PetroNor E&P ASA

Regulatory Filings • Aug 31, 2016

LETTER OF INTENT SIGNED - BLOCKS A1 & A4, THE GAMBIA

LETTER OF INTENT SIGNED - BLOCKS A1 & A4, THE GAMBIA

African Petroleum Corporation Limited ("African

Petroleum" or the "Company"), an independent oil and

gas exploration company with interests in ten licences

in five countries offshore West Africa, is pleased to

announce that it has signed a Letter of Intent ("LOI")

with an undisclosed International E&P company with

respect to Licences A1 and A4, offshore The Gambia.

The LOI represents a non-binding commercial proposal

regarding the possible acquisition of interests in

Licences A1 and A4 where African Petroleum holds 100%

operated working interest in both blocks.

The proposal set forth within the LOI is conditional

upon African Petroleum confirming the extension of the

exploration periods of both licences by at least 12

months by the Government of The Gambia, and is subject

to ongoing due diligence and commercial negotiations.

Further updates will be provided as appropriate.

Commenting on the agreement, CEO Jens Pace said: "We

are pleased to have formalised our discussions with

this potential partner through the signing of a non-

binding LOI. Whilst conversion of this LOI into any

commercial agreement is subject to a number of

conditions, including our ability to obtain an

extension to the exploration period of both blocks, we

are encouraged by the level of industry interest that

we continue to generate in our portfolio. Based on our

advanced discussions with the relevant authorities in

The Gambia, we remain confident that we will be able

to achieve a satisfactory outcome that enables us to

move forward with exploration activity of these

exciting assets."

For further information, please contact:

Jens Pace, Chief Executive Officer

Stephen West, Chief Financial Officer

Tel: +44 20 3655 7810

Angeline Hicks, Company Secretary

Tel: + 61 401 489 883

Media Contacts:

For UK and International media - Buchanan

Ben Romney/Chris Judd

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 with an equity interest in 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 27,797km2 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. The

Company is working with its partner Ophir Energy

(operator) on the CI-513 licence in Côte d'Ivoire to

drill an exploration well in H2 2017.

For more information about African Petroleum, please

see www.africanpetroleum.com.au