PetroNor E&P ASA — Share Issue/Capital Change 2019

Sep 3, 2019

Registration of Consideration Shares in the VPS

Registration of Consideration Shares in the VPS

Reference is made to the announcement released by African Petroleum Corporation Limited ("African Petroleum" or the "Company") (OSE ticker: APCL) on 2 September 2019, regarding registration of the new share capital following the completion of the agreement to combine with PetroNor E&P Ltd.

The 816,198,842 new shares in the Company (the "Consideration Shares") are now registered in the VPS in the form of depositary receipts. The new shares have been issued on the Company’s ordinary ISIN AU000000AOQ0, and are validly and legally issued as fully paid shares in accordance with Australian law and the Constitution of the Company.

This announcement is subject to disclosure pursuant to section 5-12 of the Norwegian Securities Trading Act.

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For further information, please contact:

Jens Pace, Chief Executive Officer

Stephen West, Chief Financial Officer

Tel: +44 20 3655 7810

Media Contacts:

Buchanan

Ben Romney/Chris Judd

Tel: +44 207 466 5000