Q1 2015 Investor Presentation Rig-less exploration and monitoring Steinar Bakke - CEO Oslo 21- May -2015 Samanta Cerniavskaja Finance Manager Stavanger 22 -May - 2015
Agenda 1.Main Activities 2.Overview Demonstrator Program work completed 1.MS5-2014/15 2.MS6-2015 3.Development Program - status 1.Brief outline 4.Financials 5.Outlook
Snapshot of main activities Demonstrator Program Completing Milestones as per program details later in the presentation Research Council of Norway (RCN) Petromaks2 program Development of HPHT Ultrasonic transducers ongoing…
1.Main Activities 2.Overview Demonstrator Program work completed 1.MS5-2014/15 2.MS6-2015 3.Development Program - status 1.Brief outline 4.Financials 5.Outlook
Milestone 5 Milestone 5 scope: A full system test to be performed in BXPL workshop The Badger tool will be operated in a horizontal position, and include drilling and compaction in a closed cavity The proposed milestone will…
Executive summary Milestone 5 Executive summary: The main goals of Milestone 5 are achieved. A full system test of the tool was performed, and modifications and adjustments were implemented where necessary. After the system test…
Milestone 6 Milestone 6 Scope Evaluation of Badger Explorer (BE) Demonstrator Program Full report on BE 125 Demonstrator tool and recommendation for improvements based on MS5 test Scope of work for BE Development Program In…
Executive summary Milestone 6 Executive summary: The main goals of Milestone 6 are achieved. A report has been written and sent to the partners. The report contains a summary of the Demonstrator Program together with a report on the…
1.Main Activities 2.Overview Demonstrator Program work completed 1.MS5-2014/15 2.MS6-2015 3.Development Program - status 1.Brief outline 4.Financials 5.Outlook
Development Program Outline The Development Program The purpose of the Development Program is to deliver robust, commercially viable technologies for a defined range of operations with the Badger Explorer concept. The…
Development Program Outline The Development Program BXPL is in a phase where the Scope of Work of the Development Program is being discussed with the current partners. Letter of intent received from one of our original partners.…
1.Main Activities 2.Overview Demonstrator Program work completed 1.MS5-2014/15 2.MS6-2015 3.Development Program - status 1.Brief outline 4.Financials 5.Outlook
Income Statement
Statement of Financial Position (I)
Statement of Financial Position (II)
Statement of Cash Flow
20 Largest Shareholders as of 31 March 2015 770 shareholders as of 31 March 2015 65.9% Norwegian shareholders 20 largest shareholders held 70.8% Primary insiders held 7.4%
Cost Adjustments 2015 Important to keep cost at a minimum until signatures on next phase are in place Several cost adjustments implemented as of 31 March 2015 Cut staff by 38,5% Management in 50 % positions Major cut in rental…
1.Main Activities 2.Overview Demonstrator Program work completed 1.MS5-2014/15 2.MS6-2015 3.Development Program - status 1.Brief outline 4. Financials 5.Outlook
Outlook Secure funding for the Badger Development Program Cash Management continues to be a priority Strengthen relationship with a potential Industry Partner Q2/H1 2015 Meetings/Presentations: Oslo 20-August-2015 at 13:00…
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