PetroNor E&P ASA

Regulatory Filings • Jun 30, 2015

CORPORATE UPDATE

CORPORATE UPDATE

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, provides the following update on its previously

announced partnering process.

FARM OUT PROCESS

African Petroleum is seeking strategic partners on its ten licences in Côte

d'Ivoire, Liberia, Senegal, The Gambia and Sierra Leone in order to share risk

and potential reward of the Company's exploration programme.

Liberia

African Petroleum announces that a non-binding term sheet with a private

London based independent oil and gas company to farm in to the Company's

100% owned Liberian LB-08 licence ("Term Sheet") has now lapsed due to lack

of progress within the extended timeframe granted to the third party (as

announced on 20 March 2015).

Although the Term Sheet did not yield a transaction on this occasion, the

intention remains to seek a partner on the Company's prospective LB-08 and

LB-09 licences in Liberia.

Côte d'Ivoire

As announced on 29 June 2015, African Petroleum has signed a binding joint

bidding agreement with a large 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.

The Gambia & Senegal

The Company is in advanced farm out discussions with numerous interested

parties across the Company's assets, including The Gambia and Senegal. The

recent exploration success of third party operators within this area, namely

Cairn Energy in Senegal and Kosmos in Mauritania, has led to a significant

increase in the level of interest in these assets. There has been a 60% increase

in visits to the Company's data room during H1 2015 from a high calibre set of

companies, a number of whom have confirmed their interest in pursuing a

transaction. The Company seeks to attract binding offers as soon as possible.

Further announcements on progress will be made in due course.

Outlook

The Company's immediate focus is to conclude the 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. Having successfully

concluded the agreement for Block CI-513 in Côte d'Ivoire, 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 H2 2015.

Commenting on the update, Dr. Stuart Lake, CEO of African Petroleum, said:

"Of importance to the Company and its shareholders is the progress that we

are making in securing partners and funding for our acreage in Côte d'Ivoire,

The Gambia, and Senegal. We are delighted to have signed a binding joint

bidding agreement with a large London listed oil and gas company in Côte

d'Ivoire and remain in advanced discussions with other high quality industry

players in relation to our acreage in The Gambia and Senegal. We hope to

mature these discussions into farm out transactions in due course to enable us

to monetise our quality asset base by re-commencing our high impact

exploration drilling campaign.

It was disappointing that the LB-08 Term Sheet lapsed, but this was a result of

external issues faced by the third party rather than any issues with our asset,

and our intention remains to seek a high quality partner for this highly

prospective acreage."

******

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

Geir Gjervan

Tel: +47 908 79 108

About African Petroleum Corporation

African Petroleum Corporation is a dynamic, independent oil and gas

exploration company operating ten licences in five countries offshore West

Africa. The Company's assets are located in fast-emerging hydrocarbon

basins, principally the West African Transform Margin, where several

discoveries have been made in recent years, including African Petroleum

Corporation's Narina-1 discovery in February 2012, which proved a working

hydrocarbon system in the Liberian basin. With a combined net acreage

position of 30,378km2 through its licences in Côte d'Ivoire, Liberia, Senegal,

Sierra Leone and The Gambia, the Company has matured its portfolio rapidly,

acquiring more than 18,500km2 of 3D seismic data and successfully drilling

three wells, one of which was the first hydrocarbons discovery in the offshore

Liberian deep-water basin.

For more information about African Petroleum Corporation, please see

www.africanpetroleum.com.au