PetroNor E&P ASA

Quarterly Report • Nov 30, 2015

UNAUDITED FINANCIAL REPORT FOR THE QUARTER ENDED 30 SEPTEMBER 2015

UNAUDITED FINANCIAL REPORT FOR THE QUARTER ENDED 30 SEPTEMBER 2015

Please find enclosed African Petroleum Corporation

Limited's (the "Company" or "African Petroleum")

unaudited financial report for the quarter ended 30

September 2015.

HIGHLIGHTS

- Mr Jens Pace appointed as new CEO on 30 September

2015, and subsequent to quarter-end Mr Jens Pace and

Mr Stephen West were appointed to the Board of the

Company as Executive Directors, and Mr Mark Ashurst,

Mr Gibril Bangura and Mr Jeffrey Couch resigned from

the Board as Non-Executive Directors

- Binding joint bidding agreement signed with a London

listed oil and gas company on licence Côte d'Ivoire

Block CI-513 - the Company is working towards

completion of the transaction as soon as possible

- Advanced farm-out discussions with numerous

interested parties across the Company's assets,

including The Gambia and Senegal. Recent exploration

success by third party operators in the area has led

to a significant increase in the level of interest in

these assets

- The Company announced that it had elected to

voluntarily de-list from the National Stock of

Exchange of Australia, principally as a result of

limited trading liquidity on the exchange compared

with the Oslo Axess exchange, where African Petroleum

has had its primary listing since May 2014

- Significant cost savings have been achieved during

the quarter by reducing staff headcount, reducing

salaries of remaining staff by 20-45%, streamlining

the Board, reducing directors' fees and by de-listing

the Company's shares from the NSX

- Approximately US$0.51 million cash at bank as at 30

September 2015, together with US$12.6 million

restricted cash

- Post quarter end the Company completed a private

placement to certain existing and new investors

raising approximately US$2 million

- Post quarter-end the Company consolidated the issued

capital of the Company on the basis of one share for

every ten shares held

COMPANY BACKGROUND

African Petroleum, listed on the Oslo Axess (APCL),

the National Stock Exchange of Australia (AOQ) and the

Open Market of the Frankfurt Stock Exchange (A1C1G9),

is an independent oil and gas exploration company led

by an experienced Board and management team. The

Company is a significant net acreage holder in West

Africa with estimated net unrisked mean prospective

oil resources in excess of 12.5 billion barrels.

African Petroleum operates 10 licences in five

countries offshore West Africa (Côte d'Ivoire,

Liberia, Senegal, The Gambia and Sierra Leone). The

Company's assets are located in proven hydrocarbon

basins, where several discoveries have been made in

recent years, including significant discoveries during

2014 by Total in Côte d'Ivoire and Cairn Energy in

Senegal and during 2015 by Kosmos Energy in Mauritania.

The Company has acquired more than 18,500km2 of 3D

seismic data and drilled three exploration wells, one

of which was an oil discovery at Narina-1 in Liberia.

African Petroleum is the largest net acreage holder in

the West African Transform Margin, alongside industry

majors such as Anadarko Petroleum, Chevron

Corporation, ExxonMobil and Total.

CEO STATEMENT

"I am pleased to be providing my first quarterly

statement as CEO of African Petroleum and to report on

progress on a number of fronts. We continue to engage

in positive dialogue with numerous potential industry

partners, and some of these discussions are in the

advanced stages of commercial negotiations. We have

witnessed a consistently high level of industry

interest in our acreage, buoyed by the third party

successes and follow-on activity in adjacent acreage

in the region. Clearly the market conditions for

exploration remain challenging; however, we firmly

believe that our acreage presents a world class

opportunity for industry partners and as such are

confident that we will complete transactions in the

near future."

OPERATIONAL & CORPORATE UPDATE

CHANGE TO CEO / BOARD RE-STRUCTURE

The Board of African Petroleum announced on 30

September 2015 that Dr Stuart Lake, CEO and Executive

Director, was stepping down with immediate effect for

health reasons.

