PetroNor E&P ASA

Regulatory Filings • May 11, 2014

FIRST DAY OF BOOKBUILDING AND APPLICATION PERIOD FOR THE OFFERING

FIRST DAY OF BOOKBUILDING AND APPLICATION PERIOD FOR THE OFFERING

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

12 May 2014

NSX/Oslo Announcement

African Petroleum Corporation Limited

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

Reference is made to the stock exchange announcement dated 9 May

2014 regarding the announcement, and the terms, of African

Petroleum Corporation's (OSE ticker code "APCL", NSX ticker code

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

(the "Offering") and the approval by the Financial Supervisory

Authority of Norway of the prospectus dated 9 May 2014 prepared in

connection with the Offering and the expected listing of the shares of

African Petroleum Corporation on Oslo Axess.

The bookbuilding period and the application period for the Offering

commence today 12 May 2014 at 09:00 hours (CET), and runs until

12:00 hours (CET) on 20 May 2014 for the retail offering, and until

15:00 hours (CET) on 20 May 2014 for the institutional offering,

subject to shortening or extension. The first day of listing is expected

to be on or about 30 May 2014.

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.