PetroNor E&P ASA

Regulatory Filings • Apr 28, 2014

Application for listing on Oslo Stock Exchange

Application for listing on Oslo Stock Exchange

African Petroleum Corporation Limited ("African

Petroleum Corporation" or the "Company"), the West

Africa focused oil and gas exploration company, is

pleased to announce that it applied for listing on 25

April 2014 on Oslo Axess, a regulated market being

part of the Oslo Stock Exchange. This announcement

follows the statement made on 24 February 2014,

regarding the Company's intention to seek a potential

listing on a European stock exchange.

A potential listing in Oslo is one of several

strategic options available to the Company and will be

contingent on a number of factors, including suitably

favorable market conditions. The Company will provide

further updates on the listing process in due course.

The application for listing is pending the approval

from the Board of directors at the Oslo Stock

Exchange. The Company is subject to disclosure

obligations as well as the insider regime applicable

to an Oslo Axess listed company from the date of

submitting the application for listing. Stock exchange

notices will be made public on Oslo Stock Exchange's

www.newsweb.no under the ticker code "APCL".

Commenting on today's announcement, Charles Matthews,

African Petroleum's Chairman, said:

"This is a new era for African Petroleum Corporation

and a listing in Oslo would be a significant statement

of the Company's growth ambitions. The Oslo Stock

Exchange has a strong heritage in oil & gas and,

subject to the Company proceeding, we believe that it

would be an excellent home base for African Petroleum

Corporation as we look to continue our high impact

exploration programme targeting over 5 billion barrels

of oil* in our licences offshore West Africa."

Stuart Lake Chief Executive Officer and Executive

Director continued:

"We are coming to Norway and Oslo with a clear

ambition to be exposed to a sophisticated market that

offers both the appropriate trading liquidity and

understands high impact exploration stories such as

ours. We have a strong commitment to earn the trust

of this very knowledgeable investor community as we

move the Company forward with a changed leadership and

governance, an updated strategy and a clear plan for

being judged on delivery through our actions. African

Petroleum Corporation has already attracted a wide

range of reputable international investors through our

listing at the National Stock Exchange in Australia.

The Company now seeks to continue its expansion by

trading on the Oslo Axess. Oslo Stock Exchange is one

of the world's leading oil and gas focused financial

markets. With this listing we are taking the next big

step in our transformation to become a leading E&P

company on the West Coast of Africa."

Company Background

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's

Narina-1 discovery in February 2012, which

successfully 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 offshore Liberian

deep-water basin.

African Petroleum Corporation has estimated net

unrisked mean prospective oil resources in excess of

5.2 billion barrels* in highly attractive acreage.

Recently, majors such as Chevron, Exxon and Shell have

entered the West African Transform Margin showing

testament to the exploration potential in the area.

On 3 February 2014 the Company announced the

appointment of Dr. Stuart Lake as Chief Executive

Officer. Dr. Lake is a highly experienced industry

executive and proven explorer with over 27 years of

experience at Hess, Apache and Shell. Following the

appointment of new Chairman, Charles Matthews and

Finance Director, Stephen West in October 2013, the

Company has a revitalised Board and senior management

team in place to deliver on the Company's assets going

forward.

Furthermore, it is proposed that upon listing or

shortly thereafter, the Company will appoint Mr.

Bjarne Moe as a Norwegian based independent director

to the Board. Mr. Moe has over 35 years' experience

in the oil and gas industry including being the former

Director General of the Oil and Gas Department of the

Ministry of Petroleum, Norway. Since 2011, Mr. Moe

has been an advisor to the oil and gas industry and

has had several large, international companies as

clients. African Petroleum looks forward to welcoming

Mr. Moe and the wealth of experience that he will add

to our Board of Directors.

African Petroleum Corporation has recently completed a

successful A$20M share placement which, along with the

support of existing shareholders, gives Africa

Petroleum Corporation financial flexibility to

continue its initiatives to further develop its

portfolio and attract farm-in partners for its licences.

Mr. Frank Timis, the founder and major shareholder in

the Company has as previously announced retired from

the board and his position as Non-Executive Chairman

on 10 October 2013. His tireless work and investment

was integral to building the Company to a position

where it is today. Due to historical events related to

other listed companies where he has been involved, Mr.

Timis will not be employed by the Company nor hold

Board positions nor play any governance role going

forward.

An updated Corporate Presentation can be downloaded

from the Company's website at:

http://www.africanpetroleum.com.au/investors/investment-proposition/corporate-presentation

* Estimated net unrisked mean prospective resources,

ERC Equipoise, Competent Persons Report, 2014

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

+44 207 861 3800

For Norwegian media:

Geir Arne Drangeid, First House, +47 913 10 458

Geir Gjervan, First House, +47 908 79 108

This information is subject to disclosure requirements

pursuant to section 5-12 of the Norwegian Securities

Trading Act.

This press release contains forward-looking

statements. Forward-looking statements are statements

that are not historical facts and may be identified by

words such as "believe," "expect," "anticipate,"

"intends," "estimate," "will," "may," "continue,"

"should" and similar expressions. The forward-looking

statements in this release are based upon various

assumptions, many of which are based, in turn, upon

further assumptions. Although African Petroleum

Corporation believes that these assumptions were

reasonable when made, these assumptions are inherently

subject to significant known and unknown risks,

uncertainties, contingencies and other important

factors which are difficult or impossible to predict

and are beyond its control. Such risks,

uncertainties, contingencies and other important

factors could cause actual events to differ materially

from the expectations expressed or implied in this

release by such forward-looking statements. The

information, opinions and forward-looking statements

contained in this release speak only as at its date,

and are subject to change without notice African

Petroleum Corporation disclaims any obligation to

update and revise any forward-looking statements,

whether as a result of new information, future events

or otherwise.