Badger Explorer ASA - 3Q 2010 Report
Badger Explorer ASA (BXPL) releases its 3Q 2010 report today. Reference is made to the press release dated 18 October 2010 in which BXPL informed the market about the Company’s second successful demonstration of the Badger Explorer concept. The 3Q 2010 investor presentations will be held in Oslo at Hotel Continental on Thursday, 21 October 2010 at 11:00 CET and in Stavanger at the Company’s premises on Friday, 22 October at 09:00 CET.
The development throughout 3Q 2010 has been positive and after the end of the quarter the second closed cavity demonstration of the Badger Explorer concept had been performed. This last test (Brumunddal 2) was executed with the Badger Explorer tool drilling, processing the drill fluid and compacting solids into a plug whilst the tool has fully been submerged under the ground water level for the first time.
It is BXPL’s view that the latest successful subsurface burial test under water is the final and concluding step towards completing the prototype phase. The successful underwater operation will now be analyzed thoroughly and a report prepared for a meeting with the client partners (ExxonMobil, Shell and Statoil). The partners’ approval of this test will be essential for further funding by BXPL’s existing partners and other funding bodies.
The Badger Explorer Group’s gross cash reserves as of 30 September 2010 are MNOK 103.3 (including shares in a market based liquidity fund). The Badger Explorer Group (includes 50% owned Calidus Engineering Ltd.) had revenues as of 3Q 2010 of kNOK 6 327 (kNOK 6 891). Operating expenses as of 3Q 2010 amounted to kNOK 19 935 (kNOK 16 534), while the EBITDA as of 3Q 2010 amounted to kNOK – 13 608 (kNOK – 9 642).
The development throughout 3Q 2010 and the test results achieved in October is very encouraging. Based on the fact that the Badger Explorer concept has successfully demonstrated closed cavity operations in April and October 2010 and the overall technical progress made in the project, BXPL retains its optimistic view on the technology, future operations and the market.
Stavanger, 20 October 2010
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
Tags: