DISCLOSURE OF LARGE SHAREHOLDINGS

On 13th December 2007, Credit Suisse Securities (Europe) Ltd (`CSSEL`) acquired 211,300 shares in Badger Explorer ASA (ISIN: NO0010283211). Following this acquisition, CSSEL now holds 1,079,850 shares, which is equivalent to approximately 5,85 % of the issued share capital of Badger Explorer ASA.