PetroNor E&P ASA

Share Issue/Capital Change • Mar 18, 2015

SHARE CAPITAL INCREASE

SHARE CAPITAL INCREASE

Reference is made to the announcements made by African Petroleum

Corporation Limited ("African Petroleum" or the "Company") on 16 March 2015,

regarding (i) the result of the general meeting and (ii) the approval of the

prospectus dated 16 March 2015 (the "Prospectus") and the commencement of

the Subsequent Repair Offering.

On 18 March 2015 the Board of Directors of African Petroleum has, in

accordance with the mandate granted by the shareholders in the general

meeting held on 16 March 2015, issued 271,732,000 new shares (the "New

Shares") and 135,866,000 options which were allocated in the private

placement. The options have been issued in the VPS on ISIN AU0000AOQOZ6.

The New Shares will be delivered on a delivery-versus-payment basis

commencing today. The New Shares have been issued in CHESS on the

Company's ordinary ISIN AU000000AOQ0, and in the VPS on temporary ISIN

AU0000AOQNB9 and will be moved to the same ISIN as the existing shares of

the Company, and listed on Oslo Axess upon completion of settlement,

expected on or about 19 March 2015. As a result of the share capital increase,

the Company has 957,589,456 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 have no par value.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

*****

For further information, please contact:

Stuart Lake, Chief Executive Officer

Stephen West, Finance Director

Tel: +44 20 3761 6900

Angeline Hicks, Company Secretary

Tel: + 61 401 489 883

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

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 30,967km2 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 Corporation, please see

www.africanpetroleum.com.au