PetroNor E&P ASA

Share Issue/Capital Change • May 12, 2017

SHARE CAPITAL INCREASE

SHARE CAPITAL INCREASE

Reference is made to the announcement made by African

Petroleum Corporation Limited ("African Petroleum" or

the "Company") on 11 May 2017 regarding inter alia the

approval of the prospectus dated 11 May 2017

(the "Prospectus").

On 12 May 2017 the Company has issued 33,250,000 new shares

(the "New Shares") which were allocated in the private

placement. All New Shares have been issued to the Company's

existing ISIN AU000000AOQ0 and admitted to trading on Oslo

Axess as of today. 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

151,174,204 shares in issue. 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:

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. The Company currently has

one ongoing drilling operation with the Ayame-1X exploration

well that was spudded by its partner Ophir Energy (operator)

on the CI-513 licence in Côte d'Ivoire on 29 April 2017.

For more information about African Petroleum, please see

www.africanpetroleum.com.au