PetroNor E&P ASA

Share Issue/Capital Change • Nov 2, 2015

PRIVATE PLACEMENT SETTLEMENT COMPLETED

PRIVATE PLACEMENT SETTLEMENT COMPLETED

Reference is made to the announcement made by African

Petroleum Corporation Limited ("African Petroleum" or

the "Company") on 28 October 2015 regarding issuance

of 9,691,937 new shares on a post-consolidation basis

(the "New Shares") which were allocated in the private

placement.

The Company advises that the Delivery-Versus-Payment

settlement towards investors who were allocated the

New Shares is now completed.

This information is subject to the disclosure

requirements pursuant to section 5-12 of the Norwegian

Securities Trading Act.

For further information, please contact:

Jens Pace, Chief Executive Officer

Stephen West, Finance Director

Tel: +44 20 3761 6900

Lead Manager:

Mirabaud Securities LLP

Peter Krens

Tel: +44 20 7878 3362

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

About African Petroleum

African Petroleum 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'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, please

see www.africanpetroleum.com.au

This information is subject to disclosure requirements

pursuant to section 5-12 of the Norwegian Securities

Trading Act.