Hunter Group ASA

Earnings Release • Mar 30, 2016

Badger Explorer ASA - Statoil Approved Milestone in the Development Program

Badger Explorer ASA - Statoil Approved Milestone in the Development Program

On 16th March 2016, Statoil approved the second key deliverable of Milestone 1

of the Badger Explorer Development Program; function testing and verification of

a cuttings transport system developed in conjunction with Honeybee Robotics

(US). The approval released NOK 2.5 million from Statoil, and Badger Explorer

ASA (BXPL) now enters the last phase of Stage 1 of the Development Program.

"The tests performed have shown that the new cuttings transport system resolves

a critical challenge with the Badger Explorer concept. We now have a transport

system capable of moving all cuttings we have thrown at it, from dry abrasive

cuttings to muddy slurries", says Øystein Larsen, CEO of BXPL.

The first part of Milestone 1, qualification of high power HPHT Transducers for

the drilling and compaction systems in the Badger Explorer, was completed and

approved by Statoil on 4th January 2016.

Stavanger, 30th March 2016

For further information, please contact:

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

www.bxpl.com