Q3 2014 Investor Presentation Rig-less exploration and monitoring Steinar Bakke CEO Oslo, 30-October-2014 Gunnar Dolven - CFO Stavanger, 31-October-2014 London, 4-November-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 Q3 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 Q3 2014 Demonstrator Program Test of Second generation pilot tool Milestone 5 Development Program Preparing documentation of Development Program (2015 2017) leading to commercial Badger Explorer tool…
Agenda I. Highlights from Q3 2014 II. MS5 & MS6 Demonstrator Program III. Development Program 2014-2017 IV. Financials V. Outlook 6
Milestone 5 Demonstrator Program Milestone 5 Complete Systems tested All modules assembled as one complete tool and function tested inside our workshop 7
Milestone 5 Demonstrator Program Milestone 5 Complete Systems tested Tool split and reassembled outside All safety procedures were followed - no incidents. Hydraulics stable and reliable Power and control systems working well…
Milestone 5 Demonstrator Program Milestone 5 Full system load First time all modules exposed to full load as a system Interfaces need adjustments, both hardware and software Transport system All challenges have been solved so far…
Milestone 5 Demonstrator Program Milestone 5 Plan forward Cement formation in containers Drill formation in compaction container Drill and compact plug 10
Milestone 5 Demonstrator Program Milestone 5 Pictures and movie MS5_film.mp4 11
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 Q3 2014 II. MS5 & MS6 Demonstrator Program III. Development Program 2014-2017 IV. Financials V. Outlook 13
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…
Agenda I. Highlights from Q3 2014 II. MS5 & MS6 Demonstrator Program III. Development Program 2014-2017 IV. Financials V. Outlook 15
BXPL Group: Consolidated Income Statement 16
BXPL Group: Consolidated Statement of Financial Position (I) 17
BXPL Group: Consolidated Statement of Financial Position (II) 18
BXPL Group: Consolidated Cash Flow 19
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 24.9 Innovasjon Norge grant (2014) MNOK 6.0 SkatteFUNN MNOK 1.5 BX Demonstrator Program MS5 (2014) MNOK 5.2 BX Demonstrator Program MS6 (2014) MNOK 2.9 BX Demonstrator Partner MNOK…
20 Largest Shareholders as of 30 September 2014 770 shareholders as of 30 September 2014 65.4% Norwegian shareholders 20 largest shareholders held 71.1% Primary insiders held 7.4% 22
Agenda I. Highlights from Q3 2014 II. MS5 & MS6 Demonstrator Program III. Development Program 2014-2017 IV. Financials V. Outlook 23
Outlook Completion of Badger Demonstrator Program Badger Beta versions, comprehensive test phases to conclude with MS5 and MS6 Strengthen partner relations Increased technical co-operation with our partners Launch BXPL…
Any questions - Thank You http://www.enerwe.no/forskning-og-utvikling/du-ma-ta-patent/ 25
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