PetroNor E&P ASA

Share Issue/Capital Change • Jan 23, 2017

PRIVATE PLACEMENT SETTLEMENT COMPLETED

PRIVATE PLACEMENT SETTLEMENT COMPLETED

Reference is made to the announcement made by African

Petroleum Corporation Limited ("African Petroleum" or

the "Company") on 16 January 2017 regarding issuance

of 10,670,000 new ordinary shares (the "New Shares")

which were allocated in the private placement.

The Company advises that the Delivery-Versus-Payment

settlement towards investors who were allocated the

New Shares is now completed.

This information is subject to the disclosure

requirements pursuant to section 5-12 of the Norwegian

Securities Trading Act.

For further information, please contact:

Jens Pace, Chief Executive Officer

Stephen West, Chief Financial Officer

Tel: +44 20 3655 7810

Lead Manager:

Mirabaud Securities LLP

Peter Krens

Tel: +44 20 7878 3362

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. 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 Q2

For more information about African Petroleum, please

see www.africanpetroleum.com.au

This information is subject to disclosure requirements

pursuant to section 5-12 of the Norwegian Securities

Trading Act.