Badger Explorer ASA (BXPL) - Approval of the Badger Explorer Demonstrator Program 2012 - 2014
On the 5th of February 2015, the Steering Committee of the Badger Demonstrator Program concluded the Demonstrator Program by approving Milestones 5 and 6.
The sponsoring partners will now release the remaining funding worth of NOK 7.965.000.
The Badger Demonstrator Program started in 2012 and has been supported by Statoil, Chevron, ExxonMobil, Wintershall and China National Petroleum Corporation.
Milestone 5 was the final test in the Badger Demonstrator Program. Milestone 6 contains evaluation of the Demonstrator Program and definition of the Scope of Work for the next phase, the Badger Explorer Development Program 2015 - 2017.
The main goals of Milestone 5 have been achieved. A full system test of the tool was performed, and modifications and adjustments were implemented where necessary. After the system test, the tool was installed in a custom built setup to allow horizontal drilling and compaction. The tool has drilled through a set of formations and used drilled cuttings to compact a plug. The drilling and compaction test has been performed in selected formations.
Badger Explorer ASA CEO Steinar Bakke says:
«The delivery of the Demonstrator Program represents a major reduction of the technical risk of the Badger Explorer technology. Milestones 5 and 6 have given Badger Explorer valuable information about the tool performance. We are now focusing on the Development phase and the future delivery of commercial Badger tools.”
Stavanger, 6th February 2015
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
Tags: