29 November 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 jointly 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:



45,000,000 shares in PetroNor have been transferred to Nedi Hagan AS, a company
controlled by Gerhard Ludvigsen.

45,000,000 shares in PetroNor have been transferred to Gulshagen III AS, a
company controlled by Knut Søvold.



After the above transactions:



NOR owns 274,237,596 shares in PetroNor, representing approximately 28.22% of
all outstanding shares.

Gerhard Ludvigsen controls, through his control of Nedi Hagan AS, a total of
45,000,000 shares in PetroNor, representing approximately 4.63% of all
outstanding shares and may influence, through control by immediate family of
Pust for Livet AS, a total of 15,000,000 shares in PetroNor, representing 1.54%
of all outstanding shares.



Knut Søvold controls, through his control of Gulshagan II AS and Gulshagen III
AS, a total of 85,000,000 shares in PetroNor, representing approximately 8.75%
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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