Mr Jens Pace, who was serving as Chief Operating

Officer since 2012, assumed the position of CEO with

effect from 30 September 2015. Mr Pace is a

geoscientist with over 30 years of industry experience

which includes exploration leadership roles in Africa

and other regions for BP. Having joined the Company

in 2012, Mr Pace has been instrumental in progressing

the assets through technical work and leading the

ongoing negotiations with potential partners.

Subsequent to quarter end, on 18 November 2015 it was

announced that Mr Jens Pace and Mr Stephen West were

appointed to the Board of the Company as Executive

Directors, and that Mr Mark Ashurst had resigned from

the Board as a Non-Executive Director. In addition,

on 30 November 2015 it was announced that Mr Gibril

Bangura and Mr Jeffrey Couch had resigned from the

Board as Non-Executive Directors.

African Petroleum will continue its activities with a

highly experienced Board of Directors, which is now

more streamlined to reflect the size of the Company

and the current challenging market conditions.

FARM OUT PROCESS

African Petroleum continues to seek strategic partners

on its ten licences in Côte d'Ivoire, Liberia,

Senegal, The Gambia and Sierra Leone in order to share

risk and the potential reward of the Company's

exploration programme, and to fund its high impact

exploration drilling campaign in 2016 and beyond.

The Company's immediate focus is to conclude the

transaction in Côte d'Ivoire (refer below), and to

farm out the Company's assets in The Gambia and

Senegal as ongoing discussions mature with key

potential partners. The quality of the Company's

acreage, coupled with the high level of equity

interest held in all of the licences, provides

management with confidence that agreements will be

concluded in due course.

Côte d'Ivoire

As announced on 29 June 2015, African Petroleum has

signed a binding joint bidding agreement with a London

listed oil and gas company to provide a framework for

the incoming third party to secure a 45% operated

interest in a Production Sharing Contract (on terms to

be agreed) covering the Company's Block CI-513 licence

area in Côte d'Ivoire. It is intended that African

Petroleum will hold a non-operated interest of 45%,

with the remaining 10% carried interest held by

Petroci, the National Oil Company of Côte d'Ivoire.

Completion of the transaction is subject to

negotiation and entry into commercial agreements and

several conditions precedent including, but not

limited to, the agreement and approval of the

Government of Côte d'Ivoire.

African Petroleum and the incoming party are working

together towards completion of the transaction as soon

as possible, and the Company expects to make further

announcements, including further details of commercial

terms, in due course as progress is made.

Meanwhile, third party activity continues in the

region with the Vitol led group due to commence

exploration drilling during 4Q 2015 in their licence

CI-508, which is adjacent to the Company's CI-509 and

CI-513 licences.

The Gambia & Senegal

The Company is in advanced farm-out discussions with

several interested parties across the Company's Gambia

and Senegal assets. This part of the Atlantic Margin

has become highly active with the recent exploration

success of third party operators, namely Cairn Energy

in Senegal and Kosmos in Mauritania. A significant

level of activity in the region is ongoing as Cairn

and its partners commence a multi-well exploration and

appraisal programme to be drilled across their

Senegalese acreage. In addition, Kosmos, currently

drilling in Mauritania, has announced plans to move

south into Senegal to follow-up their significant

Tortue gas discovery with exploration and appraisal

drilling.

African Petroleum's data room schedule remains active

with a high calibre of industry companies continuing

to view the data. A number of these parties have

confirmed their interest in pursuing a transaction and

have initiated detailed due diligence. The Company

seeks to attract binding offers as soon as possible.

Further announcements on progress will be made in due

course.

CONSOLIDATION OF CAPITAL

On 18 September 2015 the Company gave notice for a

General Meeting of shareholders to be held on 21

October 2015 to consider, and if thought fit, pass a

resolution to consolidate the issued capital of the

Company on the basis that:

a) every ten (10) shares be consolidated into one

(1) share; and

b) every ten (10) options be consolidated into

one (1) option and the exercise price of each option

be amended in inverse proportion to this ratio.

Post quarter end, on 21 October 2015 the resolution

was passed at the General Meeting on a show of hands

and the capital consolidation was subsequently

implemented.

