PetroNor E&P ASA

Quarterly Report • Nov 28, 2014

UNAUDITED FINANCIAL REPORT FOR THE QUARTER ENDED 30 SEPTEMBER 2014

UNAUDITED FINANCIAL REPORT FOR THE QUARTER ENDED 30 SEPTEMBER 2014

28 November 2014 - Please find enclosed African

Petroleum Corporation Limited's (the "Company"

or "African Petroleum Corporation") unaudited

financial report for the quarter ended 30 September

Company Highlights

- Three significant discoveries in adjacent acreage

in 2014: Saphir-1XB (Total operated) in Côte

d'Ivoire, and SNE-1 and FAN-1 (Cairn Energy

operated) in Senegal

- Subsequent to quarter end, Gambian licences A1

and A4 have been reinstated on a 100% basis to

African Petroleum Corporation through its two

wholly owned subsidiaries. The Gambian acreage is

on trend with the two discoveries made by Cairn in

Senegal and has many analogues

- Agreement, along with Range Resources Limited, to

convert International Petroleum Limited loan

amounts into fully paid ordinary shares. African

Petroleum Corporation is now a 14% equity holder in

IPL

- Acquired >1,000km2 of high resolution 3D seismic

data over SL-4A-10 in Sierra Leone

- Significant progress made with the farm-out

process: high level of interest in Liberia, Côte

d'Ivoire and Senegal licences from a number of

international companies and industry majors

- Agreement to farm-out 10% interest in Block CI-

509 on a two-for-one promote basis

- New PSDM data acquired in Côte d'Ivoire and 3D

seismic reprocessed for Senegal

- Contract signed with DrillQuip (Europe) Ltd to

provide two wellheads for the upcoming Côte

d'Ivoire 2015 drilling programme

- ERC Equipoise contracted to update the Company's

Competent Persons Report. African Petroleum

Corporation expects a significant uplift in the

prospective resources number

- 750,000 shares purchased on-market by four

Directors during the period

- Due to the recent and significant outbreak of

Ebola, African Petroleum Corporation is following

Sierra Leone and Liberia government protocol and

has consulted with host government officials and

NGO's to see how strategic social investments can

be leveraged to combat Ebola

About Us

African Petroleum Corporation is an independent oil

and gas exploration company with ten licences in

five countries offshore West Africa (Côte d'Ivoire,

Liberia, Senegal, Sierra Leone and The Gambia).

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 three

significant discoveries during 2014 by Total in

Côte d'Ivoire and Cairn Energy in Senegal.

African Petroleum Corporation has a real

opportunity to become a leading independent

exploration company through its highly prospective

acreage offshore West Africa.

The Company continues to achieve key operational

milestones across its eight licences, having

rapidly matured its exploration portfolio by

acquiring more than 16,000km2 of 3D seismic data

and drilling three exploration wells, one of which

was a discovery.

African Petroleum Corporation is the largest net

acreage holder in the West African Transform

Margin, rivaling industry majors such as, Anadarko

Petroleum, Chevron Corporation, Exxon Mobil, Total,

ENI and Lukoil. The Company has mean prospective

oil resources in excess of 5.2 billion barrels,

further highlighting the scale of its presence in

the region.

CEO Statement

It has been a year of progress for African

Petroleum Corporation as we continue to build our

reputation as a fast moving explorer in both

emerging and frontier basins. Having already

achieved a number of significant milestones set out

in the strategic objectives for 2014, the Company's

focus is to secure long-term partners before the

end of the year, and to finalise a drilling

programme for 2015.

The Company's acreage has been significantly de-

risked in recent months, with Total's discovery in

Côte d'Ivoire and Cairn Energy's two discoveries in

Senegal. African Petroleum Corporation is a very

strong position going forward. Equally, we remain

excited by the potential in both Liberia and Sierra

Leone, and are very happy to return to The Gambia.

Such moves will be an important step towards our

goal to deliver optimum value and return to our

stakeholders.

