Hunter Group ASA

Badger Explorer ASA - Long term partner agreement with China National Petroleum Corporation Drilling Research Institute (CNPC DR)

Badger Explorer ASA (BXPL) has signed a Co-operation Agreement

concerning a potential long term agreement with China National Petroleum

Corporation Drilling Research Institute (CNPC DR), whereby CNPC DR will

become a sponsoring partner in the development of the Badger Explorer

autonomous drilling tool.

By entering this Agreement, CNPC DR will become a partner in the current

Demonstrator Program on equal terms with the existing four partners,

Statoil, ExxonMobil, Chevron and Wintershall. In addition, CNPC DR has,

according to the Co-operation Agreement, indicated potential support for

the next phase of development as a sponsoring partner in the Badger

Explorer Development Program. CNPC DR has also expressed considerable

interest in assisting in the planning and execution of the first Badger

Explorer field pilots.

To become on equal terms with the existing partners, CNPC DR will pay a

step-up fee equal to the financial contribution committed by each of the

current partners.

"Negotiations have been ongoing for some time and we are delighted that

China National Petroleum Corporation Drilling Research Institute has

decided to become our fifth sponsor of the Badger Explorer activities,"

says Steinar Bakke, CEO of BXPL.

The Co-operation Agreement with CNPC DR will further strengthen Badger

Explorer ASA and will accelerate the development of the Badger

technology.

Stavanger, 19th August 2014

For further information, please contact:

Steinar Bakke, CEO, cell phone +47 930 70 466, office +47 52 97 45 50

Gunnar Dolven, CFO, cell phone +47 908 53 168, office +47 52 97 45 40

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