8 March 2021 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 jointly owned by Knut Søvold, a primary insider inPetroNor and former director,Gerhard Ludvigsen . A demerger of NOR has been completed, whereby the following mandatory and non-mandatory trades of shares inPetroNor have been made as part of the demerger: 45,000,000 shares inPetroNor have been transferred to Lenger Nedi Hagan AS, a company controlled byGerhard Ludvigsen . 45,000,000 shares inPetroNor have been transferred to Gulshagen IV AS, a company controlled by Knut Søvold. After the above transactions: NOR owns 143,555,857 shares inPetroNor , 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 inPetroNor , representing approximately 9.26% 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 Tel: +44 207 466 5000
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