last day of trading of the shares in PetroNor is expected to be Thursday 17 February 2022. This means that after close of trade on 17 February 2022, no further trading in the Company is expected to take place (the "Stop in Trading"). The shares in the Company are subsequently expected to be delisted on 23 February 2022 (the "Delisting"). The Stop in Trading and Delisting are subject to PetroNor Norway's listing application being approved by Oslo Børs' listing committee (expected 16 February 2022) and the Australian court's approval of the Scheme (expected 17 February 2022).

Holders of shares in PetroNor at the end of trading 17 February 2022, as evidenced by the VPS register on 21 February 2022 (the "Record Date"), will be eligible to receive one share in PetroNor Norway for each share registered with VPS on the Record Date. Effectively, this means that shareholders as at the record date will exchange their shares in PetroNor trading on Euronext Expand with an equal number of shares in PetroNor Norway trading on the main list of Oslo Børs. Shareholders are informed that no further actions by shareholders are required for this exchange to take place. The shares in PetroNor Norway are expected to commence trading on Oslo Børs from 28 February 2022 (the "Listing Date").

The new shares in PetroNor Norway will be delivered to the VPS accounts of the shareholders (either personal accounts or through nominee arrangements) as at the Record Date as soon as practically possible after registration of such shares in the Norwegian Register of Business Enterprises. The new shares in PetroNor Norway will not be tradeable on Oslo Børs before the Listing Date.

The above is subject to the Australian scheme of arrangement being successfully completed (expected on or about 24 February 2022).

Set out below is an indicative timeline of the re-domicile process. Separate stock exchange releases will be announced in connection with each of these milestones:

16 February 2022	Oslo Børs Listing Committee Meeting and conditional approval of listing application for PetroNor Norway
17 February 2022	Australian Court approval of the Scheme
17 February 2022	Last day of trading of the PetroNor shares after close of business
23 February 2022	Delisting of shares in PetroNor Australia
24 February 2022	Implementation of Scheme
24 February 2022	Extraordinary general meeting for PetroNor Norway to resolve to issue shares to shareholders registered with VPS on the Record Date

25 February 2022 Issue of shares in PetroNor Norway registered and delivered to VPS accounts

At the latest prior to 08:00 on the Listing Date Publication of PetroNor Norway prospectus

28 February 2022 PetroNor Norway Shares commence trading on Oslo Børs (Listing Date)

All dates are indicative only. PetroNor has the right to vary any or all of these dates and times, subject to the approval of such variation by the Court in Australia and PetroNor Norway, where required. When the term "shares" are used above as a description of the current securities of PetroNor, it is a reference to the depository receipts trading on Euronext Expand.

For further information, please contact:

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

About PetroNor E&P Limited

PetroNor E&P Limited is an Africa-focused independent oil and gas exploration and production company listed on Oslo Euronext Expand with the ticker PNOR. PetroNor E&P Limited holds exploration and production assets offshore West Africa, specifically the PNGF Sud licenses in Congo Brazzaville, the A4 license in The Gambia, the Sinapa (Block 2) and Esperança (Blocks 4A and 5A) licenses in Guinea-Bissau, the Rufisque Offshore Profond and Senegal Offshore Sud Profond in Senegal (in arbitration) and OML-113 in Nigeria (subject to completion).