PetroNor E&P ASA

Major Shareholding Notification • Jul 13, 2017

Date:22 October 2015 ESMA/2015/1597

Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the competent authority)ⁱ

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:

2. Reason for the notification (please tick the appropriate box or boxes):

[X] An acquisition or disposal of voting rights [ ] An acquisition or disposal of financial instruments [ ] An event changing the breakdown of voting rights [ ] Other (please specify) iii:

3. Details of person subject to the notification obligationiv :

Name: Sarellla Investments Ltd City and country of registered office (if applicable): BVI

4. Full name of shareholder(s) (if different from 3.)^v :

5. Date on which the threshold was crossed or reachedvi:

Trading Date 06.06.2017 / Settlement Date 08.06.2017

6. Total positions of person(s) subject to the notification obligation:

	% of voting rights at tached to shares (to tal of 7.A)	% of voting rights through financial instru ments (total of 7.B.1 + 7.B.2)	Total of both in % (7.A + 7.B)	Total number of voting rights of is suer vii
Resulting situation on the date on which threshold was crossed or reached	14.94%	-	14.94%	22'596'190
Position of previous notification (if appli cable)	N/A	N/A	N/A

7. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii:

A: Voting rights attached to shares

Class/type of shares ISIN code (if possi ble)	Number of voting rights ix		% of voting rights
	Direct (Art 9 of Directive 2004/109/EC)	Indirect (Art 10 of Directive 2004/109/EC)	Direct (Art 9 of Directive 2004/109/EC)	Indirect (Art 10 of Directive 2004/109/EC)
AU000000AOQ0	22'596'190	-	14.94%	-
SUBTOTAL A	22'596'190		14.94%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC
Type of financial in strument	Expiration date x	Exercise/ Conversion Periodxi	Number of voting rights that may be acquired if the instrument is exer cised/ converted.	% of voting rights
		SUBTOTAL B.1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC
Type of financial instrument	Expiration date x	Exercise/ Conversion Pe riod x i	Physical or cash settlement xii	Number of voting rights	% of voting rights
			SUBTOTAL B.2

8. Information in relation to the person subject to the notification obligation (please tick the applicable box):

[ ] Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.xiii

[X] Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv:

Namexv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial in struments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold
Mr V F Timis	14.94%	-	14.94%

9. In case of proxy voting: [name of the proxy holder] will cease to hold [% and number] voting rights as of [date]

10. Additional informationxvi:

N/A

Done at Baar, Switzerland on 12 July 2017.