PetroNor E&P ASA

Share Issue/Capital Change • Apr 16, 2015

SHARE CAPITAL INCREASE

SHARE CAPITAL INCREASE

Reference is made to the announcements made by

African Petroleum Corporation Limited ("African

Petroleum" or the "Company") on 7 April 2015,

regarding the successful completion of the

Subsequent Repair Offering.

The Board of Directors of African Petroleum has, in

accordance with the mandate granted by the

shareholders in the general meeting held on 16

March 2015, issued 11,604,331 new shares (the "New

Shares") and 5,802,150 options which were allocated

to investors in the Subsequent Repair Offering. The

New Shares have been issued on the same ISIN as the

existing shares of the Company, AU000000AOQ0. The

options have been issued in the VPS on ISIN

AU0000AOQOZ6. The New Shares have been validly and

legally issued as fully paid shares in accordance

with Australian law and the Constitution of the

Company. Following the share capital increase, the

Company has 980,798,118 shares in issue. The shares

have no par value.

This information is subject to the disclosure

requirements pursuant to section 5-12 of the

Norwegian Securities Trading Act.

*****

For further information, please contact:

Stuart Lake, Chief Executive Officer

Stephen West, Finance Director

Tel: +44 203 761 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

African Petroleum 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'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,

please see www.africanpetroleum.com.au