Hunter Group ASA

Share Issue/Capital Change • Dec 5, 2016

BXPL - Contemplated private placement

BXPL - Contemplated private placement

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE

OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA,

CANADA, JAPAN OR THE UNITED STATES

Badger Explorer ASA - Contemplated private placement

Stavanger, 5 December 2016

Badger Explorer ASA (the "Company") has retained ABG

Sundal Collier ASA (the "Manager") to advise on and

effect an undocumented private placement of up to NOK

40 - 45 million in new shares in the Company directed

towards existing shareholders and potential new

Norwegian and international investors (the "Private

Placement"). The subscription price in the Private

Placement is NOK 0.125 per share.

The Private Placement will be used to fund the

Company's ongoing Development Program as well as for

general corporate purposes.

The Company received significant indications of

interest to pre-apply for Offer Shares from certain

large existing shareholders, members of the Board of

Directors and management, as well as new investors.

The received pre-applications is in an aggregate

amount of approx. NOK 40 million. Such interest was

essential for the Company being able to launch the

Private Placement. Thus, applicants who have pre-

applied for Offer Shares prior to launch of the

Private Placement will, subject to completion of the

Private Placement, receive preferred allocation on

their applications.

The application period for the Private Placement will

commence today, 5 December at 16:30 CET and close

tomorrow on 6 December 2016 at 08:00 CET. The Company

may at its own discretion extend or shorten the

Application Period at any time and for any reason. The

minimum order in the Private Placement has been set to

the number of shares that equals an aggregate purchase

price of the NOK equivalent of EUR 100,000. The

Company may, at its sole discretion, allocate an

amount below EUR 100,000 to the extent applicable

exemptions from the prospectus requirement pursuant

the Norwegian Securities Trading Act and ancillary

regulations are available.

The allocation of New Shares in the Private Placement

will be made at the discretion of the Company's Board

of Directors in consultation with the Manager, on or

about 6 December 2016, subject to any shortening or

extension of the application period.

The completion of the Private Placement is subject to

the approval by an Extraordinary General Meeting

(the "EGM") to be called for shortly after the

completion of the Private Placement.

As a consequence of the private placement structure,

the shareholders' preferential rights will be deviated

from. Following a full assessment of the Company's

financial condition, the need for new investors,

preferred timing of the equity issue and the proposed

subscription price, trading price of the shares and

the Company's book values, the Board of Directors has

decided that it is in the Company's and shareholders'

interest to deviate from the shareholders preferential

right to subscribe for shares and carry out the

Private Placement.

The Board of Directors intends to propose to the EGM

to carry out a subsequent offering of new shares

equivalent to gross proceeds of up to up approximately

NOK 10 million (the "Subsequent Offering") directed

towards shareholders in the Company as of close of

trading today, 5 December 2016, as registered in the

VPS on 7 December 2016 (the "Record Date") who were

not allocated shares or offered to apply for shares in

the Private Placement, and who are not resident in a

jurisdiction where such offering would be unlawful, or

would (in a jurisdiction other than Norway) require

any prospectus filing, registration or similar action

("Eligible Shareholders"). Eligible Shareholders will

receive non-transferable subscription rights based on

their shareholding as of the Record Date. The

subscription rights will give Eligible Shareholders a

preferential right to subscribe for and be allocated

shares in the Subsequent Offering. The subscription

price in the Subsequent Offering will be equal to the

subscription price in the Private Placement.

For further information, please contact:

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

Marcus Hansson, COB, cell phone +44 782 4460 691

www.bxpl.com

Important information:

The release is not for publication or distribution, in

whole or in part directly or indirectly, in or into

Australia, Canada, Japan or the United States

(including its territories and possessions, any state

of the United States and the District of Columbia).

This release is an announcement issued pursuant to

legal information obligations, and is subject of the

disclosure requirements pursuant to section 5-12 of

the Norwegian Securities Trading Act. It is issued for

information purposes only, and does not constitute or

form part of any offer or solicitation to purchase or

subscribe for securities, in the United States or in

any other jurisdiction. The securities mentioned

herein have not been, and will not be, registered

under the United States Securities Act of 1933, as

amended (the "Securities Act"). The securities may not

be offered or sold in the United States except

pursuant to an exemption from the registration

requirements of the Securities Act. The Company does

not intend to register any portion of the offering of

the securities in the United States or to conduct a

public offering of the securities in the United

States. Copies of this announcement are not being made

and may not be distributed or sent into Australia,

Canada, Japan or the United States. The issue,

exercise, purchase or sale of subscription rights and

the subscription or purchase of shares in the Company

are subject to specific legal or regulatory

restrictions in certain jurisdictions. Neither the

Company nor the Manager assumes any responsibility in

the event there is a violation by any person of such

restrictions.

The distribution of this release may in certain

jurisdictions be restricted by law. Persons into whose

possession this release comes should inform themselves

about and observe any such restrictions. Any failure

to comply with these restrictions may constitute a

violation of the securities laws of any such

jurisdiction. The Manager is acting for the Company

and no one else in connection with the Private

Placement and will not be responsible to anyone other

than the Company for providing the protections

afforded to their respective clients or for providing

advice in relation to the Private Placement and/or any

other matter referred to in this release.

Forward-looking statements: This release and any

materials distributed in connection with this release

may contain certain forward-looking statements. By

their nature, forward-looking statements involve risk

and uncertainty because they reflect the Company's

current expectations and assumptions as to future

events and circumstances that may not prove accurate.

A number of material factors could cause actual

results and developments to differ materially from

those expressed or implied by these forward-looking

statements.

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