NOK 10 MILL IN PUBLIC GRANT TO BADGER EXPLORER ASA

The Research Council of Norway has through it's PETROMAKS-program granted NOK 10 million to a development project having a total budget of NOK 31 million. Badger Explorer ASA is fronting the application on behalf of a consortium. The project objective is to develop down-hole high temperature power electronics. This will be applied in future versions of the Badger Explorer as well as in other industrial applications. Funds will be distributed over the years 2008-2010. "We are very pleased that the Research Council of Norway has awarded this comprehensive grant to the Badger-led consortium in competition with a number of excellent R&D-projects. Through the grant, a substantial part of the needed funds are in place, and we feel confident that we will succeed in attracting additional partners in order to fund and execute the project" expresses CEO Kjell Erik Drevdal of Badger Explorer ASA. This development project will give Badger Explorer ASA access to technology that will enable the Badger Explorer to drill deeper and under higher temperatures. This project will be executed in parallel with the ongoing development of the first version of The Badger Explorer. There is a high demand for the technology to be developed, and it is expected to find a number of applications beyond our needs. The grant is subject to confirmed financing of the total budget frame. Activities are underway to attract sponsors and joint industry partners with both funds and skills to complete the project.