PetroNor announced the following management changes. Jens Pace, current CEO, has announced his intention to retire from the role effective from 29 February 2020. Mr. Pace will remain on the Board in a new role as Non-Executive Director, and will act as an adviser to the Company as required.

Knut Søvold, current COO, will assume the role of CEO, ensuring strategic continuity. Mr. Søvold has 30 years of experience in the oil and gas industry, from both executive management and technical levels, and has been working with West African assets since 2000. Mr. Søvold co-founded NOR Energy AS, which held a 50% interest in PetroNor, prior to its combination with African Petroleum to create PetroNor E&P. Additionally, Stephen West, Chief Financial Officer of PetroNor, has informed the Company of his decision to resign in order to pursue other opportunities.

The decisions of Mr. Pace and Mr. West to vacate these management roles coincide with the Board's efforts to reduce costs and streamline the organisation, implementing a cost reduction programme and an employment incentive scheme during first quarter of 2020. Mr. West has committed to working a notice period to ensure an orderly handover of duties. The Board will provide an update with regards to ongoing CFO duties in due course.