Øystein Larsen Appointed New CEO of Badger Explorer ASA

The Board of Directors of Badger Explorer ASA (BXPL) is pleased to announce the appointment of Øystein Larsen as the new Chief Executive Officer effective from 20th January 2016. Mr. Larsen has previously held the position as Chief Technical Officer of BXPL and has been working for the Company since 2009. Mr. Larsen succeeds Steinar Bakke, who after having lead the Company for the last 2.5 years, will retire after reaching the age of 67. Mr. Bakke will assume the position as Senior Advisor focusing on Sponsoring Partners and Industrial Partnerships.

“We are delighted Øystein Larsen has accepted the position as the new CEO given his strong expertise and long experience of working with the development of the Badger Tool”, said Marcus Hansson, Chairman of the Board of BXPL. “We are equally delighted to see Steinar Bakke remains with the Company focusing on our important partnerships. Both appointments continue our drive to achieve technical progress and commercial operations as soon as possible.”

Mr. Larsen holds a M.Sc. in Cybernetics and signal processing from the University of Stavanger.

“It will be a great opportunity for me”, said Mr. Larsen. “Given the competent organization of BXPL and the strong relationship with all our partners and suppliers, I am confident we will take further important steps towards commercialization in the near future”.

Mr. Bakke said: “I have had an active role in promoting Øystein Larsen as my successor and I am convinced he will be a competent leader while he continues to play a key role in the technical development”.