Hunter Group ASA

Regulatory Filings • Apr 12, 2016

Badger Explorer ASA - Letter of Intent from Statoil

Badger Explorer ASA - Letter of Intent from Statoil

On the 8th April 2016, Badger Explorer ASA (BXPL) received a Letter of Intent

(LOI) from Statoil where Statoil confirms their intent to support BXPL's

Development Program in 2016.

The objective of the Development Program is to further develop, design and

qualify technologies and solutions for a commercial Badger Explorer tool based

on lessons learned in previous programs.

"Statoil have played an important role in defining the Development Program, and

have provided advise and support in the technical development. The continued

support from Statoil is an important event for our company", says Øystein

Larsen, CEO of BXPL.

In addition to this LOI from Statoil, BXPL and CNPC DR signed a Memorandum of

Understanding in January 2016 regarding CNPC DR's intention to become a full

partner in the Development Program for 2016.

Stavanger, 12th April 2016

For further information, please contact:

Øystein Larsen, CEO, cell phone +47 932 68 743

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

www.bxpl.com