Sponsors Approve Delivery of Badger Demonstrator Milestone 1
At the August meeting of the Steering Committee of the Badger Explorer
Demonstrator program, the Committee confirmed that the deliverables
provided during June 2012 met - and, in fact, exceeded - the
requirements for Milestone 1 of the Demonstrator program. Milestone 1 is
thus approved, enabling Badger Explorer ASA ("BXPL") to invoice the
sponsors for the stage payment under the Demonstrator Agreement.
Based on the timely completion of the Milestone 1 deliverables, and on
the technical progress achieved over the past several months, the
Steering Committee also approved BXPL's proposal to accelerate the
timetable for several of the deliverables planned for later milestones
in the project.
BXPL's Badger Explorer Demonstrator program is a three-year development
program, which kicked off in January 2012, and which is currently
sponsored by Statoil Petroleum AS and ExxonMobil Exploration and
Production Norway AS ("the Sponsors"). The Steering Committee consists
of representatives from the Sponsors and BXPL.
"The scope of the entire Badger project has been extensive, involving a
wide range of technologies and developments", says BXPL President and
CEO, David Blacklaw. "We have recently increased our focus on concrete
deliverables and on progress toward commercialization. As a result, we
have been able to implement and test several important improvements to
the overall Badger design, which collectively help to reduce the
development's residual technology risk."
To further reduce this risk, BXPL has decided to accelerate the delivery
of a Beta Version of the Badger tool to mid-2013, including all the key
elements of the tool needed for the first field deployment. This change
provides for the time required to properly qualify the technology to the
levels of technical readiness necessary for the successful deployment in
a field pilot, upon completion of the Demonstrator program.
"We thank our sponsors, and acknowledge the value of the support they
provide; not just in financial terms, but also in the form of ongoing
technical advice and guidance on application of the technology ", adds
Other contributors to the Demonstrator Program include Innovation
Norway, whose NOK 20 million award was announced in the press release of
23rd November 2011. In addition, negotiations with other potential oil
company sponsors are progressing, based on the delivery on schedule of
the program to date.
Stavanger, 16th August 2012
For further information, please contact:
David W. Blacklaw, CEO, cell phone +47 406 44 010, office +47 52 97 45
Gunnar Dolven, CFO, cell phone +47 908 53 168, office +47 52 97 45 40