Badger Explorer ASA – 2Q/1H 2013 Report

Badger Explorer ASA (BXPL) releases its 2Q/1H 2013 Report today. The investor presentation in Oslo will take place at Hotel Continental on Friday, 23rd August 2013 at 11:00 – 12:30 CET. The investor presentation in Stavanger will take place at Badger Explorer ASA's premises at Forusskogen 1, 4033 Stavanger on Monday, 26th August 2013 at 09:00 - 10:30 CET.

The 2013 Badger Business Plan is built around technical delivery according to the milestone based progression plan of the Badger Demonstrator Program (BDP) during the period 2012-2014. Several options to support and strengthen the BDP were outlined at the beginning of 2013 and most of these options have been implemented within 1H 2013, such as:

  • Establishing a strengthened sponsor group
  • Sale of non-core assets to support the funding of the BDP
  • Public funding
  • Additional release of Innovasjon Norge funding

BXPL’s focus is to complete the build of the Beta version of the Badger tool and thereby deliver Milestone 3 (M3) of the BDP during 2H 2013. Following completion of M3, the Beta tool will undergo a comprehensive test phase and any design improvements identified and implemented as a result will be used to build a tool that will be used in a sponsor supported Field Pilot Program.

The BDP is designed to develop and build the first commercial grade Badger Explorer tool, ready for deployment in a Field Pilot by early 2015. Highlights of recent progress include:

  • Further to completion of the structured evaluation exercise on the Badger Explorer tool design initiated at the end of 2012, design improvements have been implemented to the Beta version of the tool currently in manufacture.
  • Assembly and testing of the Beta version of the Badger tool has started. The equipment build is progressing and deliveries of the various sub-assemblies and other components are scheduled to be able to assemble and commence testing of the Beta tool in October, meeting the requirements for delivery of M3 of the BDP.
  • In parallel with the short-term focus on meeting the M3 criteria, progress has also been made on the longer-term Badger Process System designs that will be required for field pilots and commercial deployment of the Badger Explorer.

Summarizing the 2Q/1H 2013 financial results for the Badger Explorer Group:

  • Net cash flow arising from the operating activities in the continuing operations for 2Q 2013 was -4,921 kNOK and -10,643 kNOK for 1H 2013, compared to -4,048 kNOK for 2Q 2012 and -9,781 kNOK for 1H 2012.
  • Revenues for 2Q 2013 amounted to 47 kNOK and 70 kNOK for 1H 2013 (33 kNOK for 2Q 2012 and 321 KNOK for 1H 2012);
  • Operating expenses for 2Q 2013 were 5,695 kNOK and 11,568 kNOK for 1H 2013 (4,673 kNOK for 2Q 2012 and 9,707 kNOK for 1H 2012);
  • EBITDA for 2Q 2013 was -5,648 kNOK and -11,498 for 1H 2013 (–4,640 kNOK for 2Q 2012 and -9,386 kNOK in 1H 2012).

The development work through 2013 is focused on build and test of the Badger Explorer Demonstrator tool and on preparing for the upcoming Field Pilot phase. The achievements of the past quarter are in line with this goal. A stronger sponsor group, sale of Calidus and release of public grants secure funding for 2013. The technical deliveries and focused technical progress are grounds for an optimistic view on achieving the targets set in the BDP.

Stavanger, 23rd August 2013

For further information, please contact:
David Blacklaw, CEO, cell phone +47 406 44 010, office +47 52 97 45 50
Gunnar Dolven, CFO, cell phone +47 908 53 168, office +47 52 97 45 40

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.

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