Badger Explorer ASA – Q4 2013 Report
Badger Explorer ASA (BXPL) releases its Q4 2013 Report today. The investor presentation in Stavanger will take place at Badger Explorer ASA's premises at Forusskogen 1, 4033 Stavanger on Thursday, 13th February 2014 at 09:00 - 10:00 CET. The investor presentation in Oslo will take place at Arctic Securities ASA's premises at Haakon VII's gate 5, 0161 Oslo on Friday, 14th February 2014 at 13:00 - 14:00 CET.
Activities at BXPL throughout the 4th quarter of 2013 included:
- Delivery of Milestone 3 and start of Milestone 4 of the Badger Explorer Demonstrator Program
- Securing funding of the HPHT ultrasonic project
- Defining the framework for the next development phase of the Badger technology, the Badger Development Program
- Continuing discussions with the partners regarding scope of work and funding of the Development Program
- Continuing discussions regarding participation in the Development Program with new potential partner
- Outlining the long term Field testing and the Field Pilot Program.
On 29th January 2014 BXPL delivered Milestone 4 of the Demonstrator Program, which included testing of the individual modules. The Milestone 4 module tests were executed in two stages;
- Module physical test: The initial test verified the basic functionality of each module. The test was performed in a workshop environment, and qualifies the module for Module process testing.
- Module process test: Tested each module’s ability to meet the specifications.
Technical challenges identified during the Demonstrator Program, will all be addressed in R&D projects and later integrated with the scope of work of the Badger Explorer Development Program. The goal of the Development Program is to design and manufacture a third generation Badger tool, incorporating all lessons learned from the Demonstrator Program including the outcome from the on going R&D activities. The Development Program will be launched late 2014 and run through 2017.
Summarizing the Q4 2013 financial results for the Badger Explorer Group:
- Net cash flow arising from the operating activities in the continuing operations for Q4 2013 was -271 kNOK and -17,032 kNOK as of 31st December 2013, compared to -3,381 kNOK for Q4 2012 and -20,473 kNOK as of 31st December 2012.
- Revenues for Q4 2013 were 0.00 kNOK and 70 kNOK as of 31st December 2013, compared to 0.43 kNOK for Q4 2012 and 365 kNOK as of 31st December 2012.
- Operating expenses for Q4 2013 were 5,131 kNOK and 19,105 kNOK as of 31st December 2013, compared to 3,577 kNOK for Q4 2012 and 18,256 kNOK as of 31st December 2012.
- EBITDA for Q4 2013 was -5,131 kNOK and -19,036 kNOK as of 31st December 2013, compared to -3,534 kNOK for Q4 2012 and -17,891 as of 31st December 2012.
The cash position at BXPL was 24.9 MNOK as of 31st December 2013, compared to 17.6 MNOK as of 31st December 2012. The approval of Milestone 3 released 15.2 MNOK of sponsor funds in Q4 2013.
The Board of Directors is pleased with the partners’ approval of Milestones 3 and 4, and is confident that the remaining Milestones of the Badger Explorer Demonstrator Program will be delivered as planned by the end of 2014. Furthermore, the Board is optimistic regarding our partners´ continued support for the Badger Explorer Development Program which will reduce the time to market for the commercial Badger Explorer tool.
Stavanger, 13th February 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
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