PetroNor E&P ASA

Share Issue/Capital Change • Feb 10, 2015

EXTENSION OF APPLICATION PERIOD & MATCHING TRADING HALT

EXTENSION OF APPLICATION PERIOD & MATCHING TRADING HALT

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS

WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, CANADA OR

JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE

WOULD BE UNLAWFUL

Reference is made to the announcement of 9 February 2015 at 16:31 (CET)

regarding a contemplated private placement by African Petroleum Corporation

Limited ("African Petroleum Corporation" or the "Company") (the "Private

Placement"). The Company advises that it has elected to extend the closing of

the application period for the Private Placement from today, 10 February 2015

at 08:00 (CET) to today at 13:00 (CET) in order to enable the Company to

confirm some additional application orders, predominantly from UK based

institutional investors. The Oslo Bors has agreed to implement a matching

trading halt on the Company's shares on the Oslo Axess until further notice in

order to accommodate the extension to the application period.

A further announcement will be made by the Company in due course.

For further information, please contact:

Stuart Lake, Chief Executive Officer

Stephen West, Finance Director

Tel: +44 20 3435 7700

Joint Lead Managers:

FirstEnergy Capital LLP

Tel: +44 20 7448 0200

AND

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

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

This information is subject to disclosure requirements pursuant to section 5-

12 of the Norwegian Securities Trading Act.

Disclaimer

The information contained herein shall not constitute an offer to sell or the

solicitation of an offer to buy, nor shall there be any sale of the securities

referred to herein in any jurisdiction in which such offer, solicitation or sale

would be unlawful prior to registration, exemption from registration or

qualification under the securities laws of any such jurisdiction. In particular,

the securities referenced herein have not been, and will not be, registered

under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and

may not be offered or sold in the United States absent registration or pursuant

an exemption from the registration requirements of the Securities Act and

applicable U.S. state securities laws. The Company does not intend to register

any part of the offering in the United States or to conduct a public offering of

securities in the United States.

This press release may not be released to any U.S. wire service or distributed

or sent, directly or indirectly, into the United States, Canada, Japan or any

other jurisdiction in which such release or distribution would be unlawful

This document is a press release and not a prospectus for the purposes of

Directive 2003/71/EC as amended (together with any applicable implementing

measures in any Member State, the "Prospectus Directive"). Any offering of

securities will be made to investors in any EEA Member State in reliance on

applicable exemptions from the obligation to prepare a prospectus under the

Prospectus Directive, and no EEA prospectus will accordingly be prepared or

available for the purpose of the Private Placement. In any EEA Member State

other than Norway that has implemented the Prospectus Directive, this

communication is only addressed to and is only directed at qualified investors

in that Member State within the meaning of the Prospectus Directive, i.e., only

to investors who can receive the offer without an approved prospectus in such

EEA Member State.

This press release may not be distributed to any person in the United Kingdom

except persons (i) who have professional experience in matters relating to

investments falling within Article 19(5) (investment professionals) of the

Financial Services and Markets Act 2000 (Financial Promotions) Order 2005

("FPO"), (ii) who fall within the categories of persons referred to in Article 49(2)

(a) to (d) (high net worth companies, unincorporated associations, etc.) of the

FPO or (iii) to whom it may otherwise be lawfully communicated.

This press release is not an offer to sell, or the solicitation of an offer to buy,

any of the Company's securities to or from investors in Australia. This press

release is not a prospectus, product disclosure statement or other offer

document under Australian law. Any offers relating to the Company's

securities in Australia will be made only to persons who are professional

investors or sophisticated investors (as those terms are used in s708(11) and

s708(8) , respectively, of the Australian Corporations Act 2001 ("Corporations

Act")) or other persons specified in s708 of the Corporations Act who do not

require or need to be given a prospectus or other disclosure document under

Chapter 6D of the Corporations Act to lawfully receive an offer to subscribe for

or acquire securities in the Company.

This press release contains forward-looking statements. Forward-looking

statements are statements that are not historical facts and may be identified by

words such as "believe," "expect," "anticipate," "intend," "estimate," "will,"

"may," "continue," "should" and similar expressions. The forward-looking

statements in this release are based upon various assumptions, many of which

are based, in turn, upon further assumptions. Although African Petroleum

Corporation believes that these assumptions were reasonable when made,

these assumptions are inherently subject to significant known and unknown

risks, uncertainties, contingencies and other important factors that are difficult

or impossible to predict and are beyond its control. Such risks, uncertainties,

contingencies and other important factors could cause actual events to differ

materially from the expectations expressed or implied in this release by such

forward-looking statements.

The information, opinions and forward-looking statements contained in this

release speak only as at its date, and are subject to change without notice.

African Petroleum Corporation disclaims any obligation to update and revise

any forward-looking statements, whether as a result of new information,

future events or otherwise.