PetroNor E&P ASA

Director's Dealing • Nov 20, 2015

Initial or Final Director's Interests Notice

File Reference:

I:\Operations\Projects\NETS Project\NSX install package USB key\Issuer Documents\NSX Initial-Final Directors Interests.doc

Table of Contents

INTRODUCTION 3
MORE INFORMATION AND SUBMISSION OF FORM:3
INITIAL OR FINAL DIRECTOR'S INTEREST NOTICE 4
PART 1 – DIRECTOR'S RELEVANT INTERESTS IN SECURITIES OF WHICH THE DIRECTOR IS THE REGISTERED HOLDER4
PART 2 – DIRECTOR'S RELEVANT INTERESTS IN SECURITIES OF WHICH THE DIRECTOR IS NOT THE REGISTERED HOLDER5
PART 3 – DIRECTOR'S INTERESTS IN CONTRACTS5

Introduction

To ensure the efficient processing of this form by NSX, please:

• 1. Adhere to the suggested number of the annexures required by this form.
• 1. Complete all statements and questions in this form. (NSX can provide an electronic version of this form on request).

More Information and Submission of Form:

Further information can be obtained from and all applications should be sent to:

General Manager National Stock Exchange of Australia Limited PO BOX 283 Newcastle NSW 2300

Phone: +61 2 4929 6377 Fax: + 61 2 4929 1556 http://www.nsxa.com.au

Initial or Final Director's Interest Notice

Information or documents not available now must be given to NSX as soon as available. Information and documents given to NSX become NSX's property and may be made public.

Name of entity : African Petroleum Corporation Limited

ABN: 87 125 419 730

We (the entity) give NSX the following information under section 205G of the Corporations Act.

Name of director	Stephen West
Date of last notice	N/A
Date that director become a director (if initial notice)	18 November 2015
Date that director ceased to be director (if final notice)	N/A

Part 1 – Director's relevant interests in securities of which the director is the registered holder

Number & class of securities

Unlisted share options

200,000 unlisted options expiring on 28/04/20, exercisable at NOK 4.00 58,334 unlisted options expiring on 22/11/18, exercisable at A\$3.00 100,000 unlisted options expiring on 22/11/18, exercisable at A\$2.40 270,000 unlisted options expiring on 18/11/20, exercisable at NOK 1.70

Part 2 – Director's relevant interests in securities of which the director is not the registered holder

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature of interest Note: Provide details of the circumstances giving rise to the relevant interest	Number & class of securities
Cresthaven Investments P/L	Unlisted share options 130,425 unlisted options expiring on 17/03/17, exercisable at NOK 7.50
	Ordinary fully paid shares 260,850 ordinary shares

Part 3 – Director's interests in contracts

Detail of contract	Not Applicable
Nature of interest
Name of registered holder
(if issued securities)
No. and class of securities to
which interest relates

Initial or Final Director's Interests Notice

File Reference:

I:\Operations\Projects\NETS Project\NSX install package USB key\Issuer Documents\NSX Initial-Final Directors Interests.doc

Table of Contents

INTRODUCTION 3
MORE INFORMATION AND SUBMISSION OF FORM:3
INITIAL OR FINAL DIRECTOR'S INTEREST NOTICE 4
PART 1 – DIRECTOR'S RELEVANT INTERESTS IN SECURITIES OF WHICH THE DIRECTOR IS THE REGISTERED HOLDER4
PART 2 – DIRECTOR'S RELEVANT INTERESTS IN SECURITIES OF WHICH THE DIRECTOR IS NOT THE REGISTERED HOLDER5
PART 3 – DIRECTOR'S INTERESTS IN CONTRACTS5

Introduction

To ensure the efficient processing of this form by NSX, please:

• 1. Adhere to the suggested number of the annexures required by this form.
• 1. Complete all statements and questions in this form. (NSX can provide an electronic version of this form on request).

More Information and Submission of Form:

Further information can be obtained from and all applications should be sent to:

General Manager National Stock Exchange of Australia Limited PO BOX 283 Newcastle NSW 2300

Phone: +61 2 4929 6377 Fax: + 61 2 4929 1556 http://www.nsxa.com.au

Initial or Final Director's Interest Notice

Information or documents not available now must be given to NSX as soon as available. Information and documents given to NSX become NSX's property and may be made public.

Name of entity : African Petroleum Corporation Limited

ABN: 87 125 419 730

We (the entity) give NSX the following information under section 205G of the Corporations Act.

Name of director	George Jens Pace
Date of last notice	N/A
Date that director become a director (if initial notice)	18 November 2015
Date that director ceased to be director (if final notice)	N/A

Part 1 – Director's relevant interests in securities of which the director is the registered holder

Number & class of securities

1. Unlisted share options

200,000 unlisted options expiring on 28/04/20, exercisable at NOK 4.00 58,334 unlisted options expiring on 22/11/18, exercisable at A\$3.00 16,667 unlisted options expiring on 08/01/18, exercisable at A\$30.00 350,000 unlisted options expiring on 18/11/20, exercisable at NOK 1.70

1. Ordinary fully paid shares

33,334 ordinary fully paid shares

Part 2 – Director's relevant interests in securities of which the director is not the registered holder

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature of interest Note: Provide details of the circumstances giving rise to the relevant interest	Number & class of securities

Part 3 – Director's interests in contracts

Detail of contract	Not Applicable
Nature of interest
Name of registered holder
(if issued securities)
No. and class of securities to
which interest relates