Badger Explorer ASA – Q4 2016 Report

Badger Explorer ASA (BXPL) releases its Q4 2016 Report today. The Company's Q4 2016 investor presentation can be accessed via dial-in teleconference on Friday, 24th February 2017 at 08:30 - 09:30 CET. For participation please dial +47 21 98 42 00 and enter the access code 24 06 16 04. For alternative dial-in numbers, please visit www.globafy.com/free-conference-call/

BXPL secured new equity in the two Private Placements of NOK 345 million in total during Q4 2016 and Q1 2017 with the Subsequent Offerings of up to NOK 50 million.  The new funding enables to ramp up the Badger Explorer Development Project.

Spin-off technologies for early commercialization have been identified. The Company is now pursuing other investment opportunities.

Summarizing the Q4 2016 financial results for BXPL:

• Revenues for the fourth quarter ended December 2016 amounted to NOK 19,000, compared to no revenues in the fourth quarter ended December 2015. Revenues for the twelve months ended December 2016 amounted to NOK 65,600, compared to no revenues in the twelve months ended December 2015.
• Operating expenses for the fourth quarter ended December 2016 amounted to NOK 2.101 million, compared to NOK 1.409 million for the fourth quarter ended December 2015. Operating expenses for the twelve months ended December 2016 amounted to NOK 6.577 million, compared to NOK 12.606 million for the twelve months ended December 2015.
• BXPL’s total comprehensive income shows a net loss of NOK -2.184 million in the fourth quarter of 2016, compared to -1.566 million in the fourth quarter of 2015 and a net loss of NOK -7.056 million for twelve months ended December 2016, compared to NOK -13.257 million for twelve months ended December 2015.
• Cash and cash equivalents were NOK 334,886 end of 2016 (before the completion of the Private Placement announced in Q4 2016), compared to NOK 585,953 million end of 2015.
• Shareholder’s equity for BXPL was NOK 58.919 million end of 2016, with an equity ratio of 39.0%, compared to NOK 66.207 million in 2015 (equity ratio of 43.4%).

The recent equity offerings have dramatically improved the positon of BXPL in terms of strategic flexibility and ability to accelerate business development. As a result of the recent transactions, the Company will now be able to maximize the value potential of the existing business and related technologies. While ramping up the Development Program, Badger Explorer will continue to have a prudent strategy for developing the Badger tool and aims to maintain costs at a low level. Furthermore, the strong liquidity position enables the Company to pursue other investment opportunities that arise within the oil services industry. Given the current downturn in the industry, the Company is in a unique position compared to many of its peers and will seek to capitalize on that position and expand into other oil services segments. The Company has already evaluated potential investments and is continuing to see interesting investment opportunities. The aim of the Company is to initiate one or more transactions within a relatively short time frame.

Stavanger, 23rd February 2017

For further information, please contact:
Roald Valen, CEO, cell phone +47 938 31 301
Gunnar Dolven, CFO, cell phone +47 908 53 168

www.bxpl.com

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About Us

The Badger Explorer is a technology for exploring and mapping hydrocarbon resources. The tool is equipped with logging sensors and communication solutions. The tool drills into and buries itself in the underground. It operates at a lower risk, lower costs and less complexity than a drilling rig.