PetroNor E&P ASA

Share Issue/Capital Change • Jul 1, 2014

African Petroleum Corporation - End of stabilisation period

African Petroleum Corporation - End of stabilisation period

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

African Petroleum Corporation - End of stabilisation

period

Oslo, 1 July 2014 - Reference is made to the stock

exchange notice dated 30 May 2014 regarding

potential stabilisation activities in respect of

the shares in African Petroleum Corporation Limited

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

the period from 30 May 2014 to and including 29 June

2014 (the "Stabilisation Period"). Terms defined in

the prospectus of 9 May 2014 shall have the same

meaning in this announcement.

Pareto Securities AS hereby gives notice that

stabilisation was undertaken in relation to the

shares in African Petroleum Corporation and that a

total of 2,545,000 shares were purchased for a

total purchase price of NOK 3,076,083 during the

Stabilisation Period. First day of purchase was 30

May 2014 and last day of purchase was 27 June 2014.

The highest price paid per share in stabilisation

transactions during the Stabilisation Period was NOK

1.29, the lowest price paid was NOK 0.98, and the

average price paid was NOK 1.21.

For each of the dates on which stabilisation

transactions were carried out, the price range for

the stabilisation transactions was as follows:

Date Minimum Price Maximum Price

30/05/2014 0.98 1.20

02/06/2014 1.02 1.08

03/06/2014 1.04 1.10

04/06/2014 1.16 1.18

12/06/2014 1.23 1.29

13/06/2014 1.20 1.20

16/06/2014 1.20 1.20

17/06/2014 1.20 1.20

18/06/2014 1.15 1.19

19/06/2014 1.16 1.16

20/06/2014 1.18 1.20

23/06/2014 1.20 1.20

24/06/2014 1.26 1.28

25/06/2014 1.29 1.29

26/06/2014 1.28 1.28

27/06/2014 1.28 1.29

It is hereby notified that the Stabilisation Period

has ended.

As a total of 2,545,000 shares were purchased as part

of the stabilisation activities, Pareto Securities AS

will not exercise the over-allotment option to

subscribe for additional new shares in the Company,

but will redeliver 2,545,000 borrowed shares to the

lending shareholder, Sarella Investments Limited,

from the shares purchased as part of the

stabilisation activities .

For further queries, please contact:

Pareto Securities AS

Disclaimer

The information contained herein shall not constitute

an offer to sell or the solicitation of an offer to

buy, nor shall there be any sale of the securities

referred to herein in any jurisdiction in which such

offer, solicitation or sale would be unlawful prior

to registration, exemption from registration or

qualification under the securities laws of any such

jurisdiction. In particular, the securities

referenced herein have not been, and will not be,

registered under the U.S. Securities Act of 1933, as

amended (the "Securities Act"), and may not be

offered or sold in the United States absent

registration or pursuant an exemption from the

registration requirements of the Securities Act and

applicable U.S. state securities laws. The Company

does not intend to register any part of the offering

in the United States or to conduct a public offering

of securities in the United States.

This press release may not be released to any U.S.

wire service or distributed or sent into the United

States, Canada, Japan or any other jurisdiction in

which such distribution would be unlawful or would

require registration or other measures.

Any offering of securities will be made to investors

in any EEA Member State by means of a prospectus

(prepared in compliance with the laws of Norway) that

may be obtained from the Company or the Manager and

that contains detailed information about African

Petroleum Corporation and management, as well as

financial statements. This document is a press

release and not a prospectus for the purposes of

Directive 2003/71/EC (together with any applicable

implementing measures in any Member State,

the "Prospectus Directive"). Investors should not

subscribe for any securities referred to in this

document except on the basis of information contained

in the prospectus to be published in connection with

the Offering. In any EEA Member State other than

Norway that has implemented the Prospectus Directive,

this communication is only addressed to and is only

directed at qualified investors in that Member State

within the meaning of the Prospectus Directive, i.e.,

only to investors who can receive the offer without

an approved prospectus in such EEA Member State.

This press release may not be distributed to any

person in the United Kingdom except persons (i) who

have professional experience in matters relating to

investments falling within Article 19(5) (investment

professionals) of the Financial Services and Markets

Act 2000 (Financial Promotions) Order 2005 ("FPO"),

(ii) who fall within the categories of persons

referred to in Article 49(2)(a) to (d) (high net

worth companies, unincorporated associations, etc.)

of the FPO or (iii) to whom it may otherwise be

lawfully communicated.

This press release is not an offer to sell, or the

solicitation of an offer to buy, any of the Company's

securities to or from investors in Australia. This

press release is not a prospectus, product disclosure

statement or other offer document under Australian

law. As noted above, a prospectus will be prepared

by the Company in compliance with the laws of Norway

but this will not be a prospectus or an offer

document under Australian law. Any offers relating

to Company securities in Australia will be made only

to persons who are professional investors or

sophisticated investors (as those terms are used in

s708(11) and s708(8) respectively of the Australian

Corporations Act 2001 ("Corporations Act")) or other

persons specified in s708 of the Corporations Act who

do not require or need to be given a prospectus or

other disclosure document under Chapter 6D of the

Corporations Act to lawfully receive an offer to

subscribe for or acquire securities in the Company.

This press release contains forward-looking

statements. Forward-looking statements are

statements that are not historical facts and may be

identified by words such

as "believe," "expect," "anticipate," "intends," "esti

mate," "will," "may," "continue," "should" and

similar expressions. The forward-looking statements

in this release are based upon various assumptions,

many of which are based, in turn, upon further

assumptions. Although African Petroleum Corporation

believes that these assumptions were reasonable when

made, these assumptions are inherently subject to

significant known and unknown risks, uncertainties,

contingencies and other important factors which are

difficult or impossible to predict and are beyond its

control. Such risks, uncertainties, contingencies

and other important factors could cause actual events

to differ materially from the expectations expressed

or implied in this release by such forward-looking

statements.

The information, opinions and forward-looking

statements contained in this release speak only as at

its date, and are subject to change without notice

African Petroleum Corporation disclaims any

obligation to update and revise any forward-looking

statements, whether as a result of new information,

future events or otherwise.

This information is subject to disclosure

requirements pursuant to section 5-12 of the

Norwegian Securities Trading Act.