PetroNor E&P ASA

Earnings Release • May 30, 2014

Unaudited Financial Report for the Quarter Ended 31 March 2014

Unaudited Financial Report for the Quarter Ended 31 March 2014

30 May 2014 - Please find enclosed African Petroleum

Corporation Limited's (the "Company" or "African

Petroleum Corporation") unaudited financial report

for for the quarter ended 31 March 2014.

2014 Highlights

· In February 2014, African Petroleum Corporation

announced the appointment of a new Chief Executive

Officer, Dr. Stuart Lake who joins us from Hess

Corporation

· Additionally, in February, the Company was granted

extensions on Licence Blocks in Sierra Leone and

Liberia

· In March 2014, the first tranche of a A$20 Million

share placement was completed and an updated Competent

Persons Report estimated African Petroleum

Corporation's net unrisked mean of prospective oil

resources in excess of 5.2 billion barrels

· In April 2014, the Company completed the second

tranche of a A$20 Million share placement and

announced it was seeking to list on the Oslo Stock

Exchange

· Additionally, in April 2014, African Petroleum

Corporation was granted an extension on its licences

CI-509 and CI-513 in Côte d'Ivoire

· In April 2014, the Company received approval from

the Oslo Stock Exchange to list on the Oslo Axess

· In May 2014 the Company completed an IPO on Oslo

Axess raising gross funds of NOK 48.6 million

(approximately US$8.2m)

For further information, please contact:

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

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

This information is subject to disclosure requirements

pursuant to section 5-12 of the Norwegian Securities

Trading Act.