PetroNor E&P ASA

Earnings Release • Jul 11, 2014

CONTRACT SIGNED TO ACQUIRE 3D SEISMIC

CONTRACT SIGNED TO ACQUIRE 3D SEISMIC

11 July 2014 - African Petroleum Corporation Limited

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

pleased to announce that its wholly owned subsidiary

African Petroleum Sierra Leone Limited has signed a

contract to acquire more than 1,000 sq km of 3D

seismic data on Block SL-4A-10, offshore Sierra Leone

in addition to the existing 3D coverage. The seismic

acquisition over Block SL-4A-10 is expected to

commence in Q3 2014.

The Company was awarded SL-03 in April 2010 and the

adjacent Block SL-4A-10 as part of Sierra Leone's

third offshore licencing round in 2012. Both Sierra

Leone licences are in their first exploration period.

The Company has already identified a number of key

prospects in its Sierra Leone licences. Block SL-03

has net unrisked mean prospective oil resources of 434

MMstb (ERC Equipoise, Competent Persons Report 2014).

African Petroleum Corporation's Chief Executive

Officer, Dr Stuart Lake commented: "With significant

milestones already achieved in 2014, today's

announcement continues to demonstrate African

Petroleum Corporation's move into the next phase of

delivery and growth. The Company has interpreted

existing 2D data over SL-4A-10 and has identified a

number of promising prospects and leads, some of which

are large dip closures with amplitude support at

multiple stratigraphic levels. The acquisition of 3D

seismic data over the block will de-risk this acreage

further and meet our contractual obligations."

For further information, please contact:

Stuart Lake, Chief Executive Officer

Stephen West, Finance Director

Tel: +44 20 3435 7700

Angeline Hicks, Company Secretary

Tel: + 61 401 489 883

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

Corporation'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.

For more information about African Petroleum

Corporation, please see www.africanpetroleum.com.au