PetroNor E&P ASA

Related Party Transaction • Dec 23, 2014

TERM SHEET SIGNED FOR LIBERIAN LICENCE LB-08

TERM SHEET SIGNED FOR LIBERIAN LICENCE LB-08

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 that it

has signed a non-binding term sheet agreeing terms with a private London

based independent oil and gas company to farm-in to the Company's 100%

owned Liberian LB-08 licence ("Term Sheet").

Pursuant to the Term Sheet the third party has agreed, subject inter alia to

completion of due diligence and the entering into of mutually agreed

contracts, to acquire a 50% net participating interest in the LB-08 licence in

return for the payment of 50% of all future costs and expenditures relating to

the LB-08 licence and a contribution to past costs and expenditures.

The LB-08 Licence is situated in a highly prospective region offshore Liberia.

In an independent review of African Petroleum Corporation's acreage

conducted by ERC Equipoise Ltd in April 2014, the estimated net unrisked

mean prospective oil resources of LB-08 exceeds two billion barrels. With an

oil discovery in the adjacent licence and proof of a working hydrocarbon

system in the central Liberian basin, the Company believes that LB-08 has

substantial potential.

Completion of the farm-in transaction as contemplated by the Term Sheet is

subject to contract and a number of conditions precedent, which, apart from

one pertaining to approval from the `Liberian Government, must be satisfied

or waived no later than 29 January 2015.

African Petroleum Corporation's Chief Executive Officer, Dr Stuart Lake,

commented:

"The signing of the Term Sheet is a significant milestone for African Petroleum

Corporation. Should the farm-in transaction complete, the incoming third

party will bring a breadth of knowledge and experience to the partnership and

will allow the Company to continue its exploration programme in its highly

prospective acreage in Liberia benefiting from the falling operating costs

brought on by a lower oil price.

African Petroleum Corporation continues its negotiations with potential

partners in its other licences and remains confident that it will secure

additional farm-outs in due course."

For further information, please contact:

Stuart Lake, Chief Executive Officer

Stephen West, Finance Director

Tel: +44 20 3435 7700

Angeline Hicks, Company Secretary

Tel: + 61 401 489 883

Media Contacts:

For UK and International media - Bell Pottinger

Nick Lambert /Charlie Stewart

Tel: +44 20 3772 2500

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 30,963km2 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.