Oslo, 13 July 2022: Reference is made to previous stock exchange releases by
PetroNor E&P ASA ("PetroNor") regarding the acquisition of Panoro Energy ASA's
("Panoro") interest in Offshore Mining Lease no. 113 ("OML 113") offshore
Nigeria.

It is with great pleasure PetroNor confirms that it has completed on the
purchase of the Panoro fully owned subsidiaries Pan-Petroleum Nigeria Holding BV
and Pan- Petroleum Services Holdings BV that together hold 100% of the shares in
Pan-Petroleum Aje Ltd ("Pan Aje"). Pan Aje participates in the exploration for
and production of hydrocarbons in Nigeria and holds a 6.502% participating
interest, with a 16.255% cost bearing interest, representing an economic
interest of 12.1913% in OML 113, containing the Aje oil and gas field.

The upfront consideration to Panoro for the transaction is USD 10 million to be
paid within fifteen business days via the allotment and issue of 96,577,537 new
PetroNor shares (the "Consideration Shares"). The volume of PetroNor shares to
be issued to Panoro has been determined with reference to the contractually
determined 30-day volume weighted average price ("VWAP") of PetroNor's shares
currently listed on the Oslo Børs.

Following the issue of the Consideration Shares, the diluted shareholding of the
existing PetroNor shareholders will be 93.2%.

The acquisition of Panoro's interests in OML 113 clears the path for
establishment of Aje Production AS as a jointly owned venture with Yinka
Folawiyo Petroleum ("YFP"), the operator of OML 113.

"We are pleased to confirm that this long-awaited transaction with Panoro has
now been completed. The acquisition of the ownership interest in the Aje field
is strategically attractive and supports our stated growth strategy of acquiring
assets that add production, material reserves and resources to the company. With
the establishment of Aje Production, YFP and PetroNor will form a dynamic and
effective licence partnership to lead the redevelopment of the Aje field," says
interim CEO Jens Pace.

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

For further information, please contact:
Investor Relations 
Email: ir@petronorep.com

About PetroNor E&P ASA
PetroNor E&P ASA is an Africa-focused independent oil and gas exploration and
production company listed on Oslo Børs with the ticker PNOR. PetroNor E&P ASA
holds exploration and production assets offshore West Africa, specifically the
PNGF Sud licenses in Congo Brazzaville, the A4 license in The Gambia, the Sinapa
(Block 2) and Esperança (Blocks 4A and 5A) licenses in Guinea-Bissau, the
Rufisque Offshore Profond and Senegal Offshore Sud Profond in Senegal (in
arbitration) and OML-113 in Nigeria.