Badger Explorer ASA – Q4 2015 Report
Badger Explorer ASA (BXPL) releases its Q4 2015 Report today. The Company's Q4 2015 investor presentation in Oslo will take place at Arctic Securities ASA's premises at Haakon VII's gate 5, 0123 Oslo on Thursday, 25th February 2016 at 11:00 - 12:00 CET. The investor presentation in Stavanger will take place at Badger Explorer ASA's premises at Forusskogen 1, 4033 Stavanger on Friday, 26th February 2016 at 09:00 - 10:00 CET.
BXPL and Statoil, the current partners in the Development Program, have continued close and frequent contact to advance the Development Program. Agreed focus areas for 2015 were:
• Locomotion system
• High Power HPHT transducers for compaction and drilling
• Cuttings transport system
A study of solid-state locomotion with positive conclusions was delivered by a European company specializing in mechatronic systems for challenging environments.
In Q4 2015, High Power HPHT transducers, developed under Petromaks2 supported program, were successfully qualified for operation at 150C and 700 bars. Employing cutting edge technology, the transducers represent a significant step in the development of compaction and drilling systems for the Badger Explorer tools.
BXPL have also, together with Honeybee Robotics, developed and built a full scale cuttings transport system. Testing of the system started in Q4 2015 and is expected to be completed in Q1 2016.
Expenses for Q4 2015 have been reduced while maintaining delivery of key technical results and development.
Summarizing the Q4 2015 financial results for BXPL:
• No revenue was recognized as the Company is in a product development phase and currently generates losses.
• Operating expenses for the fourth quarter ended December 2015 amounted to NOK 1.409 million compared to NOK 5.378 million for the fourth quarter ended December 2014. Operating expenses for the twelve months ended December 2015 amounted to NOK 12.606 million compared to NOK 21.113 million for the twelve months ended December 2014.
• BXPL’s total comprehensive income shows a net loss of NOK -1.566 million in the fourth quarter of 2015 compared to NOK -6.087 million in the fourth quarter of 2014 and a net loss of NOK -13.257 million for the twelve months ended December 2015 and NOK -23.365 million for the twelve months ended December 2014.
• Cash and cash equivalents were NOK 585,953 end of 2015 compared to NOK 4.351 million end of 2014.
Important deliverables were successfully completed in Q4 2015, and based on these results further work is planned in 2016 to qualify key parts of the Badger Explorer concept.
Negotiations with oil company sponsors are on-going and will be completed as soon as possible.
In 2016, BXPL will put more emphasis on developing spin-off applications in parallel with the Development Program. The development of spin-off applications together with industrial partners will strengthen the team working on solutions for the Badger Explorer tool.
Stavanger, 24th February 2016
For further information, please contact:
Øystein Larsen, CEO, cell phone +47 932 68 743
Gunnar Dolven, CFO, cell phone 47 908 53 168
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