BADGER EXPLORER ASA - 3Q 2011 Report
Badger Explorer ASA (“BXPL”) releases its 3Q 2011 Report today. BXPL’s 3Q 2011 investor presentations will take place at the Hotel Continental in Oslo at 11:00 CET today, and in Stavanger at the Company’s premises at Forusskogen 1 at 09:00 CET on Thursday, 27 October. The presentations will be given by the new Company CEO David W. Blacklaw and the CFO Gunnar Dolven.
Badger Explorer ASA has passed several milestones during the third quarter of 2011, and the Company is now moving its focus to the first commercial use of the Badger Explorer (“Badger”) tool. The successful proof of concept enables the Company to apply more concentrated efforts on engineering, reliability, applications development and product launch. The Company has implemented some internal re-structuring to reflect this change in focus. This quarter, management’s attention will prioritize securing additional financial sponsorship for this new phase, and detailed specification and design of commercial applications to be conveyed by the Badger tool.
The Badger Explorer Group's gross cash reserves amount to MNOK 49.8 as of 30 September 2011. Cash flow in 3Q 2011 totaled MNOK –13.1 compared to MNOK –16.6 in 2Q 2011. The cash spending for 4Q 2011 will be lower. Summarizing the 3Q and YTD financial results for the Badger Explorer Group (including 75%-owned Calidus Engineering Ltd.):
Revenues amounted to kNOK 1 850 for 3Q 2011 and kNOK 7 837 as of 30.09.2011 (kNOK 3 315 for 3Q 2010 and kNOK 6 327 as of 30.09.2010);
Operating expenses for 3Q 2011 were kNOK 10 867 and kNOK 28 457 as of 30.09.2011(kNOK 8 421 for 3Q 2010 and kNOK 19 935 as of 30.09.2010);
EBITDA for 3Q 2011 was kNOK –9 017 and kNOK -20 620 as of 30.09.2011(kNOK –5 107 for 3Q 2010 and kNOK –13 608 as of 30.09.2010).
Badger Explorer ASA has now entered the Badger’s commercialization phase. Management has been strengthened to support the Company’s continuing development, and to enable a much more focused, operational modus operandi for future activities. The development of specific applications will help establish a substantial and achievable market for the Company. The Company aims to define the first application, and to secure an agreement with a major oil company for the Pilot Project as soon as possible.
As the Company embarks on this new phase in its development, the support and confidence of the Company sponsors and partners through the third quarter strengthen the positive outlook for the Company.
Stavanger, 26 October 2011
For further information, please contact:
David W. Blacklaw, CEO, cell phone 47 406 44 010, office 47 52 97 45 50
Gunnar Dolven, CFO, cell phone 47 908 53 168, office 47 52 97 45 40
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