NSX DE-LISTING

On 22 September 2015, the Company announced that it

had elected to voluntarily de-list from the National

Stock of Exchange of Australia ("NSX"). The decision

to delist from the NSX was principally as a result of

limited trading liquidity on the exchange compared

with the Oslo Axess exchange, where African Petroleum

has had its primary listing since May 2014.

In accordance with NSX Listing Rule 2.25, a General

Meeting is being held on 21 December 2015 to consider

and, if thought fit, pass a special resolution

authorising the Company to voluntarily de-list from

the NSX. If the resolution is passed the de-listing

of the Company's shares from the NSX will take effect

from 31 December 2015. The Company's shares will

continue to be listed on the Oslo Axess.

COST-CUTTING INITIATIVE

During the quarter, in line with current industry

practice the Company has remained focused on reducing

overhead costs by reviewing all costs across the

business. Significant cost savings have been achieved

during the quarter by reducing staff headcount,

reducing salaries of remaining staff by 20-45%,

streamlining the Board, reducing directors' fees and

by de-listing the Company's shares from the NSX. The

Company continues to act prudently in light of current

challenging market conditions and remains on target to

significantly reduce general and administrative

expenses by year end.

PRIVATE PLACEMENT

Post quarter end, in October 2015 African Petroleum

completed a private placement to certain existing and

new investors raising NOK 16,476,293 (approximately

US$2 million) through the issue of 9,691,937 new fully

paid ordinary shares at a price of NOK 1.70 per

share. The proceeds from the Private Placement will

be used to strengthen the Company's balance sheet and

liquidity position, to fund the Company's ongoing

working capital and for general corporate purposes.

LICENCE INFORMATION

Côte d'Ivoire: Blocks CI-509 & CI-513

Licence Overview

In Côte d'Ivoire, African Petroleum holds a 90%

working interest in offshore licences CI-509 and CI-

513 (the "CI Licences"), the remaining 10% is held by

Petroci, the National Oil Company of Côte d'Ivoire.

The Company was awarded CI-513 in December 2011 and CI-

509 in March 2012, with a combined net acreage of

2,283km2.

Licence Activities

In October 2012, the Company acquired 4,200km2 of 3D

seismic data over the CI Licences, fulfilling the

seismic work commitments of the first exploration

phase for both licences. Fast-track 3D seismic data

was received in November 2012, while final 3D seismic

depth processing of the entire survey was completed in

March 2014. Interpretation of the data has identified

a number of significant prospects, with net unrisked

mean prospective oil resources of 2,130MMStb (ERC

Equipoise letter, January 2015).

Total's Saphir-1XB oil discovery in CI-514 in April

2014, has effectively de-risked the Company's adjacent

acreage. African Petroleum traded the 3D seismic

covering both Total's CI-514 operated acreage and the

CI-508 acreage immediately north of CI-513 and CI-509

held by the Vitol operated group. In January 2015,

following an independent assessment of the Côte

d'Ivoire prospects by ERC Equipoise, the Company

announced an additional 570MMStb to be added to the

net unrisked prospective oil resources.

Recent Updates

On 29 June 2015, African Petroleum announced that it

has signed a binding joint bidding agreement with a

London listed oil and gas company to provide a

framework for the incoming party to secure a 45%

operated interest in a Production Sharing Contract (on

terms to be agreed) covering the Company's Block CI-

513 licence area in Côte d'Ivoire. It is intended

that African Petroleum will hold a non-operated

interest of 45%, with the remaining 10% carried

interest held by Petroci, the National Oil Company of

Côte d'Ivoire.

Completion of the transaction is subject to

negotiation and entry into commercial agreements and

several conditions precedent including, but not

limited to, the agreement and approval of the

Government of Côte d'Ivoire.

It has been reported that Vitol (with partner Genel

Energy) is due to spud an exploration well on Block CI-

508 towards the end of 2015 on their Aigle

prospect, "targeting significant oil prospectivity in

stacked Cretaceous reservoirs" and that the well "will

take approximately 50 days to complete" . The CI-508

licence is adjacent to both of the Company's CI

Licences and accordingly a positive drilling result

will provide additional data to de-risk the prospect

inventory on our acreage.

