PetroNor E&P ASA

Regulatory Filings • Jun 29, 2015

29 June 2015

African#Petroleum#Corporation#Limited ("African#Petroleum"#or#the#"Company")

Agreement Signed – Block!CI4513!Côte!d'Ivoire

African#Petroleum,#an#independent#oil#and#gas#exploration#company#operating#ten#licences# in# five#countries# offshore#West#Africa,#is# pleased# to#announce# that#it# 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#CIP513#licence area in#Côte#d'Ivoire.#It#is#intended# that#African# Petroleum#will#hold a#nonPoperated#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# third# party are# working# together# towards# completion# of# the# transaction#as#soon#as#possible,#and#the#Company#expects#to#make#further#announcements,# including# the# identity# of# the# third# party# and# further# details# of# commercial# terms, in# due# course#as progress#is made.#

Commenting!on!this!announcement,!African!Petroleum's!Chief!Executive!Officer Dr Stuart! Lake!said:

"We are#delighted#to#have#signed#this#agreement with#a#large#London#listed#E&P#company# who# is a proven# operator# in# Africa.# # African# Petroleum looks forward# to# completing# the# transaction#so#that#we#can#commence#an#active#near#term#exploration#programme#in#Côte# d'Ivoire."

*****

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# fastPemerging# hydrocarbon# basins,# principally# the# West# African# Transform# Margin,# where# several# discoveries# have# been# made# in# recent# years,# including# African# Petroleum# Corporation's# NarinaP1# 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#deepPwater#basin.

For# more# information# about# African# Petroleum# Corporation,# please# see# www.africanpetroleum.com.au