PetroNor E&P ASA

Regulatory Filings • Mar 16, 2015

UPGRADED PROSPECTIVE RESOURCES IN SENEGAL AND THE GAMBIA

UPGRADED PROSPECTIVE RESOURCES IN SENEGAL AND THE GAMBIA

African Petroleum Corporation Limited ("African

Petroleum Corporation" or the "Company"), an

independent oil and gas exploration company

operating ten licences in five countries offshore

West Africa, is pleased to announce an update to

its prospective oil resources at its 90% owned and

operated Senegal Offshore Sud Profond and Rufisque

Offshore Profond licence blocks in Senegal

("Senegal Licences") and its 100% owned and

operated A1 and A4 offshore blocks in The Gambia

("Gambian Licences").

The Company engaged the independent petroleum

consultant, ERC Equipoise Ltd ("ERCE"), to prepare

an updated assessment of prospective oil resources

attributable to the Company's Gambian Licences, and

an initial assessment of the Senegal Licences

(the "ERCE Letter").

The ERCE Letter of prospective resources includes

20 prospects and estimates the net prospective oil

resources relating to the Senegal Licences and

Gambian Licences as follows:

Mean (MMstb)

Net Net

Unrisked Risked

Prospective Prospective

Oil Oil

Licence Resources Resources

Senegal

SOSP & ROP 1,779 325

The Gambia

A1 & A4 3,079 445

Total Updated

Portfolio

Senegal and The Gambia 4,858 770

The two discoveries made by Cairn Energy at SNE-1

and FAN-1 in Senegal have had a positive impact on

the chance of success for prospects within African

Petroleum's portfolio.

The ERCE Letter, in conjunction with the April 2014

CPR and ERCE Audit published in January 2015,

independently assesses African Petroleum's net

unrisked mean prospective oil resources at

11,614MMstb.

Stuart Lake, African Petroleum Corporation's CEO,

comments:

"We are delighted to see that our net unrisked

prospective oil resources, assessed by independent

advisor ERCE, have been significantly increased to

a total of 11.6 billion barrels. The two

discoveries by Cairn Energy in Senegal at FAN-1 and

SNE-1 during 2014 have significantly reduced our

exploration risk and give us further encouragement

with regards to our strategic goals to attract

quality partners on these assets going forward.

African Petroleum's diverse portfolio provides real

potential to create significant value in the event

of exploration success. Each of the Company's

prospects selected for drilling have robust

economics, even at a lower oil price, and upon

drilling these wells, if they are successful, there

is extensive follow up in the rest of the

portfolio."

For further information, please contact:

Stuart Lake, Chief Executive Officer

Jens Pace, Chief Operating Officer

Tel: +44 203 761 6900

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

Geir Gjervan

Tel: +47 908 79 108

About African Petroleum Corporation

African Petroleum Corporation is a dynamic,

independent oil and gas exploration company

operating ten licences in five 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 30,967km2 through

its licences in Côte d'Ivoire, Liberia, Senegal,

Sierra Leone and The Gambia, the Company has

matured its portfolio rapidly, acquiring more than

18,500km2 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.