Senegal: Rufisque Offshore Profond & Senegal Offshore

Sud Profond

Licence Overview

In Senegal, African Petroleum Senegal Limited holds a

90% operated working interest in exploration blocks

Rufisque Offshore Profond ("ROP") and Senegal Offshore

Sud Profond ("SOSP") (together the "Senegal

Licences"). The National Oil Company Petrosen, holds

the remaining 10% equity. The Company's Senegal

Licences are located offshore southern and central

Senegal, with a net acreage of 14,216km2.

Licence Activity

As part of the initial licence entry, the Company

purchased 10,000km of 2D seismic data over its Senegal

Licences and compiled an extensive regional database.

In addition, in May 2012, the Company completed a

3,600km2 3D seismic acquisition over the SOSP licence

block and interpretation is ongoing. In the ROP block

an existing seismic dataset (2007 vintage) covering

1,800km2 was purchased from Petrosen. This base

dataset was reprocessed with the final product

delivered in Q4 2014 and interpretation is underway.

2D seismic data was also reprocessed to enable better

regional well ties and geological understanding.

Several large Cretaceous turbidite fan 'leads' have

already been identified, these have been matured to

prospects as the reprocessed data has been evaluated

and included in the updated ERC Equipoise letter

released in March 2015. The independently assessed

leads and prospects estimates the net unrisked mean

prospective oil resources at 1,779MMStb.

Recent Updates

During the last 12 months there have been four

material discoveries in Senegal and Mauritania which

provides a very positive context to African

Petroleum's presence offshore Senegal (and The Gambia

- refer next section):

i) October 2014: Cairn Energy with its joint venture

partners announced that the FAN-1 exploration well,

offshore Senegal, discovered 29m of net oil bearing

reservoir in Cretaceous sandstones "which may have

significant potential as a standalone discovery."

ii) November 2014: Cairn Energy announced that the

SNE-1 exploration well, offshore Senegal, discovered

36m of net oil pay in excellent reservoir sands, and

that "based on preliminary estimates is a commercial

discovery".

iii) April 2015: Kosmos (60% Operator, with Chevron

30%) announced that their Tortue-1 exploration well,

drilled on the Tortue West prospect that straddles the

Mauritania/Senegal border, made a "significant, play-

opening gas discovery" that "far exceeded" their pre-

drill expectations.

iv) November 2015: Kosmos (60% Operator, with Chevron

30%) announced that their Marsouin-1 exploration well,

offshore Mauritania "made a significant, play

extending discovery".

Importantly, all four discoveries are consistent with

African Petroleum's regional charge model.

Following on from the above drilling success, during

the next 6-12 months there are a number of follow-up

appraisal and exploration wells being drilled offshore

Senegal:

i) Cairn Energy: announced its intention to drill

three firm and three optional exploration and

appraisal wells offshore Senegal, with drilling

starting in Q4 2015.

ii) Kosmos Energy: announced in November 2015 that

their drillship is "expected to sail to Senegal where

it will spud the Guembeul-1, the first in a series of

wells to delineate the Greater Tortue area, before

year-end."

African Petroleum will monitor the results of the

above drilling programmes closely as they will help us

develop a deeper understanding of the geology of our

own acreage which in turn will significantly de-risk

our future activity on the blocks.

Furthermore, as a result of the above recent material

discoveries and the ongoing drilling activity offshore

Senegal, the Company is seeing a heightened interest

in the farm-out process for this exciting part of

African Petroleum's portfolio.

The Gambia: Blocks A1 & A4

Licence Overview

African Petroleum holds a 100% operated working

interest in offshore licences A1 and A4 (the "Gambian

Licences"), with a combined net acreage of 2,672km2.

The Company has completed a significant 3D seismic

survey with data covering 2,500km2 and has found a

number of analogous leads and prospects in its acreage

to that of the recent SNE-1 and FAN-1 discoveries made

by Cairn Energy in Senegal.

Independent petroleum consultant ERC Equipoise

prepared an updated assessment of prospective oil

resources attributable to the Company's Gambian

Licences and estimates the net unrisked mean

prospective oil resources at 3,079MMStb.

