PetroNor E&P ASA

Earnings Release • Sep 1, 2014

OPERATIONAL UPDATE

OPERATIONAL UPDATE

1 September 2014 - African Petroleum Corporation Limited ("African

Petroleum Corporation" or the "Company") is pleased to provide an

operational update on its West African exploration portfolio.

Farm-out Update

As previously announced African Petroleum Corporation is seeking

strategic partners on its eight licences in Côte d'Ivoire, Liberia,

Senegal and Sierra Leone in order to share risk and potential reward of

the Company's exploration programme. Significant progress has been

made with the farm-out process, in particular, the Company has

received a high level of interest in its Côte d'Ivoire licences, CI-509

and CI-513, from a number of international companies and industry

majors. A number of factors have led to a significant increase in

interest in the Company's Côte d'Ivoire licences, primarily Total's

hydrocarbon discovery in block CI-514 (adjacent to African Petroleum

Corporation's block CI-513) and the Company's announcement on 14

July 2014 stating it has signed an agreement to farmout a 10%

interest in Block CI-509.

Significant third party exploration activity in the West African region

from majors and independents alike is driving interest in African

Petroleum Corporation's acreage. The Company expects this

heightened interest to culminate in farm-in offers in due course.

Further announcements on the farm-out process will be made by the

Company, as and when, farm-out terms are agreed between parties.

Preparations for 2015 Drilling Programme

In preparation for the Company's Côte d'Ivoire drilling campaign,

anticipated to commence in 2015, the Company has signed an

agreement with DrilQuip (Europe) Limited to provide two SS-15

wellheads. The purchase of these wellheads is a positive step for the

Company, and a move towards initiating the drilling campaign in

African Petroleum Corporation's acreage in Côte d'Ivoire.

2014 will be a significant year of exploration activity for Côte d'Ivoire,

with the hydrocarbon discovery announced by Total in April 2014, and

results expected from Anadarko and Vitol in the coming six months.

African Petroleum Corporation is in a strong position to leverage

learning's from this third party drilling activity and unlock the

potential of its highly prospective acreage.

Seismic Acquisition - Sierra Leone

On 26 August 2014, African Petroleum Corporation commenced the

acquisition of approximately 1,000 sq km of 3D seismic data over

offshore licence SL-4A-10, Sierra Leone. The 3D seismic survey is

being undertaken by TGS using the Polarcus 'Alima' and will be

complete within one month.

Completion of this 3D seismic acquisition will fulfil all remaining

commitments for the first exploration period in the Company's Sierra

Leone licences.

The Company's existing 2D seismic coverage and partial 3D seismic

data over its Sierra Leone licences has identified a number of key

prospects and leads, some of which are large dip closures with

amplitude support at multiple stratigraphic levels.

Health, Safety, Environment and Security

Due to the recent Ebola outbreak in West Africa, African Petroleum

Corporation has implemented precautionary measures to ensure the

health and safety of our staff as the outbreak affects two of the four

countries we operate in. Most critically our drill obligations in late

2015 are not in the countries where the outbreak is currently

occurring. We are, however, working with the national oil companies,

host government officials and Non Governmental Organisations to see

how strategic social investments can be utilised to help them combat

Ebola.

Dr Stuart Lake, African Petroleum Corporation's CEO commented:

"It has been a strong start to the year for African Petroleum

Corporation. The Company continues to work towards building its

reputation as a fast moving explorer in both emerging and frontier

basins. Having already achieved a number of significant milestones

set out in the strategic objectives for 2014, the Company's focus is to

secure long-term partners and finalise a drilling schedule for 2015.

Securing a partner to drill and meet licence obligations will

demonstrate to the market the value of our high potential exploration

portfolio, which has been significantly de-risked by recent successes

in adjacent acreage. Such moves will be an important step towards

our goal to deliver optimum value and return to our stakeholders."

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:

Mark Antelme/Charlie Stewart, Bell Pottinger

Tel: +44 207 861 3800

For Norwegian media:

Geir Arne Drangeid, First House

Tel: +47 913 10 458

Geir Gjervan, First House

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

15,000km2 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.