PetroNor E&P ASA

Delisting Announcement • Sep 22, 2015

NOTICE TO DE-LIST FROM THE NATIONAL STOCK EXCHANGE OF AUSTRALIA

NOTICE TO DE-LIST FROM THE NATIONAL STOCK EXCHANGE OF AUSTRALIA

African Petroleum Corporation Limited ("African

Petroleum" or the "Company"), an independent oil

and gas exploration company operating ten licences

in five countries offshore West Africa, advises

that, subject to shareholder approval, the Company

has elected to voluntarily de-list from the

National Stock Exchange of Australia ("NSX") and

now gives 90 days' notice of its intention to de-

list from the NSX.

The decision to de-list from NSX is principally as

a result of the limited trading liquidity on the

exchange compared with the Oslo Axess exchange,

where African Petroleum has had its primary listing

since May 2014.

Furthermore, the decision to de-list from the NSX

was made as part of African Petroleum's on-going

focus on capital discipline in reviewing all costs

across the business. Measures that have taken place

include relocating the corporate premises, reducing

headcount and cutting board and executive

remuneration. The Company has been successful in

reducing its overheads and anticipates general and

administrative expenses will be down significantly

at year-end compared with the prior year. The

Board recognises that the current market conditions

are challenging and that these cost reductions are

in the best interests of the Company and its

stakeholders, and it positions the business for the

longer-term.

As a result of these factors, the Company believes

that its NSX listing is no longer effective in

terms of both cost and trading liquidity.

The Company will convene a general meeting to be

held 90 days from the date of this announcement at

which the Company will seek shareholder approval

for the de-listing from NSX pursuant to NSX Listing

Rule 2.25. NSX shareholders will be advised by

letter of the process to transfer shares to Oslo

Axess in due course.

The Company's shares will continue to be traded on

the NSX until 21 December 2015 when they will be

suspended from quotation, prior to formally being

de-listed at close of trading on 31 December 2015.

The Company has a primary listing in Norway on the

Oslo Axess (APCL) and a secondary listing on the

NSX (AOQ).

Dr Stuart Lake, CEO of African Petroleum commented:

"The decision to delist from the NSX and the on-

going cost saving drives are directly linked to our

continued focus on capital discipline whilst

ensuring we maintain the capacity to execute the

business. We have retained our exploration

expertise and capability, and we remain committed

to delivering on our strategy".

For further information, please contact:

Stuart Lake, Chief Executive Officer

Stephen West, Finance Director

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