PetroNor E&P ASA

Regulatory Filings • Jun 7, 2017

EXTENSION TO EXCLUSIVITY AGREEMENT - SENEGAL & THE GAMBIA

EXTENSION TO EXCLUSIVITY AGREEMENT - SENEGAL & THE GAMBIA

African Petroleum Corporation Limited ("African Petroleum" or

the "Company") provides the following update to its

previously announced non-binding heads of terms ("Heads of

Terms") and a binding exclusivity agreement ("Exclusivity

Agreement") with a well funded, listed oil and gas company

with a strong track record in offshore deep-water drilling.

African Petroleum and the incoming party have been working

together to finalise negotiations with the governments of

Senegal and The Gambia, to continue due diligence and

negotiate farm-in documentation. Whilst good progress has

been made to date, the period of exclusivity in the

Exclusivity Agreement has been extended for a further six

weeks until 20 July 2017 in order to ensure there is adequate

time to complete this process.

The Heads of Terms and Exclusivity Agreement provide a

framework for the incoming third party to secure a 70%

operated interest in the Company's SOSP production sharing

contract in Senegal and the A1 and A4 licences in The Gambia.

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:

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 eight licences 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