PetroNor E&P ASA

Share Issue/Capital Change • Oct 28, 2015

SHARE CAPITAL INCREASE

SHARE CAPITAL INCREASE

Reference is made to the announcement made by African Petroleum Corporation

Limited ("African Petroleum" or the "Company") on 22 October 2015 regarding the

successful allocation of a private placement to certain existing and new investors

raising NOK 16,476,293 (approximately US$2 million) in gross proceeds through the

allocation of 96,919,370 new ordinary shares at a subscription price of NOK 0.17 per

share on a pre-consolidation basis, and 9,691,937 new ordinary shares at a subscription

price of NOK 1.70 per shares on a post consolidation basis ("Private Placement").

On 27 October 2015 the Board of Directors of African Petroleum issued 9,691,937 new

shares on a post consolidation basis (the "New Shares") which were allocated in the

Private Placement. The New Shares will be delivered on a delivery-versus-payment

basis commencing today. The New Shares have been issued in both CHESS and in the

VPS on the Company's ordinary ISIN AU000000AOQ0. The New Shares have been

validly and legally issued as fully paid shares in accordance with Australian law and the

Constitution of the Company. As a result of the share capital increase, the Company has

106,611,781 shares in issue. This figure may be used by shareholders in the Company as

the denominator for the calculations by which they will determine if they are required to

notify their interest in, or a change to their interest in the Company. The shares of the

Company have no par value. The New Shares will be delivered to the investors in the

Private Placement on a delivery-versus-payment basis commencing today. The

Company will update the market once the settlement procedure is 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.