PetroNor E&P ASA

Regulatory Filings • Nov 23, 2016

LICENCE UPDATE - LIBERIA

LICENCE UPDATE - LIBERIA

African Petroleum Corporation Limited ("African

Petroleum" or the "Company"), an independent oil and

gas exploration company operating high impact

exploration licences offshore West Africa, announces

that the production sharing contracts for blocks LB-08

and LB-09 (the "PSCs") have expired and will not be

extended.

The PSCs formally expired in June 2016 and since this

time African Petroleum had been in discussions with the

relevant Liberian authorities regarding the possible

amendment of terms and extension of these blocks to

enable the Company additional time to attract an

industry partner whilst not enduring costly work

commitments. An agreement on the terms proposed by

African Petroleum, however, could not be reached and

the Company was formally notified that the PSCs had

expired.

As previously reported, the Company has been seeking

partners on these PSCs for some time; however, the

Company has received little industry interest as a

result of the challenging market conditions for

exploration activity and the lack of commercial

discoveries in Liberia. Whilst the Company has been

active in Liberia for some time and these licences

played an important role within the portfolio in the

early stages of the Company's development, the

Company's portfolio has evolved significantly in recent

years and the Company is now focussing on the licences

where we see the most potential and industry interest

to partner with African Petroleum.

The expiration of these PSCs reduces the Company's

recognised prospective resources to 7.4 billion net

unrisked mean prospective oil resources (based on

independent reviews produced by ERC Equipoise).

Commenting on the update, CEO Jens Pace said:

"African Petroleum has been active in Liberia for some

time and has played a major role in helping to progress

the industry in the country through the successful

drilling of three exploration wells, including the non-

commercial discovery at Narina-1. It is therefore

disappointing to be exiting the country; however, our

near term focus and resources must go towards the other

more exciting assets within our portfolio that are

generating the most industry interest and lie within

proven hydrocarbon systems adjacent to world class

commercial discoveries."

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