PetroNor E&P ASA

M&A Activity • Jul 14, 2014

FARM-OUT AGREEMENT - BLOCK CI-509, COTE D'IVOIRE

FARM-OUT AGREEMENT - BLOCK CI-509, COTE D'IVOIRE

14 July 2014 - African Petroleum Corporation Limited

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

pleased to announce that it has entered into an

agreement with Buried Hill Africa Limited ("Buried

Hill") to farm-out a 10% interest in Block CI-509

offshore Côte d'Ivoire in return for Buried Hill

funding 21.1% of the cost of the next exploration well

to be drilled on Block CI-509 and an additional cash

payment to African Petroleum Corporation representing

10% of past costs incurred ("Farm-out Agreement").

Under the terms of the Farm-out Agreement, African

Petroleum Corporation shall continue as Operator on

the licence.

Completion of the Farm-out Agreement is subject to the

satisfaction or waiving of certain conditions

precedent, which, apart from one pertaining to

government approval of the transfer, must be satisfied

or waived no later than 1 November 2014 (unless

extended in accordance with the Farm-out Agreement).

African Petroleum Corporation operates eight licences

located in fast-emerging hydrocarbon basins offshore

West Africa. The Company is actively seeking partners

to share risk and reward across all assets. In line

with this clearly communicated strategy, dialogue will

continue with other potentially interested parties

with a view of securing an additional farm-in partner

for Block CI-509.

African Petroleum Corporation's Chief Executive

Officer, Dr Stuart Lake commented: "We are very

pleased to have secured an initial farm-in on Block

CI-509. Alongside the adjacent Block CI-513, Block

CI-509 forms part of our highly prospective acreage

position offshore Côte d'Ivoire, and we look forward

to announcing further farm-in deals on our West

African offshore acreage in due course."

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

This information is subject to disclosure requirements

pursuant to section 5-12 of the Norwegian Securities

Trading Act.