PetroNor E&P ASA — Earnings Release 2017

May 15, 2017

AYAME-1X WELL RESULT

AYAME-1X WELL RESULT

African Petroleum Corporation Limited ("African Petroleum" or

the "Company"), an independent oil and gas exploration

company with interests in exploration licences offshore West

Africa, announces that the Ayamé-1X exploration well in block

CI-513, Côte d'Ivoire, has reached total depth of 5,394m True

Vertical Depth Sub Sea.

The well was targeting a number of turbidite channel

complexes of Santonian and Turonian age. Oil shows were

recorded in the target reservoirs but significant

hydrocarbons were not encountered. Full analysis and

interpretation of the data is ongoing but the well will be

plugged and abandoned as a dry hole. Operations are forecast

to complete by 22 May 2017 at an estimated final gross cost

of US$20.5 million.

African Petroleum has a 45% interest in block CI-513 after

farming out a 45% operated interest to Ophir Energy in March

Commenting on the result, Jens Pace, CEO, said:

"The well results are obviously not what we were hoping for;

however, as an exploration company, we are always pragmatic

about the chances of success when it comes to drilling

exploration prospects. We are grateful to our partner Ophir

Energy who did an excellent job as operator and completed the

well safely and under budget. We will now work closely with

Ophir Energy to analyse the data obtained through drilling,

particularly the oil shows that were encountered in the

target reservoirs, in order to establish the next steps with

regards to the licence. Our full attention now returns to

concluding the farm-outs in Senegal and The Gambia so that we

can return to exploration drilling in the near future."

For further information, please contact:

Jens Pace, Chief Executive Officer

Stephen West, Chief Financial Officer

Tel: +44 20 3655 7810

Angeline Hicks, Company Secretary

Tel: + 61 401 489 883

Media Contacts:

Buchanan

Ben Romney/Chris Judd

Tel: +44 207 466 5000

About African Petroleum

African Petroleum is an independent oil and gas exploration

company with an equity interest in eight licences in four

countries offshore West Africa (Senegal, The Gambia, Côte

d'Ivoire and Sierra Leone). The Company's assets are located

in proven hydrocarbon basins in the West African Transform

Margin and the Atlantic Margin, where several discoveries

have been made in recent years.

For more information about African Petroleum, please see

www.africanpetroleum.com.au