Q4 2014 Investor Presentation Rig-less exploration and monitoring Gunnar Dolven CFO Oslo, 12-February-2015 Steinar Bakke CEO Stavanger, 13-February-2015 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 Q4 2014 II. MS5 & MS6 Demonstrator Program III. Development Program 2014-2017 IV. Financials V. Outlook 3
The Mission A large portion of the undiscovered oil and gas resources are expected to be located in the Environmentally Sensitive Area . The cost of exploring these areas has increased to a level where the oil and gas companies now…
Summary Highlights Q4 2014 Demonstrator Program Test of Second generation pilot tool Milestone 5 and Milestone 6 Development Program Preparing agreement and scope of work for Development Program (2015 2017) Performing R&D…
Agenda I. Highlights from Q4 2014 II. MS5 & MS6 Demonstrator Program III. Development Program 2014-2017 IV. Financials V. Outlook 6
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…
Milestone 5 test setup Perforated barriers holding formation samples in place Container A Container B Water Water Casing supporting tool Formation samples Formation samples Water Water Compacted plug 8
Milestone 5 Test Setup 9
Milestone 5 Video 10
Milestone 5 Results Objective: Result: A full system test is performed in BXPL workshop After module testing (MS4) the modules were connected in sub-systems and tested Full system tests were performed in BXPL workshop September /…
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…
Milestone 6 Results Objective: Result: Evaluation of Badger Explorer (BE) Demonstrator A report has been generated and sent to Program the partners A technical workshop was held summer 2014, where an evaluation of the…
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…
Agenda I. Highlights from Q4 2014 II. MS5 & MS6 Demonstrator Program III. Development Program 2014-2017 IV. Financials V. Outlook 16
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 Program…
Agenda I. Highlights from Q4 2014 II. MS5 & MS6 Demonstrator Program III. Development Program 2014-2017 IV. Financials V. Outlook 18
BXPL: Income Statement 19
BXPL: Statement of Financial Position (I) 20
BXPL: Statement of Financial Position (II) 21
BXPL: Cash Flow Statement 22
Companys Structure and Financials: Spending / Investment Capitalized 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 24.9 Innovasjon Norge grant (2014) MNOK 6.0 Skattefunn MNOK 1.5 BX Demonstrator Partner (CNPC) MNOK 12.6 RCN Petromaks + Field Pilot Program 2014 MNOK 6.4 TOTAL MNOK 51.4 2015 Cash…
20 Largest Shareholders as of 31 December 2014 748 shareholders as of 31 December 2014 64.7% Norwegian shareholders 20 largest shareholders held 71.0% Primary insiders held 7.4% 25
Agenda I. Highlights from Q4 2014 II. MS5 & MS6 Demonstrator Program III. Development Program 2014-2017 IV. Financials V. Outlook 26
Outlook Launch BXPL Development Program and prepare for commercial phase Sign agreement with partners Strengthen partner relations Increased technical co-operation with our partners Cash Management continues to be a priority…
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