Badger Explorer ASA - Letter of Intent from Statoil

On the 8th April 2016, Badger Explorer ASA (BXPL) received a Letter of Intent (LOI) from Statoil where Statoil confirms their intent to support BXPL's Development Program in 2016.

The objective of the Development Program is to further develop, design and qualify technologies and solutions for a commercial Badger Explorer tool based on lessons learned in previous programs.

“Statoil have played an important role in defining the Development Program, and have provided advise and support in the technical development. The continued support from Statoil is an important event for our company”, says Øystein Larsen, CEO of BXPL.

In addition to this LOI from Statoil, BXPL and CNPC DR signed a Memorandum of Understanding in January 2016 regarding CNPC DR's intention to become a full partner in the Development Program for 2016.

Stavanger, 12th April 2016

For further information, please contact:
Øystein Larsen, CEO, cell phone +47 932 68 743
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.

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