PetroNor E&P ASA

Share Issue/Capital Change • Apr 7, 2015

RESULT OF THE SUBSEQUENT REPAIR OFFERING

RESULT OF THE SUBSEQUENT REPAIR OFFERING

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR

INDIRECTLY, TO U.S. NEWS WIRE SERVICES OR FOR

DISSEMINATION IN THE UNITED STATES, CANADA OR

JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE

DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL

AFRICAN PETROLEUM CORPORATION LIMITED - RESULT OF

THE SUBSEQUENT REPAIR OFFERING

Reference is made to the announcement made by

African Petroleum Corporation Limited ("African

Petroleum" or the "Company") on 16 March 2015,

regarding the approval of the prospectus dated 16

March 2015 (the "Prospectus") and the commencement

of the Subsequent Repair Offering.

The application period under the Subsequent Repair

Offering closed on 1 April 2015, at 1 PM CET.

The Board of Directors of the Company (the "Board")

has resolved to issue 11,604,331 new shares in the

Subsequent Repair Offering at a subscription price

of NOK 0.35 per share raising a total of NOK

4,061,516 (approximately US$505,000). All

applicants being allotted shares in the Subsequent

Repair Offering will receive one free transferable

option for every two shares allocated,

corresponding to a total issue of 5,802,150

options. The options have an exercise price of NOK

0.75 per share and expire on 17 March 2017.

All applicants being allotted shares in the

Subsequent Repair Offering will receive a letter

confirming the number of shares and options

allotted and the corresponding amount to be paid.

The payment due date is 9 April 2015. It is

expected that the new shares will be delivered in

the VPS to applicants in the Subsequent Repair

Offering on or about 16 April 2015, provided that

the applicant has paid for the offer shares

allocated to the applicant when due.

Pareto Securities AS is acting as Manager in

connection with the Subsequent Repair Offering.

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 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

Disclaimer

The information contained herein shall not

constitute an offer to sell or the solicitation of

an offer to buy, nor shall there be any sale of the

securities referred to herein in any jurisdiction

in which such offer, solicitation or sale would be

unlawful prior to registration, exemption from

registration or qualification under the securities

laws of any such jurisdiction. In particular, the

securities referenced herein have not been, and

will not be, registered under the U.S. Securities

Act of 1933, as amended (the "Securities Act"), and

may not be offered or sold in the United States

absent registration or pursuant an exemption from

the registration requirements of the Securities Act

and applicable U.S. state securities laws. The

Company does not intend to register any part of the

offering in the United States or to conduct a

public offering of securities in the United

States.

This press release may not be released to any U.S.

wire service or distributed or sent into the United

States, Canada, Japan or any other jurisdiction in

which such distribution would be unlawful or would

require registration or other measures.

This document is a press release and not a

prospectus for the purposes of Directive 2003/71/EC

as amended (together with any applicable

implementing measures in any Member State,

the "Prospectus Directive"). Any offering of

securities will be made solely on the basis of the

Prospectus dated 16 March 2015. In any EEA Member

State other than Norway that has implemented the

Prospectus Directive, this communication is only

addressed to and is only directed at qualified

investors in that Member State within the meaning

of the Prospectus Directive, i.e., only to

investors who can receive the offer without an

approved prospectus in such EEA Member State.

This press release may not be distributed to any

person in the United Kingdom except persons (i) who

have professional experience in matters relating to

investments falling within Article 19(5)

(investment professionals) of the Financial

Services and Markets Act 2000 (Financial

Promotions) Order 2005 ("FPO"), (ii) who fall

within the categories of persons referred to in

Article 49(2)(a) to (d) (high net worth companies,

unincorporated associations, etc.) of the FPO or

(iii) to whom it may otherwise be lawfully

communicated.

This press release is not an offer to sell, or the

solicitation of an offer to buy, any of the

Company's securities to or from investors in

Australia. This press release is not a prospectus,

product disclosure statement or other offer

document under Australian law. Any offers relating

to Company securities in Australia will be made

only to persons who are professional investors or

sophisticated investors (as those terms are used in

s708(11) and s708(8) respectively of the Australian

Corporations Act 2001 ("Corporations Act")) or

other persons specified in s708 of the Corporations

Act who do not require or need to be given a

prospectus or other disclosure document under

Chapter 6D of the Corporations Act to lawfully

receive an offer to subscribe for or acquire

securities in the Company.

This press release contains forward-looking

statements. Forward-looking statements are

statements that are not historical facts and may be

identified by words such

as "believe," "expect," "anticipate," "intends," "es

timate," "will," "may," "continue," "should" and

similar expressions. The forward-looking

statements in this release are based upon various

assumptions, many of which are based, in turn, upon

further assumptions. Although African Petroleum

Corporation believes that these assumptions were

reasonable when made, these assumptions are

inherently subject to significant known and unknown

risks, uncertainties, contingencies and other

important factors which are difficult or impossible

to predict and are beyond its control. Such risks,

uncertainties, contingencies and other important

factors could cause actual events to differ

materially from the expectations expressed or

implied in this release by such forward-looking

statements.

The information, opinions and forward-looking

statements contained in this release speak only as

at its date, and are subject to change without

notice. African Petroleum Corporation disclaims

any obligation to update and revise any forward-

looking statements, whether as a result of new

information, future events or otherwise.