CORPORATE UPDATE

Farm-out Update

As previously announced, African Petroleum

Corporation is seeking strategic partners on its

eight licences in Côte d'Ivoire, Liberia, Senegal

and Sierra Leone in order to share risk and

potential reward of the Company's exploration

programme.

On 14 July 2014, African Petroleum Corporation

announced that it had 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. Under the

terms of the farm-out agreement, African Petroleum

Corporation will continue as Operator on the

licence and completion of the farm-out agreement is

subject to the satisfaction or waiving of certain

conditions precedent.

The Company is pleased to have secured an initial

farm-in on Block CI-509. In addition, significant

progress has been made on attracting additional

farm-out offers. In particular, the Company has

received a high level of interest in its Côte

d'Ivoire, Liberia and Senegal licences from a

number of international companies and industry

majors. A number of factors have led to a

significant increase in interest in the Company's

licences, primarily, the oil discoveries made by

Total in Côte d'Ivoire and the two Cairn Energy

discoveries in Senegal.

The Company expects this heightened interest to

culminate in further farm-in offers in due

course.

Board Changes

During the period the Company announced that Non-

Executive Director Mr James Smith had stepped down

from the Board of Directors, taking effect from 1

August 2014. The Company further announced that Mr

Mark Ashurst is assuming the position of Non-

Executive Director of the Board, stepping down from

his role as Executive Director.

Agreement Signed to Convert Loan Amounts

On 13 August 2014, the Company announced that it

had signed agreements with International Petroleum

Limited ("IOP") regarding the conversion of US$13

million owed by IOP to the Company into fully paid

IOP ordinary shares. Following the loan

conversion, African Petroleum Corporation holds

233,890,450 ordinary shares in IOP (representing a

holding of approximately 14%) and 5 million share

options with an exercise price of AU$0.06 per share.

IOP owns and operates 4 blocks in Niger onshore

covering over 70,000km2 with a modest work

programme of 4 wells, seismic and FTG. IOP is

listed on the National Stock Exchange of Australia

and had a market capitalisation of A$71 million

prior to suspension of trading in 2013.

Director Share Purchases

During September 2014, four of the Company's Board

of Directors purchased on market (OAX) a total of

750,000 ordinary shares in the Company.

OPERATIONAL UPDATE

Seismic Acquisition - Sierra Leone

On 26 August 2014, African Petroleum Corporation

commenced the acquisition of approximately 1,000 sq

km of 3D seismic data over offshore licence SL-4A-

10, Sierra Leone. The 3D seismic survey was

undertaken by TGS using the Polarcus 'Alima' and

was completed in September 2014. An initial

version of the data was made available for

interpretation in November 2014.

In addition, in September 2014 the Company signed

an agreement with Electromagnetic Geoservices

("EMGS") to acquire a non-exclusive electro

magnetic survey over the Company's Sierra Leone

acreage (SL-03 and SL-4A-10). African Petroleum

Corporation believes many of the outboard

opportunities in the acreage can be derisked

further with this technology, the thicker nature of

the sands, shallower subsea depths and the absence

of salt and carbonates are expected to create fewer

false anomalies using this technology. The

acquisition is anticipated to commence in H1 2015.

2015 Drilling Programme

In preparation for the Company's Côte d'Ivoire

drilling campaign, anticipated to commence in 2015

(subject to finance), the Company signed a contract

with DrillQuip (Europe) Limited to provide two SS-

15 wellheads. The purchase of these wellheads is a

positive step for the Company and a move towards

initiating the drilling campaign in African

Petroleum Corporation's acreage in Côte d'Ivoire.

The Company is in discussions with a number of

drilling contractors in advance of securing a rig,

with a visible softening in the rig market, African

Petroleum Corporation is in a strong position to

accelerate activity and drill at a markedly cheaper

day rate than seen historically.

Subsequent to quarter end, an Environmental Impact

Assessment has been tendered and initiated for the

drill activity anticipated to commence in Côte

d'Ivoire in Q4 2015.

