PetroNor E&P ASA

Earnings Release • Mar 10, 2015

2014 AUDITED FINANCIAL STATEMENTS

2014 AUDITED FINANCIAL STATEMENTS

African Petroleum Corporation Limited ("African

Petroleum Corporation" or the "Company"), an

independent oil and gas exploration company

operating ten licences in five countries offshore

West Africa, today releases its Audited Financial

Statements for the year ended 31 December 2014.

The Loss for the year of US$42.2 million varies

from the year-to-date Loss for period reported in

Unaudited Financial Report for the Quarter Ended 31

December 2014 of US$18.8 million (released on OAX

and NSX on 27 February 2015) primarily due to the

recognition of an impairment loss of US$22.3

million during the year in respect of exploration

and evaluation expenditure. This impairment loss

is further described in note 13 to the Audited

Financial Statements for the year ended 31 December

2014. During 2013 the Company recognised an

impairment loss of US$31.2 million in respect of

exploration and evaluation expenditure in The

Gambia, due to the purported termination of the

Gambia licences in 2014. These Gambia licences

were re-instated on a 100% basis to the Company in

November 2014; however, the Company has not

reversed the impairment loss previously recognised

for these licences in the Audited Financial

Statements for the year ended 31 December 2014.

The full 2014 Annual Report for the Company is

expected to be released on or about 31 March 2015.

For further information, please contact:

Stuart Lake, CEO

Stephen West, Finance Director

Tel: +44 203 761 6900

Media Contacts:

For UK and International media - Buchanan

Ben Romney/Helen Chan

Tel: +44 207 466 5000

For Norwegian media - First House

Geir Arne Drangeid

Tel: +47 913 10 458

Geir Gjervan

Tel: +47 908 79 108

About African Petroleum Corporation

African Petroleum Corporation is a dynamic,

independent oil and gas exploration company

operating ten licences in five 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 28,955km2 through

its licences in Côte d'Ivoire, Liberia, Senegal,

Sierra Leone and The Gambia, the Company has

matured its portfolio rapidly, acquiring more than

18,500km2 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

This information is subject to disclosure

requirements pursuant to section 5-12 of the

Norwegian Securities Trading Act.