Q1 2014 Investor Presentation Rig-less exploration and monitoring Steinar Bakke CEO Oslo, 20-May-2014 Gunnar Dolven - CFO Stavanger, 21-May-2014 1
Disclaimer This presentation includes forward-looking statements which are subject to risks and uncertainties that could cause actual results and events to differ. Even though the Company believes that the expectations reflected…
Agenda I. Highlights from Q1 II. Demonstrator Program III. Development Program IV. Financials V. Outlook 3
Highlights from Q1-14 Demonstrator Program Milestone program ongoing Ultrasonic Drilling Project started internally and at partner companies, including Schott in Germany, InPhase Norway and Etrema US. Self Cleaning Bit 2nd…
Demonstrator Program Milestone 4 Milestone 4 approved at the SCM on January 29th 2014 Pending completion of PGS module (was completed Feb15) Module Test: Beta Tool The individual modules required for the Beta Tool must first be…
Agenda I. Highlights from Q4 I. Highlights from Q1 II. Technical update II. Demonstrator Program III. Development Program III. Development Program IV. Financials IV. Financials V. Outlook V. Outlook 6
Revised Demonstrator Program - Milestone 5 Revised and approved Milestone 5 A full system test is performed in BXPL workshop The test will include drilling and compaction The Badger tool will be operated in a horizontal position…
Revised Demonstrator Program - Milestone 5 - Test Jig Milestone 5 Revised Milestone 5 to be completed by the end of Q3 2014. 8
Revised Demonstrator Program - Milestone 5 - Test Jig 9
Revised Demonstrator Program - Milestone 6 Milestone 6 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…
Agenda I. Highlights from Q4 I. Highlights from Q1 II. Technical update II. Demonstrator Program III. Development Program III. Development Program IV. Financials IV. Financials V. Outlook V. Outlook 11
Development Program Current Status Partners/Sponsors are all fully in agreement that the Demonstrator Program needs to continue in to the new Development Program. It has been agreed with all partners to have an extensive 2 day…
Development Program Description Description Driven by development of technical solutions Use TRL (Technology Readiness Level) as decision gates Identify critical sub-systems (drilling, transport, comp, locomotion, ) Use model as…
Development Program Plan BXPL propose to organize the Development program by using the (existing) Demonstrator tool as a full-scale test bench for solutions developed. This will be done in parallel with the development of next…
Main deliverables from Development Program BXPL suggestions 2 months (February 2015): Tool specifications and operational envelopes for the different stages in the Development Program Risk matrix Detailed project plan Agreements…
Outline for the Development Program. 16
1st Prototype tool in Development program Alternative 1 (BXPL recommendation): Modified 125 Demonstrator 2M USD New drill bit and new compactor Existing transport system = low friction cuttings Existing locomotion system = shallow…
Agenda I. Highlights from Q4 I. Highlights from Q1 II. Technical update II. Demonstrator Program III. Development Program III. Development Program IV. Financials IV. Financials V. Outlook V. Outlook 18
BXPL Group: Consolidated Income Statement 19
BXPL Group: Consolidated Statement of Financial Position (I) 20
BXPL Group: Consolidated Statement of Financial Position (II) 21
BXPL Group: Consolidated Cash Flow 22
Company Structure and Financials: Spending / Investment Capitalised developments costs Badger Explorer has funded its operations through a) equity issues, b) oil company partner funding and c) various government grants NOK 75…
Funding 2014 Cash Position 01.01.2014 MNOK 24.943 Innovasjon Norge grant MNOK 6.000 SkatteFUNN MNOK 1.554 BX Demonstrator Program MS5 MNOK 4.335 BX Demonstrator Program MS6 MNOK 1.445 RCN Field Pilot Program MNOK 5.018 RCN PetroMaks2…
20 Largest Shareholders as of 31 March 2014 774 shareholders as of 31 March 2014 65.3 % Norwegian shareholders 20 largest shareholders held 71.2% Primary insiders held 7.4% 26
Agenda I. Highlights from Q4 I. Highlights from Q1 II. Technical update II. Demonstrator Program III. Development Program III. Development Program IV. Financials IV. Financials V. Outlook V. Outlook 27
Outlook Completion of Badger Demonstrator Program by end of 2014 Badger Beta versions, comprehensive test phases to conclude with MS5 and MS6 Strengthen partner relations Increased technical co-operation with our partners…
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