Acreage Position

Subsequent to quarter end, on 28 November 2014 the

Company announced that it had entered into an

agreement with The Government of the Republic of

The Gambia to reinstate the Company's Alhamdulilah

Licence Block A1 and Licence Block A4 (the "Gambian

Licences"), and settle all prior issues concerning

the Gambian Licences.

The reinstatement of the Gambian Licences is a

significant and positive step for the Company,

particularly following the recent oil discoveries

made by Cairn in Senegal.

African Petroleum Corporation has also agreed to a

revised initial exploration period that will expire

on 1 September 2016 in return for a commitment to

drill an exploration well on one of the Gambian

Licences and reprocess 3D seismic on Licence Block

A4 prior to 1 September 2016.

Updated Independent CPR

The Company has contracted ERC Equipoise, the

independent Reservoir Evaluation company, to update

African Petroleum Corporation's CPR. The updated

CPR, anticipated for release in January 2015, will

incorporate new reprocessed data on African

Petroleum Corporation's Senegal licence Rufisque

Offshore Profond and integrate well results of

recent nearby discoveries. In the updated CPR, the

Company expects to see portfolio updates completed

for Liberia, Côte d'Ivoire and Sierra Leone, and

with the recent reinstated Gambia licence blocks

further volumes will also be added to the

portfolio.

LICENCE INFORMATION

Côte d'Ivoire Project

Blocks CI-509 & CI-513

- Water depth: 900-3,150m

- 90% working interest in both blocks

- Combined net acreage 2,284km2

- Significant well campaigns in neighbouring blocks

- In April 2014 Total announced the Saphir-1XB

discovery which de-risks our acreage and prospect

portfolio by proving oil charge (the earlier pre-

drill principal risk)

In April 2014, Total announced a discovery of

hydrocarbons in its Saphir-1XB exploration well

block CI-514, which is adjacent to African

Petroleum Corporation's acreage. Total reported a

total of 40 metres of net oil pay and 34° API light

oil. This discovery is significant for the

Company's acreage as it proves oil charge, the

earlier pre-drill principal risk for the area.

In Côte d'Ivoire, African Petroleum Corporation

holds a 90% working interest in offshore licences

CI-509 and CI-513 (the "CI Licences"), the

remaining 10% is held by Petroci, the National Oil

Company of Côte d'Ivoire. The Company was awarded

CI-513 in December 2011 and CI-509 in March 2012,

with a combined net acreage of 2,284km2. In October

2012, the Company acquired 4,200km2 of 3D seismic

data over the CI Licences, fulfilling the seismic

work commitments of the first exploration phase for

both licences.

Fast-track 3D seismic data was received in November

2012, while final 3D seismic depth processing of

the entire survey was completed in March 2014.

Interpretation of the data has identified a number

of significant prospects, with net unrisked mean

prospective oil resources of 1,560 MMstb (ERC

Equipoise, CPR 2014).

These numbers will be updated and upgraded in the

new CPR (expected for release Q1 2015) as the new

seismic volume and recent Total discovery has

changed the view on this portfolio significantly.

On 22 April 2014 African Petroleum Corporation

announced PSC Amendments to both licences CI-509

and CI-513. The PSC Amendments include an

adjustment of the licence periods providing one-

year extensions to the first exploration periods of

both licences at the expense of the duration of

future exploration periods.

The PSC adjustment allows the Company more time for

drilling of the first period commitment wells in

these blocks. The first exploration period for

block CI-509 is extended to March 2016 and block CI-

513 has been extended to December 2015.

The Company intends to use some of this additional

time to integrate recently completed 3D seismic

depth processing into the optimisation of

exploration well locations as many new amplitude

supported prospects have now arisen from the newly

processed PSDM 3D data on trend with the Saphir-1XB

Total oil discovery.

