Badger Explorer ASA - 4Q 2012 Report

Badger Explorer ASA (BXPL) releases its 4Q 2012 Report today. The investor presentation in Oslo will take place at Hotel Continental on Wednesday, 27th February 2013 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 Thursday, 28th February 2013 at 09:00 - 10:00 CET.

BXPL has expanded its sponsorship base for the Badger Explorer Demonstrator Program; Chevron and Wintershall having recently joined ExxonMobil and Statoil. The increased support is good news for the project, enabling access to additional funding and technical expertise. The broader perspective on long-term applications for the technology will also help guide the project and later developments at a strategic level. The new sponsors now allow BXPL to fulfill conditions of the funding awarded to the Demonstrator Program by Innovation Norway.

The expanded sponsorship of the Badger Explorer Demonstrator Program directs that this program and its associated technology development will occupy BXPL’s technical focus during 2013. The Demonstrator Program consists of periodic milestone based deliveries, and BXPL, with its sponsoring partners, will continue to steer the development toward field pilots and future commercial operations as quickly as possible.

Main funding sources for 2013 will be the expanded sponsorship, asset sales and release of the Innovation Norway grant award. Stringent cash management will continue to be applied through the year.

Cash flow totaled kNOK -7.6 in 4Q 2012 and MNOK -21.7 as of 31st December 2012 (net change in cash flow of MNOK –10.9 in 4Q 2011 and MNOK -6.9 as of 31st December 2011).

Summarizing the 4Q 2012 financial results for the Badger Explorer Group (including 75%-owned Calidus Engineering Ltd.):

Revenues amounted to kNOK 697 for 4Q 2012 and to kNOK 7,855 as of 31st December 2012 (kNOK 1,974 for 4Q 2011 and kNOK 9,810 as of 31st December 2011);

Operating expenses for 4Q 2012 were kNOK 5,765 and kNOK 27,484 as of 31st December 2012 (kNOK 10,805 for 4Q 2011 and kNOK 39,262 as of 31st December 2011);

EBITDA for 4Q 2012 was kNOK -5,068 and kNOK -19,629 as of 31s tDecember 2012 (kNOK –8,832 for 4Q 2011 and kNOK –29,452 as of 31st December 2011).

The expanded sponsor group, the grant release from Innovation Norway and an appropriate strategic industrial partner will strengthen the Company’s funding and accelerate technology development. The ongoing structured technical evaluation maintains the recent focus on reduction of technology risk, strengthening the overall platform from which the Company can progress.

Stavanger, 27th February 2013

For further information, please contact:
David 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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Hunter Group ASA is a publicly traded investment company listed on the Oslo Axess. Hunter Group currently has 8 high spec VLCC's with scrubbers under construction at DSME in Korea.


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