PetroNor E&P ASA

Share Issue/Capital Change • Jan 16, 2017

SHARE CAPITAL INCREASE

SHARE CAPITAL INCREASE

Reference is made to the announcement made by African

Petroleum Corporation Limited ("African Petroleum" or

the "Company") on 12 January 2017 regarding the

successful allocation of a private placement to

certain existing and new investors raising NOK

26,675,000 (approximately US$3.1 million) in gross

proceeds through the allocation of 10,670,000 new

ordinary shares at a subscription price of NOK 2.50

per share ("Private Placement").

On 13 January 2017 the Board of Directors of African

Petroleum issued 10,670,000 new shares (the "New

Shares") which were allocated in the Private

Placement. The New Shares will be delivered on a

delivery-versus-payment basis commencing today. The

New Shares have been issued in the VPS on the

Company's ordinary ISIN AU000000AOQ0. The New Shares

have been validly and legally issued as fully paid

shares in accordance with Australian law and the

Constitution of the Company. As a result of the share

capital increase, the Company has 117,388,447 shares

in issue. This figure may be used by shareholders in

the Company as the denominator for the calculations by

which they will determine if they are required to

notify their interest in, or a change to their

interest in the Company. The shares of the Company

have no par value. The New Shares will be delivered to

the investors in the Private Placement on a delivery-

versus-payment basis commencing today. The Company

will update the market once the settlement procedure

is 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.