The new PSDM can now be better calibrated to the

recent results of Total's oil discovery in CI-514,

as African Petroleum Corporation had pre-traded the

3D covering both Total's CI-514 operated acreage

and the acreage immediately north of CI-513 and CI-

509 held by the Vitol operated group. The CPR will

be updated with the incorporation of the new

interpretation of the newly processed PSDM.

The Company also intends to use the additional time

from the licence extensions to secure the

appropriate sixth generation rig for a wider

drilling programme, and build a partnership group

to explore in the promising area of the Côte

d'Ivoire deep-water margin. African Petroleum

Corporation continues to seek strategic partners in

its Côte d'Ivoire acreage.

As announced on 14 July 2014, the Company entered

into an agreement with Buried Hill Africa Limited

("Buried Hill") to farm-out a 10% interest in Block

CI-509, in return for Buried Hill funding 21.1% of

the cost of the next exploration well to be drilled

on the block 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 will continue as Operator on

the licence. Completion of the Farm-out Agreement

is subject to the satisfaction or waiving of

certain conditions precedent. African Petroleum

Corporation is delighted with this initial farm

out, but is seeking additional partners in its Côte

d'Ivoire acreage.

Liberian Project

Blocks LB-08 and LB-09

- Water depth: 900 - 2,800m

- 100% working interest in production sharing

contracts LB-08 and LB-09 with a combined net

acreage of 5,352km2

- Three wells drilled to date, including the oil

discovery at Narina-1

- A number of key prospects identified with net

unrisked mean prospective oil resources of

3,230MMstb

- Two-year extension of Liberia licence blocks

announced in February 2014

In Liberia, African Petroleum Corporation is both

the operator, and holder of a 100% working

interest, in production sharing contracts LB-08 and

LB-09, which have a combined net acreage of

5,352km2. The Company has completed an extensive

work programme on its Liberian licences. In 2010,

African Petroleum Corporation completed the

acquisition and processing of 5,100km2 of 3D

seismic data over both licences. The

interpretation of this data identified numerous

prospects and leads in the Upper Cretaceous post

rift section and also a number of Cretaceous aged

syn-rift opportunities.

African Petroleum Corporation has successfully

executed an initial exploration programme in LB-09,

with three wells drilled: Apalis-1, Narina-1 and

Bee Eater-1. In September 2011, African Petroleum

Corporation completed drilling on its first

exploration well, Apalis-1, on LB-09. The well

encountered oil shows in several geological units

including the shallow unlogged (Tertiary-Paleocene)

and proved source rock in the Cenomanian. The

Narina-1 well was drilled on LB-09 in January 2012

targeting a major Turonian fan system.

The Narina-1 well encountered a total of 32 metres

of net oil pay in the primary objective Turonian

and underlying Albian reservoirs with no oil water

contact observed. African Petroleum Corporation's

discovery at Narina-1 was the first to prove a

working petroleum system in the central Liberian

basin, an extremely positive result for the Company

and one that improves the chances of success

elsewhere in the area.

The Company drilled its third well, Bee Eater-1, on

LB-09 in January 2013. The well tested an up-dip

axial section of the Turonian slope fan in which

the Company's Narina-1 discovery had been made in

2012. The Bee Eater-1 well encountered a tight

reservoir interval, but provided the impetus to

integrate the information into a predictive model

for improved reservoir in slope fans outboard and

down-dip.

These new findings have been incorporated into a

revised interpretation of the subsurface across the

portfolio, with new basin floor fan prospects

identified in both blocks.

In September 2013, the Company completed processing

of all the 3D seismic data from its Liberian

licences to improve image quality and support the

maturation of additional prospects and appraisal

opportunities. The reprocessing has highlighted

that certain areas may benefit from improved

seismic imaging and so both further targeted 3D

reprocessing and acquisition of new high-resolution

3D seismic are currently being considered for LB-09

to cover two key exploration prospects (Narina West

and Night Heron) near the Narina-1 well. Detailed

stratigraphic analysis and reservoir quality

prediction from seismic data will assist in the

rapid assessment of both Narina West and Night

Heron to further de-risk the licence area to enable

accurate well positioning and efficient development

in the event of appraisal success.

