PetroNor E&P ASA

Earnings Release • Jul 11, 2014

11 July 2014

Oslo Axess / NSX Announcement

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

CONTRACT SIGNED TO ACQUIRE 3D SEISMIC SIERRA LEONE BLOCK SL 4A-10

African Petroleum Corporation 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	Media Contacts:
Stephen West, Finance Director	For UK and International media:
Tel: +44 20 3435 7700	Mark Antelme/Charlie Stewart, Bell Pottinger
	Tel: +44 207 861 3800
Angeline Hicks , Company Secretary	For Norwegian media:
Tel: + 61 401 489 883	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 fastemerging 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