PetroNor E&P ASA

Director's Dealing • Nov 6, 2015

EXCHANGE OF AUSTRALIA LIMITED

Newcastle Level 2, 117 Scott Street, Newcastle NSW, 2300

Melbourne Level 3, 45 Exhibition Street Melbourne, VIC, 3000

www.nsxa.com.au ABN: 11 000 902 063

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

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 CONTRACTS5

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

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	Charles Matthews
Date of last notice	28 April 2015

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.	NA
Date of change	28 October 2015
No. of securities held prior to change	Unlisted share options 1,666,667 unlisted share options exercisable at NOK 0.40 per share on or before 28 April 2020 Fully paid ordinary shares 100,000 fully paid ordinary shares
Class	Unlisted share options Fully paid ordinary shares
Number acquired	Replacement unlisted share options 166,667 unlisted share options exercisable at NOK 4.00 per share on or before 28 April 2020 Fully paid ordinary shares 10,000 fully paid ordinary shares

Number disposed	Cancelled unlisted share options 1,666,667 unlisted share options exercisable at NOK 0.40 per share on or before 28 April 2020 Fully paid ordinary shares 100,000 fully paid ordinary shares
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Nil consideration
No. of securities held after change	Unlisted share options 166,667 unlisted share options exercisable at NOK 4.00 per share on or before 28 April 2020 Fully paid ordinary shares
	10,000 fully paid ordinary shares
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back.	Capital Reconstruction, approved by shareholders on 21 October 2015. Existing capital was reverse split on a one for ten basis.

Detail of contract	NA
Nature of interest
Name of registered holder (if issued securities)
Date of change
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
Interest acquired
Interest disposed
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
Interest after change

EXCHANGE OF AUSTRALIA LIMITED

Newcastle Level 2, 117 Scott Street, Newcastle NSW, 2300

Melbourne Level 3, 45 Exhibition Street Melbourne, VIC, 3000

www.nsxa.com.au ABN: 11 000 902 063

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

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

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	Anthony Wilson
Date of last notice	28 April 2015

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.	NA
Date of change	28 October 2015
No. of securities held prior to change	Unlisted share options. 500,000 options exercisable at NOK 0.40 per share on or before 28 April 2020 Fully Paid Ordinary Shares 100,000
Class	Unlisted share options Fully paid ordinary shares
Number acquired	Replacement unlisted share options 50,000 unlisted share options exercisable at NOK 4.00 per share on or before 28 April 2020 Fully paid ordinary shares 10,000 fully paid ordinary shares
Number disposed	Cancelled unlisted share options 500,000 unlisted share options exercisable at NOK 0.40 per share on or before 28 April 2020 Fully paid ordinary shares 100,000 fully paid ordinary shares

Page 4 of 5

Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Nil consideration
No. of securities held after change	Unlisted share options. 50,000 options exercisable at NOK 4.00 per share on or before 28 April 2020 Fully Paid Ordinary Shares 10,000
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back.	Capital Reconstruction, approved by shareholders on 21 October 2015. Existing capital was reverse split on a one for ten basis.

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

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

INTRODUCTION 3
MORE INFORMATION AND SUBMISSION OF FORM: 3

CHANGE OF DIRECTOR'S INTEREST NOTICE .................................................................... www.foxitsoftware.com/shopping

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

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	Dr Bjarne Moe
Date of last notice	28 April 2015

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	28 October 2015
No. of securities held prior to change	Unlisted share options. 500,000 options exercisable at NOK 0.40 per share on or before 28 April 2020 Fully Paid Ordinary Shares 100,000
Class	Unlisted share options Fully paid ordinary shares
Number acquired	Replacement unlisted share options 50,000 unlisted share options exercisable at NOK 4.00 per share on or before 28 April 2020 Fully paid ordinary shares 10,000 fully paid ordinary shares
Number disposed	Cancelled unlisted share options 500,000 unlisted share options exercisable at NOK 0.40 per share on or before 28 April 2020 Fully paid ordinary shares 100,000 fully paid ordinary shares

Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Nil consideration
No. of securities held after change	Unlisted share options. 50,000 options exercisable at NOK 4.00 per share on or before 28 April 2020 Fully Paid Ordinary Shares 10,000
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back.	Capital Reconstruction, approved by shareholders on 21 October 2015. Existing capital was reverse split on a one for ten basis.

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

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

INTRODUCTION 3
MORE INFORMATION AND SUBMISSION OF FORM: 3

CHANGE OF DIRECTOR'S INTEREST NOTICE .................................................................... www.foxitsoftware.com/shopping

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

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	Mr Gibril Bangura
Date of last notice	28 April 2015

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	28 October 2015
No. of securities held prior to change	Unlisted share options. 500,000 options exercisable at NOK 0.40 per share on or before 28 April 2020
Class	Unlisted share options, exercisable at 0.40 NOK on or before 28 April 2020
Number acquired	50,000 Unlisted share options, exercisable at 4.00 NOK on or before 28 April 2020
Number disposed	500,000 Unlisted share options, exercisable at 0.40 NOK on or before 28 April 2020
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Nil consideration
No. of securities held after change	Unlisted share options. 50,000 options exercisable at NOK 4.00 per share on or before 28 April 2020
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back.	Capital Reconstruction, approved by shareholders on 21 October 2015. Existing capital was reverse split on a one for ten basis.

