BXPL 1Q 2008 REPORT
Badger Explorer ASA (BXPL) has during the first quarter 2008 taken further important steps to progress the technical product development of the Badger Explorer prototype and to prepare for commercial operations. The extended partner agreement has been signed by ExxonMobil and StatoilHydro. Signature from Shell is pending. The agreement involves extensive support in the ongoing development phase and also includes a plan through to and into commercial operations together with the partners, expected 4Q 2009/ 1H 2010. The company is preparing for the Demo50-test at the Denmark test site, including geoscience studies and the building of a fully assembled Badger Explorer. The collaboration with Calidus Engineering Ltd is proceeding in line with acquisitions expectations. The development team has thus strengthened its capabilities. Components of the Badger Explorer Demo50 version will go through critical site testing 2Q 2008, preparing for autonomous tests of the Demo50 version in Denmark 2H2008. In parallel the development of Demo125 version is ongoing, this version is planned to be tested and qualified through 2009. Within Badger Plasma Technology a new test site is in place in Stavanger, and challenging qualifications activities are ongoing for more specific applications development during 2Q 2008. Critical testing will be performed at the test facilities in 2Q 2008 to categorise the performance. The Badger Explorer Group (includes Calidus Engineering Ltd.) had revenues of MNOK 1.9 in 1Q 2008, compared with kNOK 150 1Q 2007. Operating expenses for 1Q 2008 amounted to kNOK 4 440 and to kNOK 1 825 as of 1Q 2007. EBITDA for 1Q 2008 amounted to kNOK - 2 473 and to kNOK -1 676 in 1Q 2007. Cash reserves per 31.03.2008 are MNOK 195. For further information, please contact: Kjell Erik Drevdal, CEO, +47 916 43 552 Gunnar Dolven, CFO, +47 908 53 168 About Badger Explorer ASA Badger Explorer ASA is developing a revolutionary method for exploration and verification of oil and gas prospects, called Badger Explorer. Badger Explorer drills down and buries itself in the underground, equipped with numerous sensors, which measure and register vital formation and physical data. The method provides a substantially lower risk, cost and complex operation compared to utilising an expensive conventional drilling rig. The crushed formation cuttings are transported through the tool, deposited and compressed in the void behind the unit. Potential excess volume is injected into fractures generated by Badger Explorer. The unit is connected to a combined power and signal cable which again is connected to the surface. The unit is powered by electricity and transmits data signals to the surface through the cable. In addition, the wholly owned Badger Plasma Technology AS subsidiary has an exclusive licence to exploit the patented plasma channel drilling (PCD) technique developed at Britain`s University of Strathclyde. The solution is removing scale and other obstructions in production/injection wells with the aid of sparks generated at high electrical voltages. www.bxpl.com BXPL 1Q report 2008 BXPL 1Q 2008 Presentation