PetroNor E&P ASA

Regulatory Filings • Apr 1, 2015

UPGRADED PROSPECTIVE RESOURCES IN SIERRA LEONE

UPGRADED PROSPECTIVE RESOURCES IN SIERRA LEONE

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, is pleased

to announce an update to its prospective oil

resources at its 100% owned and operated Licence

Blocks SL-03 and SL-4A-10 in Sierra Leone ("Sierra

Leone Licences").

The Company engaged the independent petroleum

consultant, ERC Equipoise Ltd ("ERCE"), to prepare

an updated assessment of prospective oil resources

attributable to the Company's Sierra Leone Licences

(the "ERCE Letter"). The ERCE Letter of prospective

resources includes four prospects and estimates the

net prospective oil resources relating to the

Sierra Leone Licences as follows:

Mean (MMstb)

Net Unrisked Net Risked

Prospective Prospective

Licence Oil Resources Oil Resources

Sierra Leone

SL-03 and SL-4A-10 1,354 223

The ERCE Letter, in conjunction with the upgrades

to Senegal, The Gambia, Liberia and Côte d'Ivoire

announced during Q1 2015, independently assesses

African Petroleum's total net unrisked mean

prospective oil resources across its ten licences

at 12,534 MMstb.

Stuart Lake, African Petroleum's CEO, comments:

"We are delighted that we have seen such a material

increase to our independently assessed net unrisked

prospective oil resources during the first quarter

2015. Following an update to Senegal, The Gambia,

Liberia and Côte d'Ivoire earlier this year,

today's published ERCE Letter demonstrates another

material upgrade to our prospective resources, with

total estimated prospective oil resources in excess

of 12.5 billion barrels.

Currently, only Sierra Leone Licence SL-03 is

covered by a fully processed 3D seismic dataset.

Further 3D seismic was acquired over Licence SL-4A-

10 in 2014 and processing is scheduled for

completion in Q2 2015. Consequently only the

potential in Licence SL-03 has been matured to

prospect level apart from the Albian 4-way

closure 'Regel' that extends from Licence SL-03

into Licence SL-4A-10. A number of additional

leads have been identified in Licence SL-4A-10, on

a preliminary fast-track seismic volume, and these

will be matured to prospect status once the final

data is available. A further Competent Persons

Report update for Sierra Leone is anticipated in H2

2015 with potential additional targets, including

the Vega Lead, in SL-03 and the fully matured

prospects in

SL-4A-10.

African Petroleum's diverse portfolio provides the

potential to create significant value in the event

of exploration success. The Company's prospective

resources are highly material numbers and highlight

the opportunity and potential value locked in our

assets. It is now our task to unlock this value

for our shareholders."

*****

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

This information is subject to disclosure

requirements pursuant to section 5-12 of the

Norwegian Securities Trading Act.