Hunter Group ASA

Share Issue/Capital Change • May 2, 2017

Hunter Group ASA enters into definitive agreement to acquire Dwellop AS

Hunter Group ASA enters into definitive agreement to acquire Dwellop AS

Oslo, 2 May 2017

This stock exchange announcement is made pursuant to the Continuing Obligations

of the Oslo Stock Exchange section 3.4 (extended announcement). Reference is

made to previous announcements concerning the contemplated acquisition of

Dwellop AS (the "Transaction") as first announced on 20 March 2017, and latest

the announcement of 24 April 2017 regarding completion of the extraordinary

general meeting of Hunter Group ASA (formerly: Badger Explorer ASA) ("Hunter

Group" or the "Company"), at which the Company's shareholders granted the Board

of Directors an authorisation to issue consideration shares in connection with

the completion of the Transaction.

The Company has today signed a definitive agreement (the "Agreement") to acquire

100% of the outstanding shares in Dwellop AS ("Dwellop") for a purchase price of

NOK 185,000,000, whereof NOK 60,000,000 shall be settled in cash at completion

of the Transaction and NOK 125,000,000 shall be settled by issuance of

192,307,692 new shares in the Company at a subscription price of NOK 0.65 per

share (the "Consideration Shares"). The Transaction is expected to take place

towards the end of May 2017.

Parties to the transaction, transaction structure and consideration

Prior to the Transaction, Dwellop is owned by its management and key employees

(the "Sellers"). Hunter Group has entered into an agreement with the Sellers to

acquire 100% of the outstanding shares of Dwellop and issue the Consideration

Shares to the Sellers. Completion of the Transaction is subject to none of the

parties being in material breach of the Agreement.

The Agreement otherwise contains terms customary in the Norwegian market,

including representation and warranties and indemnities given by the Sellers.

The cash consideration will be paid at completion using the Company's existing

cash reserves.

The Consideration Shares will be issued on completion of the Transaction using

the authorisation granted to the Board of Directors of the Company issued on 24

April 2017. The Sellers have undertaken not to transfer or sell their

Consideration Shares for 36 months following completion of the Transaction.

The Consideration Shares will be issued on a separate ISIN awaiting approval of

an information document, which is expected to be published in the beginning of

June 2017. The Consideration Shares will otherwise have the same rights as the

Company's ordinary shares.

Members of the Dwellop management team are Sellers under the Agreement. There

are no other agreements entered into, or that are planned to be entered into, in

connection with the Transaction for the benefit of senior employees or members

of the Board of Directors of the Company or for the senior employees or board of

directors of Dwellop.

Significance of the transaction for Hunter Group

The acquisition of Dwellop represents an important milestone for Hunter Group

under the new oil service consolidation strategy. The Company believes that

products and technologies facilitating enhanced oil recovery ("EOR") at low

costs will continue to be attractive going forward as it will increase oil

companies' returns on existing assets. Dwellop is refining its business model to

make EOR initiatives even more attractive for its clients. Hunter Group is

already actively supporting Dwellop's management team in strengthening its

position in the well intervention market, both through organic growth

initiatives and add-on M&A opportunities. The Transaction is structured to align

the interests of the Company's shareholders, Dwellop's management team and the

Sellers. Due to Dwellop's strong business and product portfolio, the company

will be organized as a standalone portfolio company of Hunter Group and will be

developed as a separate business going forward. In addition to evaluating add-on

acquisition opportunities to Dwellop in the well intervention segment, Hunter

Group is also pursuing other strategic oil services investment opportunities to

build a larger company in line with the communicated strategy.

***

Additional information about Dwellop

Dwellop:

Dwellop is an independent systems and technology provider delivering topside

handling equipment for well intervention, workover and plugging & abandonment

(P&A) operations. A large part of the business is focused on the design and

manufacturing of high quality mechanical and structural wireline, coil tubing

and pipe handling equipment for the global well intervention market. Dwellop's

business model covers both sale and rental of equipment and systems to E&P

companies, service providers and vessel/rig owners, and the company has a broad

product portfolio for safe and cost efficient well intervention operations.

During the last three years, Dwellop has been successful in establishing the

company as a pioneer within modular workover rigs and surface handling equipment

to the well intervention market. With a leading position in this attractive

market niche, Dwellop is in a unique position to grow in a recovering market.

The company is currently involved in several advanced discussions with clients

for modular rig projects intended for well intervention and P&A operations. The

company is headquartered in Stavanger, Norway. Dwellop's history dates back to

1989 and currently the company has 37 employees. In 2016, Dwellop generated NOK

209 million in revenues, NOK 46.5 million in EBITDA and NOK 38.2 million in net

income.

As at the date of this announcement, Dwellop's board of directors consists of

six individuals. The board members and current term of office are set out in the

table below. After the completion of the Transaction, Hunter Group will own 100%

of Dwellop and will change the board composition of the company.

Name Position Served since Term expires

John Vemmestad Chairman 2014 2018

Helge Hustoft Board Member 2014 2018

Sigmund Prestegård Board Member 2016 2018

Stein Diesen Board Member 2016 2018

Geir Berge Board Member 2016 2018

Torstein Slåtto Thomassen Board Member 2016 2018

As at the date of this announcement, Dwellop's management team consists of six

individuals. The management team is presented in the table below:

Name Position Employed since

Helge Hustoft       Chief Executive Officer 2007

Arne Rødeseike     VP Well Intervention Systems 2009

Martin Lingsten      VP Workover Rigs 2007

Endre M. Gaard       VP Business Development 2014

Geir Berge              Procurement Manager 2014

Bitten Børresen Sterri    Finance Manager 2012

As at the date of this announcement, Dwellop's share capital is NOK 5,000,000,

divided into 5,000,000 shares, each share having a par value of NOK 1.

Please find below certain key financial figures (all in NOK million):

Year ended 31 December

In NOK million 2016 2015 2014

(audited) (audited) (audited)

Operating revenue 209.0 73.4 94.2

Profit (loss) before tax 47.6 24.1 -11.2

Profit (loss) for the period 38.3 18.6 -11.2

Total assets  123.9 105.3 77.3

Total equity 64.0 35.8 -6.2

Total liabilities 59.8 69.5  83.5

EBITDA 46.5 8.0 -14.3

For further information about Dwellop, please refer to www.dwellop.no.

***

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Vegard Urnes at +47 905 85 432