PetroNor E&P ASA

Regulatory Filings • Dec 2, 2015

SIERRA LEONE LICENCE SL-03 - ENTRY INTO FIRST EXTENSION PERIOD

SIERRA LEONE LICENCE SL-03 - ENTRY INTO FIRST EXTENSION PERIOD

African Petroleum Corporation Limited ("African Petroleum" or the "Company"), an

independent oil and gas exploration company operating ten licences in five countries

offshore West Africa, is pleased to announce that it's wholly owned subsidiary European

Hydrocarbons Limited ("EHL") has entered into the First Extension Period on the SL-03

licence, offshore Sierra Leone. The expiry date of the First Extension Period is 23 April

The initial exploration period on the SL-03 licence expired on 23 April 2015 with EHL

fulfilling all obligations, including the acquisition of 2,500 km2 3D seismic. In April 2015

EHL gave notice to the Sierra Leone Petroleum Directorate of its intention to enter into

the First Extension Period on the SL-03 licence and this has recently been approved. In

accordance with the requirements of the petroleum licence agreement, EHL has

relinquished 50% of the SL-03 licence area, reducing the licence area from 3,860 km2

to 1,930 km2.

Contemporaneously with the approval of the entry into the First Extension Period, the

Petroleum Directorate agreed to modify the work programme, minimum expenditure

requirements and social obligations ("Licence Amendments") in favour of EHL during

the First Extension Period on the licence. The Licence Amendments are subject to

ratification by the Parliament of Sierra Leone.

Detailed mapping of 3D seismic has identified a number of prospects. The Altair

Channel is the most easterly of these and exhibits a high amplitude seismic expression

within a stratigraphic trap. Independently assessed by ERC Equipoise, the estimated

net un-risked mean prospective oil resources attributable to the Altair prospect is

434MMstb. The forward programme provides an opportunity to analyse the seismic

data fully prior to making a commitment to drill an exploration well.

Commenting on today's announcement, Jens Pace, CEO of African Petroleum said:

"We are pleased to be entering the next phase on licence SL-03 in Sierra Leone. The

First Extension Period provides a further 18 months to complete geoscience work over

the block ahead of drilling an exploration well. With significant prospectivity identified

in the Company's adjacent licence SL-4A-10 (the Vega and Leo prospects) which we

believe extends into SL-03, the additional time allows us the opportunity for further

mapping of the Campanian sand fairway and investigation of promising Direct

Hydrocarbon Indicators."

For further information, please contact:

Jens Pace, Chief Executive Officer

Stephen West, Chief Financial Officer

Tel: +44 20 3761 6900

Angeline Hicks, Company Secretary

Tel: + 61 401 489 883

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

About African Petroleum

African Petroleum is an independent oil and gas exploration company operating ten

licences in five countries offshore West Africa. 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. With a combined

net acreage position of 28,448km2 through its licences in Côte d'Ivoire, Liberia,

Senegal, Sierra Leone and The Gambia, the Company has matured its portfolio

through the acquisition of more than 18,500km2 of 3D seismic data and successfully

drilling three deep-water wells, one of which was the first hydrocarbons discovery in

the offshore Liberian - Sierra Leone Basin.

For more information about African Petroleum, please see

www.africanpetroleum.com.au