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

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

INTRODUCTION 3
MORE INFORMATION AND SUBMISSION OF FORM: 3

CHANGE OF DIRECTOR'S INTEREST NOTICE .................................................................... www.foxitsoftware.com/shopping

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

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	Mr Mark Ashurst
Date of last notice	28 April 2015

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	28 October 2015
No. of securities held prior to change	Unlisted share options. 1,000,000 options exercisable at NOK 0.40 per share on or before 28 April 2020
Class	Unlisted share options, exercisable at 0.40 NOK on or before 28 April 2020
Number acquired	100,000 Unlisted share options, exercisable at 4.00 NOK on or before 28 April 2020
Number disposed	1,000,000 Unlisted share options, exercisable at 0.40 NOK on or before 28 April 2020
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Nil consideration
No. of securities held after change	Unlisted share options. 100,000 options exercisable at NOK 4.00 per share on or before 28 April 2020
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back.	Capital Reconstruction, approved by shareholders on 21 October 2015. Existing capital was reverse split on a one for ten basis.

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

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

INTRODUCTION 3
MORE INFORMATION AND SUBMISSION OF FORM: 3

CHANGE OF DIRECTOR'S INTEREST NOTICE .................................................................... www.foxitsoftware.com/shopping

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

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	Mr Jeffrey Couch
Date of last notice	28 April 2015

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	28 October 2015
No. of securities held prior to change	Unlisted share options. 500,000 options exercisable at NOK 0.40 per share on or before 28 April 2020 Fully Paid Ordinary Shares 147,900
Class	Unlisted share options Fully paid ordinary shares
Number acquired	Replacement unlisted share options 50,000 unlisted share options exercisable at NOK 4.00 per share on or before 28 April 2020 Fully paid ordinary shares 14,790 fully paid ordinary shares
Number disposed	Cancelled unlisted share options 500,000 unlisted share options exercisable at NOK 0.40 per share on or before 28 April 2020 Fully paid ordinary shares 147,900 fully paid ordinary shares

Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Nil consideration
No. of securities held after change	Unlisted share options. 50,000 options exercisable at NOK 4040 per share on or before 28 April 2020 Fully Paid Ordinary Shares 14,790
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back.	Capital Reconstruction, approved by shareholders on 21 October 2015. Existing capital was reverse split on a one for ten basis.

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

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

INTRODUCTION 3
MORE INFORMATION AND SUBMISSION OF FORM: 3

CHANGE OF DIRECTOR'S INTEREST NOTICE .................................................................... www.foxitsoftware.com/shopping

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

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	Dr David King
Date of last notice	19 September 2014

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

Direct or indirect interest	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Seistend Pty Ltd, a private company of Dr David King
Date of change	19 September 2014
No. of securities held prior to change	300,000 ordinary fully paid shares
Class	Fully paid ordinary shares
Number acquired	30,000
Number disposed	300,000
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Nil
No. of securities held after change	30,000 ordinary fully paid shares
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back.	Capital Reconstruction, approved by shareholders on 21 October 2015. Existing capital was reverse split on a one for ten basis.

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

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

INTRODUCTION 3
MORE INFORMATION AND SUBMISSION OF FORM: 3

Edited with the trial version of Foxit Advanced PDF Editor To remove this notice, visit:

CHANGE OF DIRECTOR'S INTEREST NOTICE .................................................................... www.foxitsoftware.com/shopping

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

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	Mr Tim Turner
Date of last notice	NA

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

Direct or indirect interest	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	THE WOODY SUPER FUND A/C
Date of change	28 October 2015
No. of securities held prior to change	Unlisted Share Options 166,667 unlisted share options Fully Paid Ordinary Shares 41,667 shares
Class	1. Unlisted share options 2. Fully Paid Ordinary Shares
Number acquired	Unlisted Share Options 16,667 UNLISTED OPTIONS EXPIRING 31/07/17 @ \$16.50 Fully Paid Ordinary Shares 4,167 Fully paid ordinary shares
Number disposed	Unlisted Share Options 166,667 UNLISTED OPTIONS EXPIRING 31/07/17 @ \$1.65 Fully Paid Ordinary Shares 41,667 Fully paid ordinary shares
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Nil

No. of securities held after change	Unlisted Share Options
	16,667 UNLISTED OPTIONS EXPIRING 31/07/17 @ \$16.50
	Fully Paid Ordinary Shares
	4,167 Fully paid ordinary shares
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back.	Capital Reconstruction, approved by shareholders on 21 October 2015. Existing capital was reverse split on a one for ten basis.

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