25 August 2020

PetroNor E&P Limited 
("PetroNor" or the "Company")

Mandatory Notification of Trade

PetroNor E&P ("PetroNor" or "the Company") announces that NOR Energy AS ("NOR")
has undertaken a demerger resulting in a distribution of shares in PetroNor as
detailed below. There is no change to the overall interest in PetroNor E&P held
by Mr Ludvigsen and Mr Søvold through NOR and their respective investment
companies.

NOR Energy AS ("NOR") is 50/50 owned by Gerhard Ludvigsen and Knut Søvold, both
primary insiders in PetroNor E&P Limited. A demerger of NOR has been completed,
whereby the following mandatory trades of shares in PetroNor have been made as
part of the demerger:

15,000,000 shares in PetroNor have been transferred to NOR Hagan 1 AS, a company
controlled by Gerhard Ludvigsen.
25,000,000 shares in PetroNor have been transferred to NOR Hagan 2 AS, a company
controlled by Gerhard Ludvigsen.
40,000,000 shares in PetroNor have been transferred to Gulshagan II AS, a
company controlled by Knut Søvold.

After the above transactions:

NOR owns 364,237,596 shares in PetroNor, 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 in PetroNor, 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 in PetroNor, representing approximately 4.12% of all
outstanding shares.

*****

For further information, please contact:
Knut Søvold, Chief Executive Officer
Chris Butler, Group Financial Controller
info@petronorep.com

Media Contacts:
Buchanan
Ben Romney/Chris Judd
Tel: +44 207 466 5000

Click here for more information

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