PetroNor E&P ASA

Regulatory Filings • Apr 30, 2014

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30 April 2014

NSX/Oslo Axess Announcement

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

LISTING APPROVAL FROM OSLO STOCK EXCHANGE AND UPDATE ON LISTING PROCESS

Reference is made to the Company's press release on 28 April 2014 and the press release published by the Oslo Stock Exchange today. African Petroleum Corporation is pleased to announce that on 30 April 2014 the Board of Directors of Oslo Børs resolved to admit the shares in African Petroleum Corporation to listing on Oslo Axess, a regulated market place under the Oslo Stock Exchange.

Completion of the listing is subject to the following listing requirements as set out by Oslo Børs:

• i) Prior to the first day of listing the Company must satisfy the requirement for the number of shareholders as set out in section 2.4.2 of the Oslo Axess Listing Rules, have at least 25% spread of the share ownership among the general public, as specified in section 2.4.1 of the Oslo Axess Listing Rules and publish an approved listing prospectus; and
• ii) The Company must raise a minimum of NOK 30 million (approximately US\$5 million) through its planned primary share issue (the "Offering") prior to the first day of listing.

Subject to prevailing market conditions, the Company is expecting to determine the price and volume of the Offering in mid-May with first day of trading anticipated to be late May 2014. Completion of the Offering will be conditional upon (i) the satisfaction of the conditions for admission to listing set by Oslo Børs; (ii) the board of directors of the Company approving the Offering, including resolving the final offer price, the number of new shares to be issued by the Company and the allocation of such shares; and (iii) the Financial Supervisory Authority of Norway approving the listing/Offering prospectus.

Commenting on today's announcement, Stuart Lake, African Petroleum Corporation's Chief Executive Officer and Executive Director said: "This is an exciting time for the Company, listing on the Oslo Axess is an important milestone and a key component in the growth and development of African Petroleum Corporation. With a new board and management team in place, recent licence extensions in Côte d'Ivoire, Liberia and Sierra Leone, and now having secured a listing on the Oslo Axess, African Petroleum Corporation is in a strong position as we prepare for a drilling campaign in 2015 that will look to unlock the exciting potential in our West African assets and to create sustainable value for our shareholders in the short, medium and longer term."

Oslo Axess will be the Company's primary place of listing. Following commencement of trading on Oslo Axess, the Company will review its current listing on the National Stock Exchange of Australia ("NSX").

Further announcements relating to the Offering and listing process will be made in due course.

Pareto Securities has been appointed as Manager and Bookrunner of the Offering.

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 +44 207 861 3800

For Norwegian media: Geir Arne Drangeid, First House, +47 913 10 458 Geir Gjervan, First House, +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 offshore Liberian deep-water basin.

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 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 (together "relevant persons").

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 forwardlooking 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.