PetroNor E&P ASA

Legal Proceedings Report • Jul 5, 2017

STATEMENT TO LATEST PRESS ARTICLE

STATEMENT TO LATEST PRESS ARTICLE

The Board of African Petroleum Corporation Limited ("African

Petroleum" or the "Company") notes the latest article

published on Reuters today regarding its A1 and A4 licences

in The Gambia ("the Licences"), which is in addition to the

article published by Reuters on 4 July 2017.

The Board of African Petroleum re-iterates and maintains its

position stated in the "Statement to Recent Press" announced

on the Oslo Børs at 15:59 (CET) on 4 July 2017.

The statements allegedly made and referred to in the Reuters

articles by Fafa Sanyang, Minister of Petroleum and Energy,

The Gambia and Mod K. Ceesay, Permanent Secretary for

Petroleum, The Gambia stating that our ownership of the

Licences has expired is wrong both in law and in fact. The

Board states categorically that the licences have not been

terminated in accordance with the terms of the Licences, nor

have they expired.

As previously communicated to stakeholders, the terms of the

Licences state that the Licences remain active unless and

until a termination procedure is enacted by the State. The

termination procedure includes a period in which the Company

is entitled to remedy any alleged breach. No such

termination procedure has been enacted by the State and

African Petroleum therefore reserves its legal rights over

the licences.

Commenting on the Licences, Jens Pace, CEO, said:

"We are surprised and disappointed to read the comments from

the Gambian officials regarding the status of our Licences

in country. We have maintained dialogue with the officials

and were in-country only recently with our potential partner

to host discussions on the proposals we have put forward to

progress the drilling of these Licences. We reiterate that

we reserve the legal rights to these Licences and state

categorically that the Licences have not been terminated in

accordance with the terms of the Licences, nor have they

expired. The Licence agreements have dispute mechanism

provisions which we fully intend to utilise if the Gambian

authorities maintain this stance; however, our preferred

route is to engage in more constructive dialogue in order to

establish a way forward that is in the best interest of all

stakeholders."

For further information, please contact:

Jens Pace, Chief Executive Officer

Stephen West, Chief Financial Officer

Tel: +44 20 3655 7810

Angeline Hicks, Company Secretary

Tel: + 61 401 489 883

Media Contacts:

Buchanan

Ben Romney/Chris Judd

Tel: +44 207 466 5000

About African Petroleum

African Petroleum is an independent oil and gas exploration

company with an equity interest in eight licences in four

countries offshore West Africa (Senegal, The Gambia, Côte

d'Ivoire and Sierra Leone). The Company's assets are located

in proven hydrocarbon basins in the West African Transform

Margin and the Atlantic Margin, where several discoveries

have been made in recent years.

For more information about African Petroleum, please see

www.africanpetroleum.com.au