Hunter Group ASA

Regulatory Filings • Feb 6, 2015

Badger Explorer ASA (BXPL) - Approval of the Badger Explorer Demonstrator Program 2012 - 2014

Badger Explorer ASA (BXPL) - Approval of the Badger Explorer Demonstrator Program 2012 - 2014

On the 5th of February 2015, the Steering Committee of the Badger Demonstrator

Program concluded the Demonstrator Program by approving Milestones 5 and 6.

The sponsoring partners will now release the remaining funding worth of NOK

7.965.000.

The Badger Demonstrator Program started in 2012 and has been supported by

Statoil, Chevron, ExxonMobil, Wintershall and China National Petroleum

Corporation.

Milestone 5 was the final test in the Badger Demonstrator Program. Milestone 6

contains evaluation of the Demonstrator Program and definition of the Scope of

Work for the next phase, the Badger Explorer Development Program 2015 - 2017.

The main goals of Milestone 5 have been achieved. A full system test of the tool

was performed, and modifications and adjustments were implemented where

necessary. After the system test, the tool was installed in a custom built setup

to allow horizontal drilling and compaction. The tool has drilled through a set

of formations and used drilled cuttings to compact a plug. The drilling and

compaction test has been performed in selected formations.

Badger Explorer ASA CEO Steinar Bakke says:

«The delivery of the Demonstrator Program represents a major reduction of the

technical risk of the Badger Explorer technology. Milestones 5 and 6 have given

Badger Explorer valuable information about the tool performance. We are now

focusing on the Development phase and the future delivery of commercial Badger

tools."

Stavanger, 6th February 2015

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

www.bxpl.com