Hunter Group ASA

Major Shareholding Notification • Feb 23, 2017

Disclosure of ownership in Badger Explorer ASA

Disclosure of ownership in Badger Explorer ASA

Reference is made to the EGM in Badger Explorer ASA ("the

Company") on 23 February 2017, where the share capital

increase in connection with the private placement of

600,000,000 new shares in the Company (the "Private

Placement") was approved, as well as the subsequent offering

of up to 80,000,000 new shares in the Company that commenced

on 15 February 2017 and expires on 27 February 2017

(the "Subsequent Offering").

This disclosure is made in accordance with Section 4-3 of

the Norwegian Securities Trading Act. As a result of the

completion of the Private Placement, the ownership for the

following shareholders will fall below 10% of the

outstanding shares and votes, and below 5% assuming the

Subsequent Offering is completed:

Apollo Asset Limited has been allocated 2,300,000 shares in

the offering and will own a total of 51,988,525 shares in

the Company after the Private Placement, equivalent to 5.31%

of the outstanding shares and votes after the Private

Placement. Assuming that the Subsequent Offering is

completed, Apollo Asset Limited will own 4.91% of the

outstanding shares and votes.

Tycoon Industrier A/S has been allocated 2,300,000 shares in

the offering and will own a total of 51,988,525 shares in

the Company after the Private Placement, equivalent to 5.31%

of the outstanding shares and votes after the Private

Placement. Assuming that the Subsequent Offering is

completed, Tycoon Industrier A/S will own 4.91% of the

outstanding shares and votes.

As a result of the completion of the Private Placement, the

ownership for the following shareholders will fall below 5%

of the outstanding shares and votes:

Tigerstaden AS has been allocated 12,000,000 shares in the

offering and will own a total of 44,652,459 shares in the

Company after the Private Placement, equivalent to 4.56% of

the outstanding shares and votes after the Private Placement.

Middelborg Invest AS has been allocated 10,000,000 shares in

the offering and will own a total of 42,652,458 shares in

the Company after the Private Placement, equivalent to 4.36%

of the outstanding shares and votes after the Private

Placement.

Silvercoin Industries AS has been allocated 6,000,000 shares

in the offering and will own a total of 38,652,459 shares in

the Company after the Private Placement, equivalent to 3.95%

of the outstanding shares and votes after the Private

Placement.

In connection with the Private Placement, Apollo Asset

Limited, Tycoon Industrier A/S, Tigerstaden AS, Middelborg

Invest AS and Silvercoin Industies AS entered into lock-up

agreements on their shareholdings after the private

placement lasting until 1 August 2017.

The above calculations are based on 978,537,288 outstanding

shares in the Company after completion of the Private

Placement and 1,058,537,288 outstanding shares in the

Company after the completion of the Subsequent Offering.

Oslo, 23 February 2017