Badger Explorer ASA - 4Q 2011 Report
Badger Explorer ASA (“BXPL”) releases its 4Q 2011 Report today. BXPL’s 4Q 2011 investor presentations will take place at the Hotel Continental in Oslo on Wednesday, 15th February at 11.00 CET, and in Stavanger at the Company’s premises at Forusskogen 1 on Thursday, 16th February at 09.00 CET. The presentations will be given by David Blacklaw, the Company’s CEO, and Gunnar Dolven, BXPL’s CFO.
The single most important achievement through 2011 was the full scale successful demonstration of the Badger concept, followed by approval from the sponsors and completion of the Prototype Phase. The next phase will be one of commercialization aiming for an international product launch. Development activity for 2012-2014 will be centered around two main projects; the Badger Demonstrator Development program and the Badger Field Pilot Program. ExxonMobil has already signed up as sponsor to the program, Innovation Norway has confirmed 20 MNOK in public grants and a number of further sponsors have been expressed interest to join.
In conjunction with our partners and sponsors, BXPL has targeted oil sands drilling and monitoring as one of the first commercial applications, using the Badger as a carrier for a range of existing and new, unique measurement techniques. Preparations and feasibility studies for delivery of the first Field Pilot are ongoing. To support the development the Research Council of Norway has awarded a grant of 8 MNOK. BXPL targets signing a field pilot contract within a few months.
The Badger Explorer Group's gross cash reserves amount to MNOK 39.2 as of 31.12.2011. Cash flow in 4Q 2011 totaled MNOK –10.9 compared to MNOK –13.0 in 3Q 2011. Summarizing the 4Q and YTD financial results for the Badger Explorer Group (including 75%-owned Calidus Engineering Ltd.): Revenues amounted to kNOK 1 974 for 4Q 2011 and kNOK 9 810 as of 31.12.2011 (kNOK 5 729 for 4Q 2010 and kNOK 12 056 as of 31.12.2010); Operating expenses for 4Q 2011 were kNOK 10 805 and kNOK 39 262 as of 31.12.2011 (kNOK 10 699 for 4Q 2010 and kNOK 30 634 as of 31.12.2010); EBITDA for 4Q 2011 was kNOK –8 832 and kNOK -29 452 as of 31.12.2011 (kNOK –4 970 for 4Q 2010 and kNOK –18 578 as of 31.12.2010).
The Company is at the start of a new phase in its development, and the response of sponsors and partners through 2011 supports the Board’s commitment to the future.
Stavanger, 14th February 2012
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
Tags: