PetroNor E&P ASA

Share Issue/Capital Change • Mar 21, 2017

SHARE CAPITAL INCREASE

SHARE CAPITAL INCREASE

African Petroleum Corporation Limited ("African Petroleum"

or the "Company") advises that the following new ordinary

shares have been issued:

a) 10,900 ordinary shares to a shareholder of the Company

upon the exercise of share options at a price of NOK 7.50

per share; and

b) 164,857 ordinary shares to the former Chairman of the

Company, Mr Charles Matthews in full and final settlement of

outstanding directors fees 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 117,564,204 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.

Further, the Company announces that 14,155,915 unexercised

share options with an exercise price of NOK 7.50 expired on

17 March 2017.

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 is working with

its partner Ophir Energy (operator) on the CI-513 licence in

Côte d'Ivoire to drill an exploration well in Q2 2017.

For more information about African Petroleum, please see

www.africanpetroleum.com.au