Licence Activity

The Company is committed to drill an exploration well

on one of the Gambian Licences and reprocess 3D

seismic on Licence Block A4 prior to 1 September 2016,

the expiration date of the initial exploration period.

Recent Updates

The Company has identified leads and prospects in the

Gambian Licences, many of which are on trend with the

discoveries made at FAN-1 (announced October 2014) and

SNE-1 (announced November 2014) by the Cairn Energy

operated group in Senegal.

African Petroleum is looking to farm-out both Gambian

Licences and has had significant interest from

international and large independent oil companies. We

expect this interest to culminate in a farm-in in due

course.

Liberia: Blocks LB-08 & LB-09

Licence Overview

African Petroleum, through its wholly owned subsidiary

European Hydrocarbons Limited, is both operator and

holder of a 100% working interest in production

sharing contracts LB-08 and LB-09 (the "Liberian

Licences"), which have a combined net acreage of

5,350km2. The Company has completed an extensive work

programme on its Liberian Licences with 5,100km2 of 3D

seismic acquired, three wells successfully drilled,

including the discovery at Narina-1, and identified

key prospects with net unrisked mean prospective oil

resources of 4,192MMStb (ERC Equipoise letter, January

2015 in conjunction with ERC Equipoise Competent

Persons Report, April 2014).

Licence Activities

The Company has completed the acquisition and

processing of 5,100km2 of 3D seismic data over both

Liberian Licences. The interpretation of this data

identified numerous prospects and leads in the Upper

Cretaceous post rift section and also a number of

Cretaceous aged syn-rift opportunities.

African Petroleum has successfully executed an initial

exploration drilling programme on LB-09, with three

wells drilled:

i) Apalis-1: in September 2011, African Petroleum

completed drilling its first exploration well on LB-

09. The Apalis-1 well encountered oil shows in several

geological units including the shallow unlogged

(Tertiary-Paleocene) and proved source rock in the

Cenomanian;

ii) Narina-1: the Company's second exploration well

was drilled on LB-09 in January 2012 and encountered a

total of 31 metres of net oil pay in the primary

Turonian objective and underlying Albian reservoirs

with no oil water contact observed. African

Petroleum's discovery at Narina-1 was the first to

prove a working petroleum system in the central

Liberian basin, an extremely positive result for the

Company and one that improves the chances of success

elsewhere in the area; and

iii) Bee Eater-1: the Company drilled its third well

on LB-09 in January 2013. The well tested an up-dip

axial section of the Turonian slope fan in which the

Company's Narina-1 discovery had been made in 2012.

The Bee Eater-1 well encountered a tight reservoir

interval, but provided the impetus to integrate the

information into a predictive model for improved

reservoir in slope fans further down-dip. These new

findings have been incorporated into a revised

interpretation of the subsurface across the portfolio,

with new basin floor fan prospects identified in both

blocks.

In September 2013, the Company completed reprocessing

of all the 3D seismic data from its Liberian Licences

to improve image quality and support the maturation of

additional prospects and appraisal opportunities. The

reprocessing highlighted that certain areas may

benefit from improved seismic imaging and further

targeted 3D reprocessing and acquisition of new high-

resolution 3D seismic are currently being considered

for LB-08 and LB-09. Lessons learned from previous

seismic reprocessing will be incorporated into any new

data and any new acquisition will utilise state of the

art broadband technology. If the new data is acquired

with a different azimuth, there is a possibility to

combine datasets.

Recent Updates

On 30 June 2015, it was reported that Kosmos Energy

had bid for licence blocks LB-06 and LB-07 in

Liberia . Although there are limited details

available, this is encouraging news for the region and

demonstrates the industry's continued interest in the

Liberian basin. Furthermore, ExxonMobil recently

announced its intention to return to operations in

Liberia following the Ebola crisis, and intends to

drill a well on Block 13 before the end of 2016.

Sierra Leone: Blocks SL-03 & SL-4A-10

Licence Overview

In Sierra Leone, the Company holds a 100% operated

working interest in offshore licences SL-03 and SL-4A-

10 (the "Sierra Leone Licences"). African Petroleum

was awarded a 100% interest in SL-03 in April 2010,

while licence SL-4A-10 was awarded as part of Sierra

Leone's third offshore licencing round in 2012. The

Company's Sierra Leone Licences cover a combined net

acreage of 5,855km2 and are located to the south of

Freetown, offshore Sierra Leone.

