PetroNor E&P ASA

Regulatory Filings • Mar 10, 2016

COTE D'IVOIRE BLOCK CI-513 - NEW PSC TRANSACTION COMPLETED

COTE D'IVOIRE BLOCK CI-513 - NEW PSC TRANSACTION COMPLETED

Further to African Petroleum Corporation Limited's

("African Petroleum" or the "Company") announcement of

21 December 2015, African Petroleum, an independent oil

and gas exploration company with ten licences in five

countries offshore West Africa, is pleased to announce

that the new Production Sharing Contract ("PSC") with

Ophir Energy plc covering the Company's CI-513 licence

area in Côte d'Ivoire is now effective, having been

signed by the final government Ministry.

Key highlights of the new PSC are as follows:

- Ophir Energy will make a contribution of US$16.9

million towards African Petroleum's back costs in

relation to the block

- Ophir Energy holds a 45% interest and is Operator,

African Petroleum holds a 45% interest and Petroci (the

National Oil Company of Côte d'Ivoire) holds a 10%

carried interest

- Extension to previous minimum work commitments on the

block

- The transaction represents successful achievement of

key corporate milestone

Commenting on today's announcement, Jens Pace, CEO of

African Petroleum said:

"We are pleased to have received the final ministerial

signature on this new CI-513 PSC with Ophir Energy in

Côte d'Ivoire and complete this important

transaction. We look forward to working with our new

partner Ophir Energy and Petroci to jointly explore the

potential of this exciting block.

Completion of this transaction enables us to shift our

full focus onto our ongoing and progressive discussions

with potential partners for our world class acreage in

Senegal and the Gambia. As highlighted by this

transaction with Ophir Energy, industry appetite

remains for world class exploration acreage and our

assets in these countries are most certainly in this

category. As such, we have a reinforced confidence in

our ability to conclude negotiations in the near term

and look forward to updating our shareholders on

progress in due course."

For further information, please contact:

Jens Pace, Chief Executive Officer

Stephen West, Chief Financial Officer

Tel: +44 20 3761 6900

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 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 28,448km2

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