Badger Explorer ASA – 2Q/1H 2010 Report
Badger Explorer ASA releases its 2Q/1H 2010 Report today.
The 2Q/1H 2010 investor presentations will be held on Wednesday, 25 August 2010 at 11:00 CET in Oslo and on Thursday, 26 August at 09:00 CET in Stavanger.
The activities during the first half of 2010 have been focused on the Badger Explorer full-scale self burial test program. The preparation efforts, the execution of the test program and the demonstrations have been comprehensive. Badger Explorer ASA (BXPL) announced in late April 2010 that a successful ground-breaking demonstration of the Badger Explorer concept had taken place at the test site at Brumunddal in Eastern Norway. The self burial test was a closed cavity operation and is regarded as the proof of the Badger Explorer concept. This is the world’s first operation of its kind.
Badger Explorer ASA is now proceeding with the technical efforts to improve the tool, widen its applicability regarding the range of formations to penetrate and to enable the tool to go deeper and withstand higher temperatures.
In parallel with the technical progress, the Company and its industry client partners – ExxonMobil, Shell and Statoil - are currently in a constructive dialog discussing the development program going forward. The parties have decided to perform an additional deeper burial test at Brumunddal.
Furthermore the Company has identified the content of work that remains to be executed before a commercial version of the tool will be ready for the market.
Badger Explorer ASA retains its financial position which is a solid foundation for a further ramp up of activities from an operational and organizational point of view.
As of 30 June 2010 the Badger Explorer Group had a net equity of MNOK 194.6 (equity ratio of 91.7%) and a cash position equaling MNOK 115.9. Solid cash position and client partner support for the further development program are considered to be sufficient to reach the commercial stage.
The Badger Explorer Group (including its 50% owned subsidiary Calidus Engineering Ltd.) had revenues amounting to kNOK 1 723 during 2Q 2010 (kNOK 1 926 for 2Q 2009). Operating expenses for 2Q 2010 amounted to kNOK 7 274 (kNOK 4 728 for 2Q 2009), while the EBITDA for 2Q 2010 equalled kNOK – 5 551 (kNOK – 2 802 for 2Q 2009).
The progress made during the first half of 2010 in connection with the successful demonstration of the concept has brought Badger Explorer ASA closer to the goal of supplying a commercial service to its partners and the oil and gas market in general.
Stavanger, 24 August 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
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