PetroNor E&P ASA

Board/Management Information • Apr 7, 2020

7 April 2020

PetroNor E&P Limited ("PetroNor" or the "Company")

Appointment of Non-Executive Directors

PetroNor (OSE ticker: "PNOR") PetroNor is pleased to announce the appointment of Mr Roger Steinepreis and Mr Alexander Neuling as Non-Executive Directors to the Board of the Company with effect from 6 April 2020. Mr Steinepreis and Mr Neuling, both based in Australia, will fill the vacant roles on the Board, following the resignations of Mr Tim Turner and Dr David King during February 2020.

Mr Neuling is a chartered accountant and has been advising within extractive industries for more than 15 years. Mr Neuling has held numerous senior management positions at listed companies, and previously worked for Deloitte in London and Perth.

Mr Steinepreis is a corporate lawyer with over 30 years' experience. He currently serves as Executive Chairman of Partners of Steinepreis Paganin, the largest specialist corporate law firm in Perth, and serves on other Boards.

Following the changes announced today, the Board is comprised of six Directors:

Eyas Alhomouz	Non-Executive Chairman
Alexander Neuling	Non-Executive Director
Joseph Iskander	Non-Executive Director
Jens Pace	Non-Executive Director
Knut Sovøld	Chief Executive Office and Executive Director
Roger Steinepreis	Non-Executive Director

Commenting on today's announcement, Eyas Alhomouz, Chairman of PetroNor E&P said:

"We welcome Roger and Alexander to the Board and look forward to benefitting from their broad experience going forward. These appointments fulfil our obligations as an Australian registered company while we continue to prepare the Company for its re-domiciliation. Importantly, the size of the Board, and its associated cost base, is now more appropriate for a company of our size and the level of independence reflects our commitment to Governance. We will continue to implement cost discipline through various means including the proposed re-domiciliation that is expected to occur later this year."

*****

For further information, please contact:

Knut Søvold, Chief Executive Officer Chris Butler, Chief Financial Controller info@petronorep.com

Media Contacts: Buchanan Ben Romney/Chris Judd Tel: +44 207 466 5000