PetroNor E&P ASA

Regulatory Filings • Dec 21, 2017

UPGRADED PROSPECTIVE RESOURCES IN SIERRA LEONE

UPGRADED PROSPECTIVE RESOURCES IN SIERRA LEONE

African Petroleum Corporation Limited ("African Petroleum" or the "Company"), an independent oil and gas exploration company operating high impact exploration licences offshore West Africa, is pleased to announce an update on behalf of its wholly owned subsidiaries European Hydrocarbon Limited and African Petroleum Sierra Leone Limited to the prospective oil resources at the 100% owned and operated licence blocks SL-03 and SL-4A-10 in Sierra Leone ("Sierra Leone 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 Sierra Leone Licences (the "ERCE Letter"). The ERCE Letter of prospective resources includes six undrilled prospects and estimates the net prospective oil resources relating to the Sierra Leone Licences as follows:

Mean (MMstb) % Increase in

Net Unrisked Net Risked Prospective Oil

Prospective Oil Prospective Oil Resources March

Licences Resources Resources 2015 ERCE Letter

SL-03 and

SL-4A-10 2,530 394 76.6%

The upgrade to the independently assessed prospective resources follows the recent announcement on 5 December 2017 regarding the entry into the Second Extension Periods for the two Sierra Leone Licences and takes into account two new material prospects identified by the Company: Leo and Vega. Pursuant to our commitments on the licences, African Petroleum will, on conclusion of further assessment with ERCE, provide the Sierra Leone Petroleum Directorate with confirmation of its drilling programme ahead of the notification deadline of 31 October 2018 for both SL-03 and SL-4A-10.

Commenting on the update, African Petroleum's CEO Jens Pace said:

"We are delighted that we have seen such a material increase in our independently assessed prospective oil resources in Sierra Leone to over 2.5 billion barrels (unrisked). African Petroleum has experienced increased industry interest in this acreage due to technology improvements and cost reductions in ultra-deep water drilling together with the materiality of the prospects identified by the Company on the SL-03 and SL-4A-10 licences. We will continue our de-risking efforts on these licences and, in due course, work towards formulating a suitable drilling strategy that meets with the current licence commitments."

For further information, please contact:

Jens Pace, Chief Executive Officer

Stephen West, Chief Financial Officer

Tel: +44 20 3655 7810

Media Contacts:

Buchanan

Ben Romney/Chris Judd

Tel: +44 207 466 5000

About African Petroleum

African Petroleum is an independent oil and gas exploration company with an equity interest in four countries offshore West Africa (Senegal, The Gambia, Côte d'Ivoire and Sierra Leone). 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.

For more information about African Petroleum, please see www.africanpetroleum.com.au