PetroNor E&P ASA

Share Issue/Capital Change • May 24, 2016

SHARE CAPITAL INCREASE

SHARE CAPITAL INCREASE

African Petroleum Corporation Limited ("African

Petroleum" or the "Company") advises that 40,000 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 40,000 share options the

Company has a total of 8,426,246 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

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 106,651,781 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