Licence Activities

Since gaining operatorship of the Sierra Leone

Licences, African Petroleum has acquired approximately

2,500km2 of 3D seismic data over block SL-03 and

approximately 1,000km2 of 3D seismic data over block

SL-4A-10. In addition, the Company has purchased

regional 2D seismic data in western Sierra Leone. The

Company has already identified a number of key

prospects in its Sierra Leone Licences, one of which

has net unrisked mean prospective oil resources of

1,354MMStb (ERC Equipoise letter, March 2015).

In September 2014, the Company commenced and completed

the acquisition of approximately 1,000km2 of 3D

seismic data on Block SL-4A-10, offshore Sierra Leone.

An initial version of the data was made available for

interpretation in late December 2014.

The seismic acquisition fulfils the remaining

obligations in Sierra Leone ahead of the next

exploration phase in both blocks which are under

discussion with the Government.

Interpretation work on the new SL-4A-10 3D seismic has

identified exciting deepwater prospects with strong

AVO response. A high impact portfolio has now been

evaluated, and a further >2.7 billion barrels of

prospective resources have been identified in the

Sierra Leone licences. These numbers are in addition

to the already published CPR numbers and include

additional prospects such as Vega, Leo, Spica and

Spica Lobe. These new prospects have yet to be

independently assessed in a CPR. The new AVO support

to several of these prospects significantly changes

the potential risk perception.

Recent Updates

In April 2015 the Company notified the government of

Sierra Leone of its intention to enter into the First

Extension Period on Sierra Leone licence SL-03,

subject to certain amendments to the licence,

including the work programme and minimum expenditure

requirements. The Company expects to agree these

amendments and formally enter into the First Extension

Period shortly.

HEALTH, SAFETY, ENVIRONMENT AND SECURITY

As an operator of offshore concessions, it is the duty

of African Petroleum to provide a safe working

environment and minimize any adverse impact on the

environment. Health, safety, environment and security

policies are embedded throughout all of the Company's

core operations. In this regard, we strive for

continuous improvement as lessons learnt from past

operations are incorporated into business practices

going forward.

PRINCIPAL RISKS AND UNCERTAINTIES

As an exploration company in the oil and gas industry,

the Company operates in an inherently risky sector.

Oil and gas prices are subject to volatile price

changes from a variety of factors, including

international economic and political trends,

expectation of inflation, global and regional demand,

currency exchange fluctuations, interest rates and

global or regional consumption patterns. These

factors are beyond control of the Company and may

affect the marketability of oil and gas discovered.

In addition, the Company is subject to a number of

risk factors inherent in the oil and gas upstream

industry, including operational and technical risks,

reserve and resource estimates, risks of operating in

a foreign country (including economic, political,

social and environmental risks) and available

resources. We recognise these risks and manage our

operations in order to minimise our exposure.

OUTLOOK

The Company's immediate focus is to conclude the CI-

513 transaction in Côte d'Ivoire, and to farm out the

Company's assets in The Gambia and Senegal, so that

the Company can align funding opportunities for the

upcoming drilling commitments in areas with nearby

significant discoveries. The Company remains

confident that it has an asset base that is attractive

to the industry and, despite the sector backdrop of a

low oil price environment, will be in a position to

announce further agreements during Q4 2015 / Q1 2016

and work towards recommencing our high impact

exploration drilling campaign.

STATEMENT OF RESPONSIBILITY

We confirm that, to the best of our knowledge, the

condensed set of financial statements for the third

quarter of 2015, which has been prepared in accordance

with IAS34 Interim Financial Statements, gives a true

and fair view of the Company's consolidated assets,

liabilities, financial position and results of

operations, and that the management report includes a

fair review of the information required under the

Norwegian Securities Trading Act section 5-6 fourth

paragraph.

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

This information is subject to disclosure requirements

pursuant to section 5-12 of the Norwegian Securities

Trading Act.