PetroNor E&P ASA

Share Issue/Capital Change • Mar 20, 2015

SHARE CAPITAL INCREASE - UPDATE

SHARE CAPITAL INCREASE - UPDATE

Reference is made to the announcements made by African Petroleum

Corporation Limited ("African Petroleum" or the "Company") on 18 March 2015

regarding issuance of 271,732,000 new shares (the "New Shares") and

135,866,000 options which were allocated in the private placement.

All New Shares issued on the temporary ISIN AU0000AOQNB9 have been

transferred to the Company's existing ISIN AU000000AOQ0 and admitted to

trading on Oslo Axess as of today. The New Shares have been validly and

legally issued as fully paid shares in accordance with Australian law and the

Constitution of the Company. Delivery Versus Payment settlement towards

investors who were allocated the New Shares and options is ongoing, and the

Company will announce separately when the settlement procedure is

completed.

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 30,967km2 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