DISCLOSURE OF HOLDINGS

On 17 July 2007, Goldman Sachs International, a wholly owned subsidiary of The Goldman Sachs Group, Inc., has a notifiable position interest in Badger Explorer ASA (the `Company`). Following this notification, Goldman Sachs International maintains an interest in 926,373 shares of the Company, equal to 5.02% of the current outstanding share capital of 18,439,000 See attachment.