Badger Explorer ASA - Badger Explorer Prototype Development Project Concluded
Badger Explorer ASA is pleased to announce that the three sponsoring oil companies - ExxonMobil, Shell and Statoil - have unanimously and unconditionally approved the results of the Milestone 3 tests as a successful completion of the Company’s Prototype phase.
“The sponsoring oil companies’ approval is much appreciated and a formal confirmation of the results we have achieved. Our sponsors have also expressed satisfaction with the results and are pleased with the improvements implemented in the tool during the last six months. With this achievement we have significantly reduced the concept’s risk. BXPL is currently experiencing an increased industry interest in the Badger Explorer technology and its services and is in discussions regarding both future development program support and specific projects in connection with the first Badger Explorer applications.” says the CEO of Badger Explorer ASA, Kjell Erik Drevdal.
The Milestone 3 consisted of two different tasks. In May 2011 the Company reported the successful completion of the first - operations in a clay formation. In July 2011 BXPL announced the completion of the second part - a deeper closed cavity drilling test at the site at Brumunddal. Yesterday the final results of the Milestone 3 tests were presented to the project's steering committee and with the committee’s approval the remaining financial contributions will be released.
The achievements of 2Q 2011 highlight the attractiveness of the Badger Explorer concept. The preparations for providing the oil & gas industry with the first commercial Badger Explorer services will continue and are expected to gain momentum during the coming months as the Company has identified several early Badger Explorer applications. An overall goal is the transformation of these applications into commercial services. Badger Explorer ASA has identified and is currently in discussions with customers regarding applications such as shallow penetration to map drilling hazards and shallow placement of instrumentation to monitor reservoir performance.
The Company is now entering the pre-commercial phase. Sponsoring oil companies have expressed their willingness of continued support and for 3Q 2011 it is a prioritized task to conclude the ongoing discussion.
Badger Explorer ASA releases its 2Q/1H 2011 report on 24 August and will host a presentation in Oslo the same day. The investor presentation in Stavanger will be held on 25 August.
Stavanger, 18 August 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
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