5 April 2021

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

Senegal Update

PetroNor (OSE ticker: "PNOR"), the independent oil and gas exploration and
production company with a focus on production, development and exploration
assets across sub-Saharan Africa, announces that it has been unable to reach a
satisfactory solution with Senegal through the suspension period and will
therefore recommence the formal arbitration process. Through the prolonged
suspension period, the Company has made significant efforts to reach a mutually
beneficial solution and has held numerous progressive meetings with the relevant
authorities to no avail. While it is disappointing that a settlement could not
be reached, the Board and its legal counsel remain wholly confident in
PetroNor's legal position and look forward to progressing the Arbitration to an
independent judgement.

Commenting on the update, Eyas Alhomouz, Chairman of PetroNor said:

"We had hoped for a different outcome given our proactive and flexible efforts
and the progress of discussions in recent months that would have seen a deal
that preserved the value for the people of Senegal. However, we have not been
able to find middle ground. Negotiations have undoubtedly been hampered by a
number of factors including the inability to travel to Dakar as a result of the
pandemic and ministerial changes throughout negotiations. The strength of our
position has not changed, and we will now progress this through the independent
channels as we seek to retain the value of this investment for the benefit of
our shareholders. We also remain open to re-engagement if the Government can
table a solution that is mutually beneficial for our Company and the people of
Senegal.

We have had an extensive dialogue with and support from the President's office
and the ministry, however, as the Senegalese party has not been able to move the
dialogue forward, the process is now to return to arbitration. We will update
the market accordingly as the case progresses."

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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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