PetroNor E&P ASA

Related Party Transaction • Mar 20, 2015

20#March#2015

OAX#/#NSX#Announcement

African#Petroleum#Corporation#Limited#

("African#Petroleum#Corporation"#or#the#"Company")#

Update:(Liberian(Licence(LB008(Term(Sheet

African# Petroleum# Corporation,# 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# nonLbinding# term# sheet# with# a# private#London#based#independent#oil#and#gas#company#to# farmLin# to# the#Company's#100%#owned# Liberian#LBL08#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#LBL08#licence#in# return# for# the#payment#of# 50%#of#all# future#costs#and# expenditures#relating#to#the#LBL08#licence#and#a#contribution#to#past#costs#and#expenditures.#

The# LBL08# 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# unLrisked# mean# prospective# oil# resources# of# LBL08# 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#LBL08#has#substantial# potential.#

Completion#of#the#farmLin#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# fastL emerging# hydrocarbon# basins,# principally# the# West# African# Transform# Margin,# where# several# discoveries# have# been# made# in# recent# years,# including# African# Petroleum# Corporation's# NarinaL1# 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#deepLwater#basin.#

For#more#information#about#African#Petroleum#Corporation,#please#see# www.africanpetroleum.com.au

This# information# is# subject# to# disclosure# requirements# pursuant# to# section# 5L12# of# the# Norwegian# Securities#Trading#Act.