Oslo, 7 April 2022: PetroNor E&P ASA advises that Arctic Securities have
completed their engagement as the Sale Agent for the Scheme of Arrangement that
took place in February 2022 and sold the shares for investors not registered on
the VPS back into the market.

During March 2022, the Sale Agent sold 1,366,564 shares with an average sale
price of NOK 0.900506 per share, this is approximately 0.1% of the total shares
in issue. The sale proceeds have now been transferred to Computershare in
Australia for distribution to the former investors of PetroNor E&P Ltd that did
not have a VPS account in Norway. 

Computershare has set 13 April 2022 as the payment date for the final
distribution of these proceeds, that will be sent electronically or via cheque
depending on the payment preferences registered with Computershare for each
investor.

After the conversion to AUD and deduction of Sale Agent fees, this small group
of investors can expect proceeds of AUD 0.135078 per share.

For additional information, please contact:

Investor Relations
Email: ir@petronorep.com
www.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 (subject to completion).