PetroNor E&P ASA

Share Issue/Capital Change • May 30, 2016

SHARE CAPITAL INCREASE

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 shares have been issued to

the employee in accordance with the Company's share

option programme for directors, employees and

consultants and are admitted to listing exempt from the

obligation to prepare a listing prospectus in

accordance with section 7-5 no. 9 of the Norwegian

Securities Trading Act. The new shares issued under the

share option programme have the same rights as the

current issued ordinary shares of the Company.

After the exercise of the 33,333 share options the

Company has a total of 8,392,913 share options

outstanding in relation to share options granted for

remuneration to directors, employees and consultants.

Further information regarding the share options

including the number outstanding, the exercise prices

and the number that have vested is disclosed in Note 21

to the Consolidated Financial Statements for the year

ended 31 December 2015. No further share options have

been issued or have lapsed since 31 December 2015.

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 106,685,114 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:

For UK and International media - Buchanan

Ben Romney/Helen Chan

Tel: +44 207 466 5000

For Norwegian media - First House

Geir Arne Drangeid

Tel: +47 913 10 458

About African Petroleum

African Petroleum is an independent oil and gas

exploration company with an equity interest in ten

licences in five countries offshore West Africa. 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. With a combined net acreage

position of 27,797km2 through its licences in Côte

d'Ivoire, Liberia, Senegal, Sierra Leone and The

Gambia, the Company has matured its portfolio

through the acquisition of more than 18,500km2 of

3D seismic data and successfully drilling three deep-

water wells, one of which was the first hydrocarbons

discovery in the offshore Liberian - Sierra Leone Basin.

For more information about African Petroleum, please

see www.africanpetroleum.com.au