BADGER EXPLORER ASA - 4Q & FULL YEAR 2010 REPORT

In 2010 BXPL’s main task was performing a closed cavity test and demonstrating the Badger Explorer concept in full scale. Successful tests took place at the test site in Eastern Norway leading to the approval of Milestone 2 by the three sponsoring parties (ExxonMobil, Shell and Statoil) on 7 December 2010.The Company is now preparing for the pre-commercial phase. During 4Q 2010 Badger Explorer ASA has focused on the identification of a proper local clay/shale test site for the completion of step one of Milestone 3 of the prototype phase. Milestone 3 consists of two different tasks – (i)