PetroNor E&P ASA

Legal Proceedings Report • Nov 28, 2014

REINSTATEMENT OF GAMBIAN LICENCES

REINSTATEMENT OF GAMBIAN LICENCES

28 November 2014 -

African Petroleum

Corporation Limited

("African Petroleum

Corporation" or the

"Company") an

independent oil and

gas exploration

company operating

eight licences in

four countries

offshore West

Africa, is pleased

to announce that it

has entered into an

agreement with The

Government of the

Republic of The

Gambia to reinstate

the Company's

Alhamdulilah Licence

Block A1 and Licence

Block A4 together

the "Gambia

Licences"), and

settle all prior

issues concerning

the Gambia Licences

including the

discontinuation of

arbitration

proceedings.

The reinstatement of

the Gambia Licences

is a significant and

positive step for

the Company,

particularly

following the recent

oil discoveries by

Cairn Energy in

Senegal.

African Petroleum

Corporation has also

agreed to a revised

initial exploration

period that will

expire on 1

September 2016 in

return for a

commitment to drill

an exploration well

on one of the Gambia

Licences and

reprocess 3D seismic

on Licence Block A4

prior to 1 September

African Petroleum

Corporation holds a

100% interest in the

Gambia Licences

through its wholly

owned subsidiaries

African Petroleum

Gambia Limited and

APCL Gambia B.V.

African Petroleum

Corporation's Chief

Executive Officer,

Dr Stuart Lake,

commented: "We are

delighted that The

Government of the

Republic of The

Gambia has

reinstated

Alhamdulilah Licence

Block A1 and Licence

Block A4. The

Company looks

forward to

continuing its

exploration efforts

on this highly

prospective acreage,

particularly in

light of the recent

oil discoveries made

by Cairn Energy

nearby in Senegal.

"These two

discoveries made at

FAN-1 (announced 7

October 2014) and

SNE-1 (announced 10

November 2014) are

reported to have

proved excellent

quality reservoirs,

with the SNE-1 well

analysis showing net

oil pay of 36 metres

and oil of 32° API

from samples of gas,

oil and water

recovered to

surface. According

to this

announcement,

preliminary

estimates suggest

that the SNE-1

discovery is highly

likely to be a

commercial

discovery."

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 eight

licences in four

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

28,295km2 through

its licences in Côte

d'Ivoire, Liberia,

Senegal and Sierra

Leone, the Company

has matured its

portfolio rapidly,

acquiring more than

16,000km2 of 3D

seismic data and

successfully

drilling three

wells, one of which

was the first

hydrocarbons

discovery in the

offshore Liberian

deepwater 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.