PetroNor E&P ASA

Regulatory Filings • Dec 18, 2014

FIRST RENEWAL PERIOD ON SENEGAL LICENCE

FIRST RENEWAL PERIOD ON SENEGAL LICENCE

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, is pleased to announce that its

subsidiary African Petroleum Senegal Limited has just received confirmation

from the President in the form of a Presidential decree of entry into the First

Renewal Period on licence Senegal Offshore Sud Profond ("SOSP"). Prior to

entering into the First Renewal Period, Petrosen (the National Oil Company of

Senegal) agreed to defer the existing well commitment of the First Renewal

Period of SOSP by 18 months to allow for further technical work by the

Company prior to drilling.

The initial exploration period on SOSP expired on 2 November 2014, with

African Petroleum Senegal Limited exceeding all obligations, having acquired

3,600km2 of 3D seismic data, purchasing 2,000km2 of 2D seismic data,

processing and interpreting both datasets and investing more than US$21

million in the licence.

The Company has now entered the First Renewal Period, with effect from the

date of the Presidential decree namely 15 December 2014, for a three-year

period that has been split into two 18-month sub-periods. The first sub-

period requires the Company to carry out further technical work over SOSP and

the second sub-period, should the Company elect to enter into, requires the

drilling of an exploration well. In accordance with the terms of the licence, the

Company has relinquished 30% of SOSP upon entering the First Renewal Period.

SOSP has significant potential for both deep-water submarine fans and shelf

edge platform plays, both of which have recently been proven in nearby

acreage by the Cairn Energy operated wells FAN-1 and SNE-1. The Company

has proposed Pre-Stack Depth Migration (PSDM) over the licence area to

improve definition of the material prospects identified through technical work

to date. The forward programme, agreed with Petrosen, provides an

opportunity to analyse the data fully prior to making a commitment to drill the

exploration well in the second sub-period of the First Renewal Period.

Chief Executive Officer, Dr Stuart Lake, comments; "The entering of the next

phase on licence SOSP demonstrates our commitment to our operations in

Senegal. In addition, the deferral of the well obligation in SOSP until after June

2016 allows the Company time to leverage learnings from the two recent

significant oil discoveries by Cairn Energy in nearby acreage, and complete

seismic reprocessing and interpretation over the licence area prior to drilling

our first exploration well."

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 - Bell Pottinger

Nick Lambert /Charlie Stewart

Tel: +44 20 3772 2500

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 30,963km2 through its licences in Côte d'Ivoire, Liberia, Senegal,

The Gambia and Sierra Leone, 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.