Hunter Group ASA

Share Issue/Capital Change • Feb 2, 2017

Badger Explorer - Private Placement successfully completed

Badger Explorer - Private Placement successfully completed

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 the stock exchange release from

Badger Explorer ASA (the "Company") published

yesterday, 1 February 2017 regarding the contemplated

private placement of shares in the Company.

The Company announces today that it has raised NOK 300

million in gross proceeds through a private placement

consisting of 600 million new shares (the "Private

Placement") with a subscription price of NOK 0.50.

The Private Placement was significantly oversubscribed.

ABG Sundal Collier ASA acted as sole manager

(the "Manager") in the Private Placement.

The completion of the Private Placement is subject to

approval by an Extraordinary General Meeting to be

held on or about 23 February 2017 (the "EGM").

Notification of conditional allotment and payment

instructions in the Private Placement is expected to

be sent to the applicants by the Manager today. The

payment date for the Private Placement is expected to

be on or about 24 February 2017. Registration and

delivery of the shares is expected to take place on or

about 27 February 2017.

The Board of Directors will propose to the EGM to

carry out a subsequent offering of up to 80 million

new shares, equivalent to up to NOK 40 million in

gross proceeds (the "Subsequent Offering"). The

Subsequent Offering will be directed towards

shareholders in the Company as of close of trading

yesterday, 1 February 2017, as registered in the VPS

on 3 February 2017 (the "Record Date") who were not

allocated 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 NOK 0.50 per share.

Following and subject to completion of the Private

Placement (but prior to the Subsequent Offering and

the previously announced fully underwritten subsequent

offering of 80 million new shares approved by the

Extraordinary General Meeting held 9 January 2017),

the Company will have an issued share capital of NOK

122,317,161 divided into 978,537,288 shares, each with

a par value of NOK 0.125.

The following primary insider was allocated shares in

the Private Placement:

Chairman of the Board of Directors Marcus Hansson and

close associates: 1,000,000 shares. Shareholding after

the transaction: 21,616,668 shares, representing 2.21%

of the shares after 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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