Oslo, 16 February 2022: PetroNor E&P Limited (OSE ticker: "PNOR") (the
"Company", and together with its consolidated subsidiaries, "PetroNor") is
pleased to announce the decision of Oslo Børs to conditionally admit the shares
of PetroNor E&P ASA ("PetroNor Norway") to trading on Oslo Børs, main list.

Furthermore, the Supreme Court of Western Australia ("Court") earlier today made
orders to adjourn the second Court hearing ("Court Hearing") for the proposed
scheme of arrangement ("Scheme") between the Company and its members to 09:00 am
(AWST) on Thursday, 17 February 2022. 

Subject to the Court approval of the Scheme at the Court Hearing tomorrow, it is
expected that the shares of PetroNor will be suspended from trading as from end
of trading tomorrow, Thursday 17 February 2022. This means that after close of
trade on 17 February 2022, no further trading in the Company is expected to take
place to comply with Australian Court orders and legal requirements. The shares
in the Company are subsequently expected to be delisted from Euronext Expand
from 24 February 2022 (the "Delisting").

Pursuant to the Scheme, PetroNor shareholders will receive one (1) new PetroNor
Norway share for every one (1) share held in PetroNor owned as at end of trading
tomorrow, 17 February 2022, as shown with the register as at 16:00 AWST (09:00
CET) 22 February 2022 (the "Record Date"). PetroNor Norway shares will be
delivered to the VPS accounts of the registered shareholders (either personal
accounts or through nominee arrangements) as at the Record Date as soon as
practically possible after registration of such shares with the Norwegian
Register of Business Enterprises.  

Shareholders whose PetroNor shares are not registered on the VPS as at the
Record Date will not be entitled to receive any new PetroNor Norway shares and
will instead receive cash proceeds from the sale by the sale agent of the new
PetroNor Norway shares which they were otherwise entitled to receive. 

Shareholders are informed that no further actions by shareholders are required
for this exchange to take place. The shares in PetroNor Norway are expected to
commence trading on Oslo Børs from 28 February 2022 (the "Listing Date"). The
new shares in PetroNor Norway will not be tradeable on Oslo Børs before the
Listing Date.

The above is subject to the Australian scheme of arrangement being successfully
completed (expected on or about 24 February 2022). 

Set out below is an indicative timeline of the re-domicile process. Separate
stock exchange releases will be announced in connection with each of these
milestones: 

17 February 2022: Australian Court approval of the Scheme
17 February 2022: Last day of trading of the PetroNor shares 
23 February 2022: Last day of listing on Euronext Expand of PetroNor shares
23 February 2022: Extraordinary general meeting for PetroNor Norway to resolve
to issue shares to shareholders registered with VPS on the Record Date
24 February 2022: Implementation of Scheme
25 February 2022: Issue of shares in PetroNor Norway registered and delivered to
VPS accounts
At the latest prior to 08:00 am on the Listing Date: Publication of PetroNor
Norway prospectus
28 February 2022: PetroNor Norway Shares commence trading on Oslo Børs 

All dates are indicative only. The Company has the right to vary any or all of
these dates and times, subject to the approval of such variation by the Court
and PetroNor Norway, where required. When the term "shares" are used above as a
description of the current securities of the Company, it is a reference to the
depository receipts trading on Euronext Expand. 

The admission to the Oslo Børs is subject to i) completion of the re-domicile
process to Norway before the first day of trading, ii) the first day of trading
is to be no later than 17 April 2022, and iii) PetroNor Norway must satisfy the
other admission requirements for Oslo Børs. If PetroNor Norway does not meet
these requirements, it will be admitted to trading on Euronext Expand, provided
the admission requirements on Euronext Expand are met.

For further information, please contact:

Investor Relations 
Email: ir@petronorep.com
www.petronorep.com 

About PetroNor E&P
PetroNor E&P Limited is an Africa-focused independent oil and gas exploration
and production company listed on Oslo Euronext Expand with the ticker PNOR.
PetroNor E&P Limited 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).