As a result of a private placement of new shares in
Badger Explorer ASA (ISIN NO0010283211) approved at
Extraordinary General Meeting on January 9th 2017 the
diluted position of HBK Master Fund L.P. will decrease
to 0.749% of the total share capital and votes in
Badger Explorer ASA. This filing is made by the
investment manager HBK Investments L.P. on behalf of
HBK Master Fund L.P.
The decrease will become effective when the newly
issued shares are distributed.