PetroNor E&P ASA

Regulatory Filings • May 2, 2017

2 May 2017

African Petroleum Corporation Limited ("African Petroleum" or the "Company")

Ayamé-1X Well Spud

African Petroleum is pleased to announce that the Ayamé-1X exploration well, offshore Côte d'Ivoire, was spudded on Saturday 29 April 2017 using the Seadrill West Saturn Drillship.

The well, operated by Ophir Energy, is located on the CI-513 licence. African Petroleum holds a 45% interest in the licence, with Ophir Energy holding 45% and PETROCI the remaining 10%.

The Ayamé -1X well will target Santonian and Turonian turbidite channel complexes through a water depth of 2,835 metres, with planned total depth ("TD") at 5,459 metres. The well is expected to reach TD in approximately 30 days from spud.

Commenting on the news, CEO Jens Pace said: "This is a material milestone for the Company and one which we have been working towards with our partners since Ophir Energy joined the licence in March 2016. Since this time, the partnership has carried out technical work to decide on the best location for this well. The Ayamé West prospect that we are targeting has a significant resource number and a commercial discovery will be truly transformational for African Petroleum. We look forward to updating the market with the outcome of this exciting event."

For further information, please contact:

Jens Pace, Chief Executive Officer Angeline Hicks, Company Secretary Stephen West, Chief Financial Officer Tel: + 61 401 489 883 Tel: +44 20 3655 7810

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, Cote 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. The Company is working with its partner Ophir Energy (operator) on the CI-513 licence in Côte d'Ivoire to drill an exploration well in May 2017.

For more information about African Petroleum, please see www.africanpetroleum.com.au