Hunter Group ASA - Proxy Solicitation & Information Statement 2010

To the General Meeting in Badger Explorer ASA

Stavanger, 9 November 2010

The Nomination Committee’s Report and Recommendations to the General Meeting in Badger Explorer ASA (“BXPL”)

The current composition and the work of the Nomination Committee in Badger Explorer ASA follow the guidelines of the Norwegian Code of Practice for Corporate Governance and the Company’s Articles of Association.

According to paragraph 5 of the Articles of Association BXPL’s Board of Directors shall consist of four to eight members. Mr. Bjørge Gretland resigned from his position as Board member as of 4 October 2010.

One of the main duties of Nomination Committee in general is to propose candidates for election to the Board of Directors including a justification of the recommendation. The Nomination Committee proposes Mr. Marcus Hansson to be elected as Board member as his international extensive experience from the financial service sector can assist the Company in reaching its goal of commercializing the Badger Explorer tool.

Mr. Marcus Hansson has since 24 April 2009 (AGM for the fiscal year 2008) served as chairman to the Nomination Committee in Badger Explorer ASA. To apply to section 7 of the most recent version of the Company’s Corporate Governance Policy (approved by the Board of Directors on 9 June 2010) Mr. Hansson resigns from the Nomination Committee as of 9 November 2010.

According to paragraph 6 of the Articles of Association BXPL’s Nomination Committee shall consist of two to three members. Former chairman to the Nomination Committee Marcus Hansson resigned from his position as of 9 November 2010.

It is proposed that the General Meeting elects a new member to the Nomination Committee until the AGM in 2011. The Company’s Nomination Committee nominates Mr. Bjørge Gretland to be elected to Badger Explorer ASA’s Nomination Committee as he has broad experience from venture capital, M&As and investment banking.

Brief presentation of Mr. Hansson:

Mr. Hansson, born in Stockholm in 1968, has extensive experience from the financial services sector as a Portfolio Manager and Stockbroker within Hedge Fund Sales. Currently Mr. Hansson works as a business developer and London based investor. Previously Mr. Hansson held a position as Director within the Proprietary Trading Department at Credit Suisse Europe LTD in London working as a portfolio manager investing money for the Arbitrage Strategies group. For more than 10 years Mr. Hansson has also worked as a Stockbroker and Hedge Fund Sales for Carnegie Investment Bank, SEB Enskilda and Ohman Securities focusing on Long/Short

To the General Meeting in Badger Explorer ASA

strategies, Special Situations and Risk Arbitrage. Mr. Hansson holds a Degree of Master of Science in Business Administration and Economics from the University of Stockholm.

As of 9 November 2010 Mr. Hansson owns 616 668 shares, equivalent to 3.3% of all outstanding BXPL shares.

Brief presentation of Mr. Gretland:

Mr. Gretland holds a Master of Economics and a Dr. Oecon (PhD) within strategy and finance from Norwegian School of Economics and Business Administration (NHH) and was a Research Scholar at Stanford University from 1989 - 1991. Mr. Gretland is the founder and managing partner of Convexa Capital, a group of venture capital funds focusing on disruptive technologies within solar energy, oil technology and IT/Telecom. Since 1997, he has founded 13 venture capital funds (of which 11 are Convexa funds). Mr. Gretland has broad experience from venture capital, M&As and investment banking and is board director of several Norwegian and international growth companies.

As of 9 November 2010 Mr. Gretland is managing partner in Convexa Capital, which holds 3 200 780 shares, equivalent to 17.4% of all outstanding BXPL shares.

With kind regards,