PetroNor E&P ASA

Director's Dealing • Sep 18, 2014

Change of Director's Interests

File Reference:

I:\Operations\Projects\NETS Project\NSX install package USB key\Issuer Documents\NSX Change in Directors Interests.doc

Table of Contents

INTRODUCTION 3
MORE INFORMATION AND SUBMISSION OF FORM: 3
CHANGE OF DIRECTOR'S INTEREST NOTICE 4
PART 1 - CHANGE OF DIRECTOR'S RELEVANT INTERESTS IN SECURITIES 4
PART 2 – CHANGE OF DIRECTOR'S INTERESTS IN CONTRACTS 5

To ensure the efficient processing of this form by NSX, please:

• 1. Adhere to the suggested number of the annexures required by this form.
• 1. Complete all statements and questions in this form. (NSX can provide an electronic version of this form on request).

More Information and Submission of Form:

Further information can be obtained from and all applications should be sent to:

Manager, Admissions National Stock Exchange of Australia Limited PO BOX 283 Newcastle NSW 2300

Phone: +61 2 4929 6377 Fax: + 61 2 4929 1556 http://www.nsxa.com.au

Change of Director's Interest Notice

Information or documents not available now must be given to NSX as soon as available. Information and documents given to NSX become NSX's property and may be made public.

Name of entity AFRICAN PETROLEUM CORPORATION LIMITED

ABN 87 125 419 730

We (the entity) give NSX the following information under section 205G of the Corporations Act.

Name of Director	Stuart Lake
Date of last notice	2 September 2014

Part 1 - Change of director's relevant interests in securities

Direct or indirect interest	Direct
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	N/A
Date of change	17 September 2014
No. of securities held prior to change	150,000 ordinary fully paid shares, and 5,000,000 unlisted share options exercisable at \$0.24 per share on or before 22 April 2019
Class	Fully paid ordinary shares
Number acquired	100,0000
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Average purchase price of NOK 0.691 per share.
No. of securities held after change	250,000 ordinary fully paid shares, and 5,000,000 unlisted share options exercisable at \$0.24 per share on or before 22 April 2019
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back.	On-market trade carried out over the trading platform of Oslo Axess

Part 2 – Change of director's interests in contracts

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A
Date of change	N/A
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	N/A
Interest after change	N/A