Badger Explorer ASA – Q2/H1 2014 Report
Badger Explorer ASA (BXPL) releases its Q2/H1 2014 Report today. The Company's Q2/H1 2014 investor presentation in Oslo will take place at the Hotel Continental on Thursday, 21st August 2014 at 13:00 - 14:00 CET. The investor presentation in Stavanger will take place at Badger Explorer ASA's premises at Forusskogen 1, 4033 Stavanger on Friday, 22nd August 2014 at 09:00 - 10:00 CET.
Badger Explorer ASA has signed a Co-operation Agreement concerning a potential long term agreement with China National Petroleum Corporation Drilling Research Institute (CNPC DR), whereby CNPC DR will become a sponsoring partner in the development of the Badger Explorer autonomous drilling tool.
By entering this agreement, CNPC DR will be a partner on equal terms with the existing four partners, Statoil, ExxonMobil, Chevron and Wintershall, in the current Badger Explorer Demonstrator Program. In addition, CNPC DR has, according to the Co-operation Agreement, indicated potential support for the next phase of development as a sponsoring partner in the Badger Explorer Development Program.
BXPL has to date reached all goals set for completing the Demonstrator Program (completion of the second generation pilot tool) around year end 2014. BXPL will at that time launch the final stage of the Development Program leading up to a commercial Badger Explorer tool.
Summarizing the Q2/H1 2014 financial results for the Badger Explorer Group:
· Revenues for Q2 2014 were NOK 0.00 and NOK 0.00 for H1 2014, compared to NOK 46,869 for Q2 2013 and NOK 70,268 for H1 2013.
· Operating expenses for Q2 2014 were NOK 5.254 million and NOK 10.059 million for H1 2014, compared to NOK 5.695 million for Q2 2013 and NOK 11.568 million for H1 2013.
· EBITDA for Q2 2014 was NOK -5.254 million and NOK -10.059 million for H1 2014, compared to NOK -5.648 million for Q2 2013 and NOK -11.498 million in H1 2013.
· The cash position at BXPL was NOK 2.425 million as of 30th June 2014, compared to NOK 18.887 million as of 30th June 2013.
· As of 30th June 2014, BXPL had a net equity of NOK 90.800 million (equity ratio of 60.1%), compared to NOK 112.636 million as of 30th June 2013 (equity ratio of 72.0%).
· The cash need for the planned activities for 2014 is covered.
The Board of Directors is very pleased that a new and the fifth partner has joined the Demonstrator Program. The Board is convinced that CNPC DR will be a strong contributor to secure future commercial operations and sale of Badger Explorer services. The agreement with CNPC DR is regarded as a major step forward for BXPL.
The main focus for the BXPL organization during H2 2014 will be to finalize the Demonstrator Program, secure participation from the partners in the Development Program and kick off this program.
The Board of Directors is confident that the remaining Milestones of the Badger Explorer Demonstrator Program will be delivered as planned by the end of 2014. Furthermore, the Board is optimistic regarding the partners' continued support of the Badger Explorer Development Program which will reduce the time to market for the commercial Badger Explorer tool.
For further information, please contact:
Steinar Bakke, CEO, cell phone +47 930 70 466, office +47 52 97 45 50
Gunnar Dolven, CFO, cell phone +47 908 53 168, office +47 52 97 45 40