PetroNor E&P ASA

SHARE CAPITAL INCREASE

African Petroleum Corporation Limited ("African

Petroleum" or the "Company") advises that 33,333 new

ordinary shares have been issued to an employee of the

Company upon the exercise of share options at a price

of NOK 1.70 per share. The new shares were issued to

the employee 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 106,718,447 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.

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. 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

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