Badger Explorer ASA 3Q 2010 Kjell Erik Drevdal CEO Oslo, 21 October 2010 Gunnar Dolven CFO Stavanger, 22 October 2010
Agenda I. Highlights 3Q2010 II. Badger Explorer Rig-Less Exploration A Game Changer III. Project Update IV. Calidus Engineering Ltd. V. Financials VI. Outlook 2
I. Highlight A new successful demonstration of the concept The tool drilled, processed drilling fluid and compacted solids into a plug below ground level and fully submerged under water Development work ongoing Continuous…
II. Badger Explorer Overall Concept An autonomous drilling machine, a rig less fly by wire exploration tool Drills into the underground and buries itself Slim electrically powered drilling system Carries sensors, which continuously…
II. Badger Explorer A Game Changer 75% lower cost vs. current methods Revolutionary Higher data quality and volume Technology Faster mobilisation and data collection Zero emission to sea and air Environmental Market demands…
III. Project Update The main purposes of the recently concluded test at Brumunddal were To drill with the Badger Explorer below ground level and under water continuously over several hours build a solid plug demonstrate the…
III. Project Update Another successful demonstration of the tool (1517 October 2010) Functions are improved, adjusted and fine tuned since last test in April 2010 Intensive surface testing has been conducted in 3Q 2010 Badger…
III. Project Update 8
IV. Calidus Engineering Ltd. Business volume somewhat weak in 2010 MNOK 3Q 2010 1H 2010 3Q 2009 Gross 10.3 6.6 13.4 Cash position remains strong turnover BXPL 4.2 3.6 6.5 turnover Increasing number of customers besides BXPL…
V. Financials, BXPL Group MNOK 30.9.2010 30.6.2010 31.12.2009 Cash position 103.3 115.9 141.1 Equity 187.1 194.6 200.5 Equity ratio 90.9% 91.7% 91.1% 10
V. Financials Shareholder Matters 764 shareholders as of 18.10.2010 20 largest shareholders hold 71.06% Founding investors hold 12.7% (2.3 million shares) Inventor, founders, management and employees Primary insiders hold 8.2%…
VI. Outlook Retrieval of the Badger Explorer Thorough and deep analysing of data and detailed inspection of the tool Conclude, report and plan next step Meeting and negotiations with the partners to agree upon further program and…
BADGER EXPLORER ASA Rig-less Exploration - A Game Changer Kjell Erik Drevdal, CEO, kedbxpl.com, +47 916 43 552 Gunnar Dolven, CFO, gdobxpl.com, +47 908 53 168 www.bxpl.com 13
II. Badger Explorer ASAs History Company established in Stavanger, Norway in 2003 Based on research and patented idea by IRIS Prototype development agreement with client partners in 2005 ExxonMobil, Shell and Statoil Listed on…
BXPL Consolidated Income Statement 15
Consolidated Statement of Financial Position 16
BXPLs 20 Largest Shareholders as of 18.10.2010 17
Highlights Commercialization Plan Successful Declaration Of Prototype Test commercial Product Prototype phase Pre-commercial phase Commercial sales Prototype Demo 50 Demo 125 development Pre-commercial 125 pilots Sale and…
Industry Statement We consider the Badger Explorer to be a potential Game Changer in exploring for hydrocarbons. If research efforts and commercial implementation are successful, the Badger Explorer should help increase the…
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