PetroNor E&P ASA

SHARE CAPITAL INCREASE

African Petroleum Corporation Limited ("African Petroleum" or the "Company") advises that

33,334 new ordinary shares have been issued to a current employee of the Company upon the

exercise of share options at a price of NOK 1.70 per share.

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 151,207,538 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 www.africanpetroleum.com.au

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