25 August 2020 PetroNor E&P Limited ("PetroNor " or the "Company") Mandatory Notification of TradePetroNor E&P ("PetroNor " or "the Company") announces that NOR Energy AS ("NOR") has undertaken a demerger resulting in a distribution of shares inPetroNor as detailed below. There is no change to the overall interest inPetroNor E&P held byMr Ludvigsen and Mr Søvold through NOR and their respective investment companies. NOR Energy AS ("NOR") is 50/50 owned byGerhard Ludvigsen and Knut Søvold, both primary insiders inPetroNor E&P Limited . A demerger of NOR has been completed, whereby the following mandatory trades of shares inPetroNor have been made as part of the demerger: 15,000,000 shares inPetroNor have been transferred to NOR Hagan 1 AS, a company controlled byGerhard Ludvigsen . 25,000,000 shares inPetroNor have been transferred to NOR Hagan 2 AS, a company controlled byGerhard Ludvigsen . 40,000,000 shares inPetroNor have been transferred to Gulshagan II AS, a company controlled by Knut Søvold. After the above transactions: NOR owns 364,237,596 shares inPetroNor , representing approximately 37.49% of all outstanding shares.Gerhard Ludvigsen controls, through his control of NOR Hagan 1 AS and NOR Hagan 2 AS a total of 40,000,000 shares inPetroNor , representing approximately 4.12% of all outstanding shares. Knut Søvold controls, through his control of Gulshagan I AS, a total of 40,000,000 shares inPetroNor , representing approximately 4.12% of all outstanding shares. ***** For further information, please contact: Knut Søvold, Chief Executive OfficerChris Butler , Group Financial Controller info@petronorep.com Media Contacts:Buchanan Ben Romney /Chris Judd Tel: +44 207 466 5000
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