Q4 and Interim 2011 Presentation Rig-less exploration and monitoring David Blacklaw CEO Oslo, 15 February 2012 Gunnar Dolven - CFO Stavanger, 16 February 2012
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. Summary: Highlights & Update II. Markets and Applications III. The Badger Technology IV. Development Program V. Financials VI. Outlook 3
Highlights and Update Proof of Badger concept Successfully completed Milestone 3, demonstrating full-scale proof of concept Competent plug produced Progress in defining tool specification for first commercial applications…
Company Attractiveness Badger Explorer the game changer for securing hydrocarbon resources a remote drilling tool Reduced costs of exploration drilling and field development Faster operation and access to assets/revenues Low/no…
Economic benefits In target applications, Badger provides significant economic benefits Exploration downhole data can be acquired by the Lower exploration cost Badger Explorer rather than bringing in a drilling rig Obtain…
What Badger Explorer will deliver 2012-2014 Badger Demonstrator Development Program Mature and improve technology to penetrate high end exploration markets in 2015 and beyond Oil majors contribution and support (ExxonMobil signed…
Agenda I. Summary: Highlights & Update II. Markets and Applications III. The Badger Technology IV. Development Program V. Financials VI. Outlook 8
Market and applications, Applications Application study The Badger Explorer application/market matrix Horizon Short term Medium term Long term On behalf of Badger Explorer ASA, analyst Drill depth: 10-500 m Drill depth: 300-1500 m…
Market and applications, Badgers position in the value chain Badger targets short to long term application areas through the oil and gas value chain with increasing complexity and market potential Upstream activities Oil and gas…
Development program, commercial applications Commercial sales In-fill exploration from De-Risking Exploration Shallow Hazards Subsurface Monitoring Existing Wells Badger Explorer augments or Badger Explorer deployed to Badger…
Market and applications, Field Pilot Project (I) Short term Timing: 1-3 years Early commercial applications 2012-2014 Canadian Oil Sand operations as an example Unique data from logging and long-term monitoring Unique…
Market and applications, Field Pilot Project (II) Short term Timing: 1-3 years Badger enables embedding reservoir and oil sands reservoirs may prove a good monitoring sensors near the reservoir test case for Badger There are…
Agenda I. Summary: Highlights & Update II. Markets and Applications III. The Badger Technology IV. Development Program V. Financials VI. Outlook 14
The Badger technology, The tool Compaction, Separation, Upper Anchor & Cable Store A revolutionary method of When operating the Badger tool, cuttings of various sizes and shapes are produced by the drill bit. Cuttings are transported…
Field Pilot Tool Compactor Compactor: applies up to 40T force on the deposited cu5ngs to form these into a solid plug. Separator System Separator: Separates out solids from the slurry and deposits these on the compactor piston.…
LWD Sensor Options Sensor Comments Advantages GR Off-the-shelf Correlation with geological markers Direction and Inclination Off-the-shelf Depth Continuous tension in spooled-out Comparable accuracy to wireline, cable no stretch…
Long-Term Monitoring: Sensor Options Sensor Issues Advantages Pressure/Temperature Off-the-shelf: quartz or strain Continuous pressure monitoring Resistivity Built into tool body Circulate to identify changes in formation fluid…
Agenda I. Summary: Highlights & Update II. Markets and Applications III. The Badger Technology IV. Development Program V. Financials VI. Outlook 19
Development program, Overview Declaration of commercial Concept approved product 1 2 3 Prototype phase Pre-commercial phase Commercial sales Milestone Milestone Milestone BE Demonstrator 1 2 3 Sale and delivery of…
Development program, Prototype phase Prototype phase D M P LETE Prototype development project CO Three milestone project supported by ExxonMobil, Shell and Statoil Scope of Work; To demonstrate full scale drilling and generate a…
Development program, Pre-commercial phase Pre-commercial phase Badger Demonstrator Program scope Design and develop a tool that can drill to at least 100m in a multi lithology environment, including basic functionality and…
Development program, Pre-commercial phase Pre-commercial phase The pre-commercial phase consists of two parallel projects; the Badger Demonstrator Program and the Field Pilot Project Pre-commercial phase Badger Demonstrator…
Agenda I. Summary: Highlights & Update II. Markets and Applications III. The Badger Technology IV. Development Program V. Financials VI. Outlook 24
Company structure and financials, Consolidated income statement 25
Company structure and financials, Consolidated balance sheet 26
Company structure and financials, Consolidated cash flow Net cash flow for 2011 was MNOK -52.6 Net cash position of MNOK 39.2 as of 31.12.2011 27
Financials: Spending/investment Capitalised developments costs Badger Explorer has funded its operations through a) equity issues, b) oil company 120 107 111 partner funding and c) various government 101 100 84 89 94 grants 80…
Calidus Engineering Ltd 2010 2011 Turnover MNOK 15.8 12.0 BXPL Turnover MNOK 4.3 2.7 EBT MNOK 3.2 -1.7 Equity Ratio 88.6% 38.2 BXPL acquired further 25% stake in Calidus April 2011; cost MNOK 8.3 New facility in Redruth,…
VI. Company structure and financials, Shareholders Holding Percentage Name 3,200,780 17.27 CONVEXA CAPITAL IV A 2,699,997 14.57 STATE STREET BANK AN A/C CLIENT OMNIBUS F 922,224 4.97 BANK OF NEW YORK MEL BNY GCM CLIENT ACCOU 879…
Agenda I. Summary: Highlights & Update II. Markets and Applications III. The Badger Technology IV. Development Program V. Financials VI. Outlook 31
Outlook New phase Enter Field Pilot contract Add further sponsors Focused and aligned development tasks Field Pilot Program and Badger Demonstrator Program Continued focus of the team on concrete deliverables Q1 2012…
Thank You for Your Attention
II. Introduction, Company development Company history Near term development Established in Listed on the Acquisition of a Acquisition of Additional Demonstrator Stavanger based Oslo Stock 50% stake of an additional public funding…
Company overview Company background Business proposition, market and applications Badger Explorer ASA was founded in 2003 and listed The Company vision is to develop a new on the Oslo stock exchange in 2007 environmentally superior…
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