Hunter Group ASA

Badger Explorer ASA - Signing Development Agreement with Statoil

On 8th June 2015, Badger Explorer ASA ("BXPL") signed an agreement with Statoil,

whereby the oil company will sponsor the first phase of the Badger Explorer

Development Program.

The objective of the Development Program is to further develop, design and

qualify technologies and solutions for a commercial Badger Explorer tool based

on lessons learned in previous programs.

"We consider Statoil's continued sponsorship to be a very significant event for

our company and will represent the formal start of the Badger Explorer

Development Program. BXPL has passed a number of important technological

milestones in the past programs, and we are several steps closer to our first

commercial service. Statoil's continued participation and increased commitment

are important factors in the ongoing development process", says Steinar Bakke,

CEO of BXPL.

According to the Agreement, funds will be awarded to BXPL when the agreed

milestone is reached. Statoil's total contribution to the first phase of the

Badger Explorer Development Program will be NOK 7.5 million.

Other contributors to the Development Program will include Research Council of

Norway, whose NOK 13.2 million award was announced in the press release on the

8th of January 2014.

In addition, negotiations with other potential sponsoring oil companies are

ongoing.

Stavanger, 10th June 2015

For further information, please contact:

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

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

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