PetroNor E&P ASA

M&A Activity • Mar 20, 2015

UPDATE: LIBERIAN LICENCE LB-08 TERM SHEET

UPDATE: LIBERIAN LICENCE LB-08 TERM SHEET

African Petroleum Corporation Limited ("African Petroleum Corporation" or the

"Company") , an independent oil and gas exploration company operating ten

licences in five countries offshore West Africa, announces that further to the

Company's announcement of 29 January 2015 regarding the extension of a

non-binding term sheet with a private London based independent oil and gas

company to farm-in to the Company's 100% owned Liberian LB-08 licence

("Term Sheet"), the Company announces that it has agreed to a request from

the third party for an additional extension of the proposed completion date. An

extension of approximately three months to 30 June 2015 has been agreed to

allow for conditions affecting the third party that are outside their control at

the present time.

As previously disclosed, pursuant to the Term Sheet the third party has agreed,

subject inter alia to completion of due diligence and the entering into of

mutually agreed contracts, to acquire a 50% net participating interest in the

LB-08 licence in return for the payment of 50% of all future costs and

expenditures relating to the LB-08 licence and a contribution to past costs and

expenditures.

The LB-08 licence is situated in a highly prospective region offshore Liberia. In

an independent review of African Petroleum Corporation's acreage conducted

by ERC Equipoise Ltd in April 2014 and updated in January 2015, the estimated

net un-risked mean prospective oil resources of LB-08 exceeds 2.6 billion

barrels. With an oil discovery in the adjacent licence and proof of a working

hydrocarbon system in the central Liberian basin, the Company believes that

LB-08 has substantial potential.

Completion of the farm-in transaction as contemplated by the Term Sheet is

subject to contract and a number of conditions precedent, which, apart from

one pertaining to approval from the Liberian Government, is now scheduled to

be completed by midday 30 June 2015.

For further information, please contact:

Stuart Lake, Chief Executive Officer

Stephen West, Finance Director

Tel: +44 203 761 6900

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 30,967km2 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

This information is subject to disclosure requirements pursuant to section 5-

12 of the Norwegian Securities Trading Act.