8 March 2021

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 Knut Søvold, a primary insider in
PetroNor and former director, Gerhard Ludvigsen. A demerger of NOR has been
completed, whereby the following mandatory and non-mandatory trades of shares in
PetroNor have been made as part of the demerger:

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

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

After the above transactions:

NOR owns 143,555,857 shares in PetroNor, representing approximately 14.77% of
all outstanding shares.

Knut Søvold controls, through his control of  Gulshagen III AS and Gulshagen IV,
a total of 90,000,000 shares in PetroNor, representing approximately 9.26% 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
Tel: +44 207 466 5000

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