Q2/H1 2014 Investor Presentation Rig-less exploration and monitoring Steinar Bakke CEO Oslo, 21-August-2014 Gunnar Dolven - CFO Stavanger, 22-August-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 Q2/H1 2014 II. Demonstrator Program 2012-2014 III. Development Program 2015-2017 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 H1 2014 China National Petroleum Corporation Drilling Research Institute (CNPC DR) Co-operation agreement in place secures funding and opens for long term Development Program Demonstrator Program Preparations…
Highlights of Main Activities I Established long term relationship with China National Petroleum Corporation Drilling Research Institute (CNPC DR) through newly signed Co-operation Agreement: Participation in the Demonstrator Program…
Highlights of Main Activities II CNPC DR What will CNPC bring to the table: Funding: the Demonstrator Program catch up and the Development Program participation (sign-on fee + Milestones payments) Provide 2 qualified engineers free…
Agenda I.I. Highlights Highlightsfrom fromQ4 Q2/H1 II.II. Technical Demonstrator update Program 2012-2014 III. III.Development DevelopmentProgram Program 2015-2017 IV. IV.Financials Financials V.V. Outlook Outlook…
Demonstrator Program Milestone program ongoing Sub-systems tested All the modules that passed MS4 have been put together in sub-systems and tested Noise challenges increased, as expected, but at manageable level Actuators…
Test jig complete The test jig and casing for MS5 is delivered Formation samples from Denmark, Norway, UK and Poland received Formation samples submerged in water to saturate before MS5 10
Revised Demonstrator Program - Milestone 5 - Test Jig BILDE AV JIG 11
Ultrasonic Drilling and Compaction BXPL awarded funding for 3-year long project RCN covers 50% of NOK 26.4 million Development of HPHT Ultrasonic transducers Project progressing as per schedule. Physical prototypes, ready for testing…
Agenda I. Highlights from Q2/H1 II. Demonstrator Program 2012 -2014 III. Development Program 2015 - 2017 IV. Financials V. Outlook 13
Development Program Outline The Development Program The purpose of the Development Program is to deliver robust and commercially viable technologies for the Badger Explorer tool The Development Program will deliver technologies…
Development Program Description Technical Workshop A technical workshop was held in June where Badger Explorer presented the Development Program to all the partners. Detailed discussions on main challenges, risks and solutions.…
Agenda I. Highlights from Q2/H1 II. Demonstrator Program 2012 -2014 III. Development Program 2015 - 2017 IV. Financials V. Outlook 16
BXPL Group: Consolidated Income Statement 17
BXPL Group: Consolidated Statement of Financial Position (I) 18
BXPL Group: Consolidated Statement of Financial Position (II) 19
BXPL Group: Consolidated Cash Flow 20
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 NOK 24.9 million Innovasjon Norge grant (2014) NOK 6.0 million SkatteFUNN NOK 1.5 million BX Demonstrator Program MS5 (2014) NOK 4.3 million BX Demonstrator Program MS6 (2014) NOK 2.6…
20 Largest Shareholders as of 30 June 2014 770 shareholders as of 30 June 2014 65.2 % Norwegian shareholders 20 largest shareholders held 71.6% Primary insiders held 7.4% 23
Agenda I. Highlights from Q2/H1 II. Demonstrator Program 2012 -2014 III. Development Program 2015 - 2017 IV. Financials V. Outlook 24
Summary Highlights H1 2014 CNPC DR Co-operation agreement in place secures funding and opens for long term Development Program Demonstrator Program Preparations for final test of Second generation pilot tool on schedule, test…
Outlook Completion of Badger Demonstrator Program by end of 2014 Badger second generation tool, comprehensive test phases to conclude with MS5 and MS6 Strengthen partner relations Increased technical co-operation with our…
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