PetroNor E&P ASA

Major Shareholding Notification • May 11, 2015

Form 605

Corporations Act 2001 Section 671B Notice of ceasing to be a substantial holder

To Company Name/Scheme		African Petroleum Corporation Limited
ACN/ARSN ACN 125 419 730
1. Details of substantial holder (1)
Name	Pareto Securities AS
ACN/ARSN (if applicable)	N/A
The holder ceased to be a substantial holder on		9 May 2015
The previous notice was given to the company on		29 May 2014

The previous notice was dated

$2.$ Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the compar or scheme are as follows:

28 May 2014

Date of change	Person whose relevant interest changed	Nature of change (4)	Consideration given in relation to change $(5)$	Class $(6)$ and number of securities affected	Person's votes affected
9 May 2015	Pareto Securities and Pareto AS	As a result of the expiry of the restrictions on disposal contained in the escrow and related arrangements (as disclosed to NSX) on 14 May 2014) entered into by Pareto Securities with: Sarella Investments Limited Jeffrey Couch ٠ Halle Woody Pty Ltd <the ٠ Woody $S/F$ $A/C$ and Jens Pace, ۰ Pareto has ceased to have a relevant interest in the shares of those registered holders.</the	Nil	250,824,230 ordinary shares	250,824,230

$3.$ Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
N/A	N/A

4. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Pareto Securities AS	Dronning Mauds gate 3, N-0115 Oslo, Norway
Pareto AS	As above.

Signature

HALVOR-TESLO

PARTNER, CORPORATE FINANCE

date $9/5/2015$

Directions

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its $1.$ related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 4 of the form.
• $\overline{2}$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $3.$
• $\overline{4}$ . Include details of:
• $(a)$ any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, $(b)$ the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).
• Details of the consideration must include any and all benefits, money and other, that any person from whom a 5. relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• The voting shares of the company constitute one class unless divided into separate classes. 6.
• 1. Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.