The high-resolution 3D seismic survey, should it go

ahead, will incorporate lessons learned from

seismic reprocessing and will be acquired utilising

state of the art technology.

In LB-08, new seismic data is also being considered

to cover three prospects (Lovebird, Darter and

Turaco) in the Southern corner of the licence

area. Encouraging amplitude support for reservoir

and potential hydrocarbons exist within the current

reprocessed dataset; however, near surface effects

(shallow slump zone "mass transport deposit")

degrades seismic data quality. New 3D high-

resolution datasets, should they be acquired, will

better delineate and further de-risk the prospects

prior to drilling. Recent rework by the Company,

however, has identified several technology uplifts

that can potentially achieve improved seismic

imaging through reprocessing the existing 3D

seismic data at a much lower cost, both

reprocessing and new acquisition are being

evaluated ahead of the 2015/2016 work programme.

The Company has identified a number of key

prospects in the Liberian licences, with net

unrisked mean prospective oil resources of

3,230MMstb (ERC Equipoise, CPR 2014). African

Petroleum Corporation has monitored the recent

results published by Anadarko (with partners

Mitsubishi and Repsol) on wells Iroko-1 and

Timbo-1, the Company awaits further information

from the post-well evaluation. Additionally,

the Company awaits results from the Chevron

operated well, in licence LB-12, drilled in Q2

2014. African Petroleum Corporation expects this

exploration activity in adjacent acreage to de-risk

its licences further.

Senegal Project

Rufisque Offshore Profond and Senegal Offshore Sud

Profond

- Water depth: 2,000 - 3,500m

- 81% working interest in exploration blocks

Rufisque Offshore Profond and Senegal Offshore Sud

Profond with a combined net acreage of 14,804km2

- In October 2014, Cairn Energy, with partners

ConocoPhillips and FAR, announced a significant

discovery in the FAN-1 exploration well offshore

Senegal, and in November 2014 the consortium

announced a further discovery, which is highly

likely to be commercial, at SNE-1

- In August 2014 Kosmos Energy signed a farm-in

agreement to acquire a 60% interest in two licences

offshore Senegal in return for drilling up to three

wells and acquiring approximately 7,000km2 of 3D

seismic

In August 2014, Kosmos Energy signed a farm-in

agreement to acquire a 60% interest in two third

party licences offshore Senegal in return for

drilling up to three wells and acquiring

approximately 7,000km2 of 3D seismic. Reuters

reported that Kosmos Energy has committed to drill

two wells up to a total value of $240 million, and

it will then drill a third well to a value of

another $120 million.

On 7 October 2014, Cairn Energy announced an

important and potentially commercial oil discovery

offshore Senegal. The FAN-1 exploration well

recovered light oil from a series of stacked

Cretaceous sandstones, with APIs ranging from 28°

up to 41°. Cairn Energy believes that the

discovery "may have significant potential as a

standalone discovery".

Cairn Energy drilled a second well, SNE-1, offshore

Senegal in 1,100m of water and announced on the 10

November 2014 that they had made an additional

discovery. Initial analysis of the well, as

reported by Cairn, showed 95m gross oil bearing

column with a gas cap. Excellent reservoir sands

with net pay of 36m of 32 API oil and a P50

contingent resource of 330 MMbbls. FAR Ltd,

Cairn's partners, have now issued notice of

discovery on both wells and reported; "based on

preliminary estimates, it [SNE-1] is highly likely

to be a commercial discovery", a significant

statement for both African Petroleum Corporation

and the country.

Each of these developments, especially their

proximity to the Company's acreage, provide a very

positive context to African Petroleum Corporation's

presence offshore Senegal.

