Badger Explorer ASA – 1Q 2011 Report
Throughout 1Q 2011 BXPL has continuously worked on meeting the targets agreed upon for the final Milestone 3 together with starting-up the pre-commercial phase. As previously communicated Milestone 3 consists of two different tasks. Conducting drilling and compaction operations in different lithologies as step one and performing a deeper closed cavity drilling test at Brumunddal as step two.
A test site in a clay formation just outside Stavanger has been chosen for step one where currently closed cavity drilling and compaction tests are being conducted. Afterwards step two, the final deeper closed cavity drilling test at Brumunddal, will be completed.
To prepare for the upcoming pre-commercial phase a wide market and Badger Explorer applications’ study is being undertaken with the focus on the tool’s potential markets and its players, customer value propositions and potential Badger Explorer applications for short and long term market introduction. In addition negotiations with sponsors for the next phase are ongoing.
The Badger Explorer Group's gross cash reserves amount to MNOK 87.3 (including shares in a market based liquidity fund) as of 31 March 2011. The Badger Explorer Group (includes 50% owned Calidus Engineering Ltd. as of 31 March 2011) had revenues amounting to kNOK 3 058 for 1Q 2011(compared to kNOK 1 289 for 1Q 2010). Operating expenses amounted to kNOK 8 290 for 1Q 2011(compared to kNOK 4 240 for 1Q 2010), while the EBITDA amounted to kNOK –5 232 for 1Q 2011 (compared to kNOK –2 951for 1Q 2010).
Based on the achieved results, the overall technical progress of the project and the tentative early application study, the optimistic view on the potential of the Badger Explorer technology is maintained.
Stavanger, 27 April 2011
For further information, please contact:
Kjell Erik Drevdal, CEO, cell phone +47 916 43 552, office +47 52 97 45 15
Gunnar Dolven, CFO, cell phone +47 908 53 168, office +47 52 97 45 40