BADGER EXPLORER ASA - 13.2 MNOK PETROMAKS-2 FUNDS GRANTED BY THE RESEARCH COUNCIL OF NORWAY
The Research Council of Norway (RCN) has released the details of their resolution regarding Badger Explorer ASA’s (“BXPL”) application through the PetroMaks-2 program.
The application was for the support of a development program using HPHT (high pressure high temperature) ultrasonic technology in the drilling and the compaction units of the future Badger tool.
The RCN PetroMaks-2 program objective is to support the development of cost-efficient drilling and intervention solutions.
BXPL has been granted funds of 13.2 MNOK from the Research Council of Norway, equivalent to the full amount applied for. The ultrasonic development program will commence in Q1 2014 with a duration of three years (2014-2016). The project cost is estimated to 32.4 MNOK and the grant is subject to RCN standard terms.
BXPL’s contribution will be approximately equivalent to the RCN grant, and it will consist of project execution, R&D studies, technological solutions, IPR, design and test facilities, conduct work-shop tests, component development and project support.
The project’s main goal is to develop and qualify, together with industry partners, HPHT ultrasonic methods and solutions to be implemented in future versions of the Badger tool.
“This PetroMaks-2 support is another important contribution on our route to develop a reliable future commercial Badger tool. The Badger team and our development partners are enthusiastic, and the development work will commence immediately”, says BXPL’s CEO Steinar Bakke.
Stavanger, 8th January 2014
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