21 September 2021

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

Issuance of Subsequent Offer Shares

Reference is made to the stock exchange announcements by PetroNor on 23 August
2021 and 24 August 2021 regarding the approval and publication of a prospectus
and commencement of the subscription period in the repair offering of up to
60,000,000 new shares of the Company (the "Offer Shares") at a subscription
price of NOK 1.10 per Offer Share (the "Subsequent Offering"). Reference is
further made to the stock exchange announcements by the Company on 7 September
2021 and 8 September 2021 regarding results of the Subsequent Offering.

The Company has issued 46,234,809 ordinary shares for the Offer Shares of the
Subsequent Offering.

The Company's issued and outstanding share capital is 1,326,991,006 ordinary
shares of no par value. This figure may be used by shareholders in the Company
as the denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in the
Company. The new shares have been issued on the Company's ordinary ISIN
AU0000057408.

A separate announcement will be made when the new shares are registered with the
VPS in the form of depositary receipts and the share lending agreement has been
concluded. The new shares have been validly and legally issued as fully paid
shares in accordance with Australian law and the Constitution of the Company.

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act.

*****

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

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

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

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