Hunter Group ASA

Share Issue/Capital Change • Feb 2, 2017

Badger Explorer ASA: Key information relating to the subsequent offering

Badger Explorer ASA: Key information relating to the subsequent offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE

OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA,

CANADA, JAPAN OR THE UNITED STATES

Stavanger, 2 February 2017

Reference is made to announcements by Badger Explorer

ASA (the "Company") on 1 February and 2 February 2017

regarding the Private Placement. The Company intends

to launch a subsequent offering with gross proceeds of

up to approximately NOK 40 million with non-tradable

subscription rights for eligible shareholders

(the "Subsequent Offering").

Date on which the terms of the subsequent offering was

announced: 2 February 2017

Last day including right to receive subscription

rights: 1 February 2017

First day excluding right to receive subscription

right: 2 February 2017

Record date: 3 February 2017

Date of approval: Expected on or about 23 February 2017

Maximum number of new shares: up to 80,000,000

Subscription price: NOK 0.50

The Subsequent Offering is conditional upon approval

of the Private Placement and the Subsequent Offering

by an extraordinary general meeting of the Company

expected to be held on or about 23 February 2017 and

approval and publication of a listing and offering

prospectus.

For further information, please contact:

Roald Valen, CEO, cell phone +47 938 31 301

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

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The release is not for publication or distribution, in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 the continuing

obligations of the Oslo Stock Exchange. 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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