Badger Explorer ASA – Acquisition of Additional 25% of Calidus Engineering Ltd.

Today Badger Explorer ASA (“BXPL”) has acquired an additional 25% stake of its subsidiary Calidus Engineering Ltd. (“Calidus”), UK for a consideration of £ 932,685. After the purchase BXPL holds 75% of it subsidiary.In 2007 the parties have agreed upon an acquisition model through which Badger Explorer ASA gradually acquires 100% of Calidus until 2013. BXPL initially bought 50% of Calidus Engineering Ltd. through a combined purchase of outstanding shares and a share issue. Today additional 25% have been acquired and the remaining 25% will be purchased in 2013. Calidus is a well-reputed