Hunter Group ASA

Share Issue/Capital Change • Feb 28, 2017

Badger Explorer ASA - Preliminary results of Subsequent Offering I

Badger Explorer ASA - Preliminary results of Subsequent Offering I

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR

INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES

Reference is made to the stock exchange releases from Badger Explorer ASA

("BXPL" or the "Company") published 15th February 2017 regarding the

commencement of the subscription period for the subsequent offering (the

"Subsequent Offering I") of up to 80,000,000 new shares (the "Offer I Shares")

in the Company.

The subscription period in the Subsequent Offering I expired at 16:30 hours

(CET) yesterday, 27th February 2017. The preliminary results indicate that a

total of 515.9 million shares were subscribed for and the Subsequent Offering I

was consequently oversubscribed. The preliminary result indicates that 59.2

million subscription rights were utilised. One subscription right gave the

holder a right to subscribe and be allocated for one Offer I Share in the

Subsequent Offering I.

The Board of Directors will resolve the allocation of the Offer Shares as soon

as possible and according to the allocation principles set out in the prospectus

dated 14th February 2017. The final result will be made available as soon as the

allocation has been resolved by the Board of Directors.

ABG Sundal Collier acted as Manager for the Subsequent Offering.

Stavanger, 28th February 2017

Important information:

The release is not for publication or distribution, in whole or in part directly

or indirectly, in or into Australia, Canada, Japan or the United States

(including its territories and possessions, any state of the United States and

the District of Columbia).

This release is an announcement issued pursuant to legal information

obligations, and is subject of the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act. It is issued for information

purposes only, and does not constitute or form part of any offer or solicitation

to purchase or subscribe for securities, in the United States or in any other

jurisdiction. The securities mentioned herein have not been, and will not be

registered under the United States Act of 1933, as amended (the "Securities

Act"). The Securities may not be offered or sold in United States except

pursuant to an exemption from the registration requirements of the Securities

Act. The Company does not intend to register any portion of the offering of the

securities in the United States or to conduct a public offering of the

securities in United States. Copies of this announcement are not being made and

may not be distributed or sent into Australia, Canada, Japan or the United

States. The subscription or purchase of shares in the Company is subject to

specific legal or regulatory restrictions in certain jurisdictions. Neither the

Company nor the Managers assumes any responsibility in the event there is a

violation by any person of such restrictions.

The distribution of this release may in certain jurisdictions be restricted by

law. Persons into whose possession this release comes should inform themselves

about and observe any such restrictions. Any failure to comply with these

restrictions may constitute violation of the securities laws of any such

jurisdiction. The Managers are acting for the Company and no one else in

connection with the Subsequent Offering and will not be responsible to anyone

other than the Company for providing the protections afforded to their

respective clients or for providing advice in relation to any other matter

referred to in this release.

Forward-looking statements:

This release and any materials distributed in connection with this release may

contain certain forward-looking statements. By their nature, forward-looking

statements involve risk and uncertainty because they reflect the Company's

current expectations and assumptions as to future events and circumstances that

may not prove accurate. A number of material factors could cause actual results

and developments to differ materially from those expressed or implied by these

forward-looking statements.

For further information, please contact:

Gunnar Dolven, CFO, cell phone +47 908 53 168

Marcus Hansson, COB, cell phone +44 782 4460 691

www.bxpl.com