Badger Explorer ASA signs sponsorship agreement with Wintershall
Badger Explorer ASA (“BXPL”) has signed a sponsorship agreement with Wintershall Holding GmbH, acting through Wintershall Norge AS (“Wintershall”), whereby the company will co-sponsor the development of the Badger autonomous drilling tool through the Badger Explorer Demonstrator Program. The Demonstrator Program aims to move Badger technology from the prototype stage to a viable and robust commercial product. Chevron, ExxonMobil and Statoil have signed similar sponsorship agreements.
“We are delighted that Wintershall is our fourth sponsor of the Badger Explorer Demonstrator Program. During 2012 BXPL have achieved several important technical milestones, coming closer to the first BXPL commercial service. The sponsorship group, consisting of Chevron, ExxonMobil, Statoil and Wintershall, illustrates the ultimate value of the development", says David Blacklaw, CEO of BXPL.
The signed sponsorship agreements are the formal basis for the Badger Explorer Demonstrator Program with the objective of establishing a design basis for the next generation tool, where lessons learned from the prototype project will be implemented. A significant part of the Demonstrator Program is dedicated to the development and the configuration of commercial applications, such as sensors and instrumentation that can identify hydrocarbons and that can be used for long-term reservoir monitoring and management.
Other contributors to the Demonstrator Program include Innovation Norway, whose 20 MNOK award was announced in November 2011.
BXPL aims to deliver the first field pilots of the drilling tool on a commercial basis after the completion of the Demonstrator Program. These field pilots are subject of a separate project, to which the Research Council of Norway has awarded support totaling 8 MNOK.
The sponsorship agreement with Wintershall further strengthens the Badger Explorer Demonstrator Program, and will accelerate the development of the Badger technology.
Stavanger, 26th 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