PetroNor E&P ASA

Legal Proceedings Report • Oct 25, 2019

Judgment from Oslo District Court in relation to dispute concerning Company's Asset in Congo

Judgment from Oslo District Court in relation to dispute concerning Company's Asset in Congo

PetroNor E&P Limited ("PetroNor" or the "Company") provides the following statement regarding the judgment received today from the Oslo District Court in relation to the dispute concerning Company’s asset in Congo.

As set out in the press release dated 7 October 2019, the case concerns a lawsuit by Mr. Trond Kostveit against certain shareholders in PetroNor and involves PetroNor's subsidiary Hemla Africa Holding AS ("HAH"). In the judgment received today, the claims put forth by Mr. Kostveit have been rejected in their entirety and Mr. Kostveit has been ordered to pay NOK 1 571 149 to cover the costs incurred by HAH, Mr. Gerhard Ludvigsen and Mr. Knut Søvold in connection with the dispute.

This announcement is subject to disclosure pursuant to section 5-12 of the Norwegian Securities Trading Act.

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For further information related to the above, please contact:

Jens Pace, Chief Executive Officer

Stephen West, Chief Financial Officer

Tel: +44 20 3655 7810

Media Contacts:

Buchanan

Ben Romney/Chris Judd

Tel: +44 207 466 5000