In Senegal, African Petroleum Corporation holds an

81% operated working interest in exploration blocks

Rufisque Offshore Profond ("ROP") and Senegal

Offshore Sud Profond ("SOSP") (together

the "Senegal Licences"). The Company's Senegal

Licences are located offshore southern and central

Senegal, with a net acreage of 14,804km2. To date,

the Company has acquired 10,000km2 of 2D seismic

data over its Senegal Licences and has compiled an

extensive regional database. In May 2012, the

Company completed a 3,600km2 3D seismic acquisition

over the SOSP licence block. In the ROP block an

existing seismic dataset (2007 vintage) covers

1,800km2 and was purchased from Petrosen.

This base dataset will benefit from reprocessing,

which is underway and the final product will be

delivered in Q4 2014. Several large Cretaceous

turbidite fan 'leads' and Albian sand shelf and

turbite fan leads have been identified, these will

be matured to prospects when the reprocessed data

has been evaluated.

The Gambia

Alhamdulilah Licence Block A1 & Block A4

- 100% working interest in licence blocks A1 & A4

- Licence A1 & A4 reinstated to African Petroleum

Corporation on 27 November 2014

- Licences covered by 2,500km2 3D seismic data

- Acreage analogous to Senegal licence Sangomar

Offshore Deep where Cairn Energy have just

announced two oil discoveries

On 27 November 2014, African Petroleum Corporation

entered into an agreement with The Government of

the Republic of The Gambia to reinstate the

Company's Alhamdulilah Licence Block A1 and Licence

Block A4 (together the "Gambian Licences") on a

100% interest basis, and settle all prior issues

concerning the Gambian Licences. The reinstatement

of the Gambian Licences is a significant and

positive step for the Company, particularly

following the recent oil discoveries made by Cairn

Energy in Senegal.

Upon reinstatement, African Petroleum Corporation

agreed to a revised initial exploration period that

will expire on 1 September 2016 in return for a

commitment to drill an exploration well on one of

the Gambian Licences and reprocess 3D seismic on

Licence Block A4 prior to 1 September 2015.

The Company has identified leads and prospects in

the Gambian Licences, many of which are on trend

with the discoveries made at FAN-1 (announced 7

October 2014) and SNE-1 (announced 10 November

2014) by the Cairn operated group in Senegal.

Sierra Leone Project

Blocks SL-03 & SL-4A-10

- Water depth: 2,800 - 3,800m

- 100% working interest in offshore licences SL-03

and SL-4A-10 with combined net acreage of 5,855km2

- Significant 3D and 2D seismic data acquired over

the licence area

- A number of key prospects have been identified,

one of which has net unrisked mean prospective oil

resources of 434MMstb

- Two year extension agreed for the first

exploration period in the SL-03 licence

- Acquisition of approximately 1,000km2 seismic

data over block SL-4A-10 was completed in Q3 2014,

fulfilling all licence obligations for the initial

Exploration Period

- Vega, a multi billion barrel prospect, has been

identified

In Sierra Leone, the Company holds a 100% operated

working interest in offshore licences SL-03 and SL-

4A-10. African Petroleum Corporation was awarded a

100% interest in SL-03 in April 2010, which is

currently in its initial exploration period, while

licence SL-4A-10 was awarded as part of Sierra

Leone's third offshore licencing round in 2012 and

is also in the initial exploration period. The

Company's Sierra Leone licences cover a combined

net acreage of 5,855km2 and are located to the

south of Freetown, offshore Sierra Leone.

Since gaining operatorship of the Sierra Leone

licences, African Petroleum Corporation has

acquired approximately 2,500km2 of 3D seismic data

over block SL-03, approximately 1,000km2 of 3D

seismic data over block SL-4A-10 and 2D seismic

data over block SL-4A-10. The Company has already

identified a number of key prospects in its Sierra

Leone licences, one of which has net unrisked mean

prospective oil resources of 434 MMstb (ERC

Equipoise, CPR 2014).

In September 2013 the Company received a two year

extension to the first exploration period for SL-

03, extending the first exploration period on the

block to April 2015.

