PetroNor E&P ASA

Share Issue/Capital Change • May 20, 2014

EXTENSION OF BOOKBUILDING PERIOD AND UPDATE ON DEAL SIZE

EXTENSION OF BOOKBUILDING PERIOD AND UPDATE ON DEAL SIZE

20 May 2014 - Reference is made to the stock exchange

announcement dated 1 May 2014 regarding the

announcement, and the terms, of African Petroleum

Corporation's ("African Petroleum Corporation" or the

"Company", OSE ticker code "APCL", NSX ticker code

"AOQ") initial public offering of the Company's shares

on Oslo Axess (the "Offering"), the approval by the

Financial Supervisory Authority of Norway of the

prospectus dated 9 May 2014 and the stock exchange

notice dated 12 May 2014 announcing the commencement

of the bookbuilding period in the Offering.

The order period and the bookbuilding period in the

Offering were initially set to expire today at 12 PM

CET and 3 PM CET, respectively. In accordance with the

terms of the Offering, the Company has decided to

extend the bookbuilding period in the institutional

offering and the order period in the retail tranche by

24 hours. The bookbuilding period and the order period

will, subject to any further extensions, end on

Wednesday 21 May 2014 at 3 PM CET.

The Company has, in accordance with the terms of the

Offering, decided to reduce the number of Offer Shares

in the Offering and the corresponding proceeds from

the Offering. The number of Offer Shares is expected

to be between 20,689,655 and 38,461,538 corresponding

to proceeds in the range of NOK 30 million to NOK 50

million.

The allocation date and payment date for both the

retail tranche and the institutional trance will be

changed accordingly with the extension of the

bookbuilding period. The new allocation date for Offer

Shares in the Offering is expected to be on or about

21 May 2014 and the new deadline for payment will be

27 May 2014 with funds available on the investors

account from and including 26 May 2014. Delivery of

Offer Shares is expected to take place on or about 28

May 2014 and first day of listing is expected to be on

or about 30 May 2014. The date for delivery of the

Offer Shares and the first day of listing has not been

changed. Any changes to the date for delivery of the

Offer Shares and the expected first day of listing,

will be announced separately to the market.

For further information about the Offering, please

refer to the prospectus dated 9 May 2014 which,

subject to regulatory restrictions in certain

jurisdictions, is available at www.paretosec.com and

at www.africanpetroleum.com.au through a link to the

website of Pareto Securities AS.

Pareto Securities AS is acting as Manager in the Offering.

For further information, please contact:

Stuart Lake, Chief Executive Officer

Stephen West, Finance Director

Tel: +44 20 3435 7700

Claire Tolcon

Company Secretary

Tel: + 61 8 9388 0744

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 Limited

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'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. The Company

emphasises that although the well encountered

hydrocarbon columns supported by pressure and sample

data, the accumulation does not qualify as reserves or

contingent resources under the Petroleum Resources

Classification Framework, which requires flow tests.

For more information about African Petroleum

Corporation, please see www.africanpetroleum.com.au

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 to 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," "estimate," "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.