PetroNor E&P ASA

SHARE CAPITAL INCREASE

African Petroleum Corporation Limited ("African Petroleum" or

the "Company") advises that 137,892 ordinary shares and 140,000

unlisted share options with an exercise price of NOK 1.70 expiring

on 15 November 2020 have been issued to a former employee of the

Company in full and final settlement of outstanding amounts due

and payable.

The new shares will be issued 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 151,345,430 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.

For further information, please contact:

Jens Pace, Chief Executive Officer

Stephen West, Chief Financial Officer

Tel: +44 20 3655 7810

Angeline Hicks, Company Secretary

Tel: + 61 401 489 883

Media Contacts:

Buchanan

Ben Romney/Chris Judd

Tel: +44 207 466 5000

About African Petroleum

African Petroleum is an independent oil and gas exploration

company with an equity interest in eight licences in four

countries offshore West Africa (Senegal, The Gambia, Côte d'Ivoire

and Sierra Leone). The Company's assets are located in proven

hydrocarbon basins in the West African Transform Margin and the

Atlantic Margin, where several discoveries have been made in

recent years.

For more information about African Petroleum, please see

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