Hunter Group ASA

Major Shareholding Notification • Feb 23, 2017

NOTIFICATION REFERRED TO IN CHAPTER 4 OF THE SECURITIES TRADING ACT ON A CHANGE IN HOLDINGS

NOTIFICATION REFERRED TO IN CHAPTER 4 OF THE SECURITIES TRADING ACT ON A CHANGE IN HOLDINGS

As a result of a private placement of shares issued on the

23 February 2017, the holdings of Invesco Ltd., for and on

behalf of funds managed by its affiliates, will fall below

5% of the voting rights and share capital in Badger Explorer

ASA (see Appendix). Under Chapter 4 of the Securities

Trading Act, we hereby notify the Stock Exchange of the

following.

1. Name of company in which holdings have been disposed

Badger Explorer ASA

2. Date of change in holdings

23 February 2017

3. Exact proportion of voting rights and share capital

in Badger Explorer ASA, by type of shares

Holdings by Invesco Ltd., for and on behalf of funds managed

by its affiliates, are now as follows:

Number Proportion of Proportion of

share capital voting rights

_____________________________________________________________

Ordinary shares 21,225,389 2.16% 2.16%

_____________________________________________________________

TOTAL 21,225,389 2.16% 2.16%

4. Shareholder's complete name, trade register number

Invesco Ltd. for and on behalf of funds managed by its

affiliates.

Invesco Ltd. is the holding company of the Invesco Group.

Company Number: 308372

Henley-on-Thames, 23 February 2017

Invesco Ltd.