During the quarter, the Company commenced and

completed the acquisition of approximately 1,000km2

of 3D seismic data on Block SL-4A-10, offshore

Sierra Leone utilising funds from the last equity

raise. An initial version of the data was delivered

for interpretation in November 2014. This seismic

acquisition fulfills the remaining obligations in

Sierra Leone ahead of the next exploration phase in

both blocks.

The Vega prospect, a large amplitude supported dip-

closure with a stratigraphic upside at multiple

levels has been identified in the outboard. This

prospect has Campanian, Turonian, Cenomanian and

Albian objectives. Currently, no volumes have been

assigned to this large structure in the Company's

CPR. Initial work at the Campanian level indicates

a class III AVO anomaly of several billion

barrels. The prospect lies in water depths ranging

between 3,400m and 3,600m; these depths can be

drilled by some of the current 6th generation rigs.

Health, Safety, Environment and Security

As an operator of offshore concessions, it is the

duty of African Petroleum Corporation to provide a

safe working environment and minimise any adverse

impact on the environment. Health, safety,

environment and security policies are embedded

throughout all of the Company's core operations. In

this regard, we strive for continuous improvement

as lessons learned from past operations are

incorporated into business practices going forward.

Due to the recent Ebola outbreak in West Africa,

African Petroleum Corporation has implemented

precautionary measures to ensure the safety of its

staff. There have been office closures in Liberia

and Sierra Leone, and local staff have been urged

to work from home and avoid dangerous regions.

Currently, the Company does not have any active

operations in Sierra Leone or Liberia until 2016.

On 31 July 2014 Liberia and Sierra Leone declared a

State of Emergency, whereby they ordered the

closure of schools and markets and the quarantining

of affected communities in an attempt to halt the

Ebola epidemic. African Petroleum Corporation is

following the government protocol and is currently

in consultations with host government officials to

see how strategic social investments can be

leveraged to combat Ebola and has recently donated

to the Gbowee Foundation to help them improve the

education on the ground through community based

organisations to train, trace and find and diagnose

people who have come into contact with Ebola. The

World Health Organisation (WHO) believes this is

one of the best ways to bring an end to the Ebola

Virus Disease.

Outlook

The Company continues to build its reputation as a

fast moving explorer in both emerging and frontier

basins. Having already achieved a number of

significant milestones set out in the strategic

objectives for 2014, the Company's focus is to

secure long-term partners in order to share the

risk and potential reward of our low cost

exploration programme. Such moves will be a

significant step towards African Petroleum

Corporation's goal of delivering optimum value and

return to our stakeholders.

2014 continues to see significant exploration

activity along the West African Transform Margin by

majors and independents alike, with a discovery

made by Total in Côte d'Ivoire in April 2014, and

two oil discoveries announced by Cairn Energy in

Senegal in October and November 2014. African

Petroleum Corporation is in a good position to

learn from these results and leverage from this

information effectively.

Principal Risks and Uncertainties

As an exploration company in the oil and gas

industry, the Company operates in an inherently

risky sector. Oil and gas prices are subject to

volatile price changes from a variety of factors,

including international economic and political

trends, expectation of inflation, global and

regional demand, currency exchange fluctuations,

interest rates and global or regional consumption

patterns. These factors are beyond control of the

Company and may affect the marketability of oil and

gas discovered. In addition, the Company is

subject to a number of risk factors inherent in the

oil and gas upstream industry, including

operational and technical risks, reserve and

resource estimates, risks of operating in a foreign

country (including economic, political, social and

environmental risks) and available resources. We

recognise these risks and manage our operations in

order to minimize our exposure to the extent

practical.

Statement of Responsibility

We confirm that, to the best of our knowledge, the

condensed set of financial statements for the third

quarter of 2014, which has been prepared in

accordance with IAS34 Interim Financial Statements,

gives a true and fair view of the Company's

consolidated assets, liabilities, financial

position and results of operations, and that the

management report includes a fair review of the

information required under the Norwegian Securities

Trading Act section 5-6 fourth paragraph.

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:

Nick Lambert/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.