PetroNor E&P Limited (“PetroNor” or the “Company”) (OSE ticker: “PNOR”) advises
that a total of 319,446,740 unlisted, unvested warrants have lapsed today
unexercised without compensation to the holders. The lapsed unlisted warrants
are as follows:
-	155,466,446 warrants (ISIN AU0000043622) with a pre-31 December 2019 vesting
condition of (x) either (a) the reinstatement of the A1 and A4 licenses in The
Gambia or (b) the reinstatement of the SOSP license in Senegal, whichever comes
first, and (y) a farm-in agreement to such license(s) being signed and legally
binding, where the Company will be fully carried for the current phase work
program under the license(s), on commercially acceptable terms approved by the
Company Board (“APCL Warrant Vesting Conditon”);
-	155,466,446 warrants with a pre-31 December 2019 vesting condition of (x) a
signed acquisition/farm-in agreement for a gas asset in Nigeria, and (y) a
signed and legally binding gas offtake agreement relating to the gas from such
asset, both agreements on commercially acceptable terms approved by the Company
Board; and
-	8,513,848 warrants held by directors, management and consultants subject to
the APCL Warrant Vesting Condition.

Following the lapse of the above unvested warrants, the Company’s capital
structure is as follows:

Shares Listed on Oslo Axess (OSE ticker “PNOR”)
971,665,288 ordinary shares (ISIN AU0000057408)

Unlisted Share Options
987,000 options expiring 28 April 2020, exercise price NOK 4.00
190,000 options expiring 15 November 2020, exercise price NOK 1.70
700,000 options expiring 22 December 2020, exercise price NOK 1.70
213,400 options expiring 11 January 2022, exercise price NOK 2.50
1,176,070 options expiring 31 May 2022, exercise price NOK 7.75

*****

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