Hunter Group ASA

Regulatory Filings • Jan 11, 2016

Badger Explorer ASA - Memorandum of Understanding with CNPC DR

Badger Explorer ASA - Memorandum of Understanding with CNPC DR

The Badger Development Program 2015 has been focused on developing the Cuttings

Transport System as well as the Ultrasonic Transducers for the Badger Tool. As

milestones related to the Program are under completion, Badger Explorer ASA

(BXPL) has been working with its sponsoring partners to agree the Scope of work

and funding for The Badger Development Program 2016 where focus will be on

further developing the Drilling System for the Badger Tool.

After a workshop held last week, BXPL and CNPC DR signed a Memorandum of

Understanding regarding CNPC DR's intention to become a full partner in the

Badger Development Program for 2016. Both BXPL and CNPC DR intend to sign a

formal contract before end of Q1 2016.

Stavanger, 11th January 2016

For further information, please contact:

Steinar Bakke, CEO, cell phone +47 930 70 466

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

www.bxpl.com