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2015-11-03

Crown Energy: Four year extension of the Manja licence with flexible work program

Crown Energy AB (“Crown Energy”) are pleased to announce an extension to our
100% owned Block 3108 Manja Licence, onshore Madagascar.

Following a meeting with OMNIS, the regulatory body of Madagascar, on
28-Oct-15, it has been agreed to extend the exploration period for 4 years
until 15-Nov-19 as two consecutive two year phases. The work programme
during the first two year phase will consist of an FTG (Full Tensor Gravity)
survey over the block, followed by optional 2D seismic.

The second two year phase will contemplate drilling of the first exploration
well. The agreement is subject to an official "Avenant" from the government,
expected within the next two months.

Andreas Forssell, CEO of Crown Energy comments:

“We are very pleased with this outcome, which now allows us sufficient time to
plan and conduct a logical exploration programme. From feedback given by
potential partners, we believe that the FTG survey (planned for 2016) will
provide real insight and progress to our technical evaluation, just as this
technique has had excellent results in the onshore Rift Basins in Uganda and
Kenya. The new programme will enable us to make a revitalised approach to
companies and investors, with the ultimate aim of getting our Ambatolava-1
well drilled. We appreciate OMNIS understanding and flexibility in helping
to achieve this very positive result.”
says Andreas Forssell, Crown Energy CEO.

Crown Energy AB (publ) discloses above information pursuant to the Swedish
Securities Market Act and/or the Swedish Financial Instruments Trading Act.
The information was released for publication on November 03, 2015, 12:00 PM.

MORE INFORMATION

Please contact Andreas Forssell, CEO, Crown Energy AB

+46 8 400 207 20

+46 760 15 15 95

ABOUT CROWN ENERGY

Crown Energy is an international oil and gas company engaged in exploration in
Africa and Middle East. Growth is created by developing assets in early
stages and then maximising value by introducing appropriate industry partners
in the development and production stages. For more information please visit
www.crownenergy.se.

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