PetroNor E&P ASA

Director's Dealing • Feb 10, 2015

MANDATORY NOTIFICATION OF TRADE

MANDATORY NOTIFICATION OF TRADE

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

Reference is made to the stock exchange notice

published by African Petroleum Corporation Limited

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

today, 10 February 2015, regarding the completed

allocation of the private placement as further

described by the Company in an announcement on 9

February 2015. The Company's Chief Executive

Officer, Dr Stuart Lake, and Finance Director,

Stephen West both participated in the Private

Placement by each applying for and being allocated

2,608,500 shares at a price per share of NOK 0.35,

at a total cost of NOK 912,975 each (approximately

US$120,000 each). In addition Dr Stuart Lake and

Stephen West are entitled to be allocated 1,304,250

options each. Following completion of the private

placement Dr Stuart Lake's total shareholding in

the Company will be 2,858,500 shares and 6,304,250

options, and Stephen West's total shareholding in

the Company will be 2,608,500 shares and 2,887,584

options.

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 3435 7700

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