PetroNor E&P ASA

NSX ANNOUNCEMENT - COMPLETION OF OSLO AXESS OFFERING

NSX ANNOUNCEMENT

28 May 2014 - Further to the announcements made by

African Petroleum Corporation Limited (NSX: AOQ)

("African Petroleum" or the "Company") on 21 May 2014

and 26 May 2014, regarding completion of its initial

public offering of the Company's shares on Oslo Axess

(the "Offering") the Company advises that it has

issued a total of 37,378,820 fully paid ordinary

shares ("Shares") at an issue price of NOK1.30

(approximately AU$0.24) per Share in accordance with

the terms of the Offering as set out in the Prospectus

dated 9 May 2014 (excluding the over-allotted Shares).

Attached is an Application for Quotation of the Shares

issued pursuant to the Offering.

These shares were issued without disclosure to

investors under part 6D.2 of the Corporations Act on

28 May 2014.

As at the date of this notice, the Company has

complied with:

(a) the provisions of Chapter 2M of the Corporations

Act as they apply to the Company; and

(b) section 674 of the Corporations Act.

The Company confirms that, as at the date of this

notice, there is no excluded information within the

meaning of sections 708A(7) and (8) of the

Corporations Act.

Yours faithfully

African Petroleum Corporation Limited

For further information, please contact:

Dr Stuart Lake

Chief Executive Officer

African Petroleum Corporation Limited

Ph: +44 20 3435 7700

Claire Tolcon

Company Secretary

African Petroleum Corporation Limited

Ph: +61 8 9388 0744

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