1Q 2012 Investor Presentation Rig-less exploration and monitoring David Blacklaw CEO Oslo, 10th May 2012 Gunnar Dolven - CFO Stavanger, 11th May 2012 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. Summary and Update II. Markets and Applications III. Development Program IV. The Badger Technology V. Financials VI. Outlook 3
What Badger Explorer will deliver Badger Explorer is developing a patented concept to explore and monitor the subsurface without the need for conventional drilling rigs The Badger tool drills autonomously, carries advanced…
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…
Highlights and Update Proof of Badger concept 2011 Successfully completed Milestone 3, demonstrating full-scale proof of concept Focus 2012-2014 Badger Demonstrator Program Develop Commercial Grade tool Field Pilot Program Enter…
Agenda I. Summary and Update II. Markets and Applications III. Development Program IV. The Badger Technology V. Financials VI. Outlook 7
Market and Applications: Applications Matrix Application study The Badger Explorer application/market matrix Horizon Short term 1 Medium term 2 Long term 3 On behalf of Badger Explorer ASA, analyst Drill depth: 100-500 m Drill…
Market and Applications: Field Pilot Project Short term 1 Timing: 1-3 years Early commercial applications Canadian Oil Sand operations as an example Unique data from logging and long-term monitoring Unique environmental…
Agenda I. Summary and Update II. Markets and Applications III. Development Program IV. The Badger Technology V. Financials VI. Outlook 10
Development Program: Overview Declaration of Concept approved commercial product 1 2 3 Prototype phase Pre-commercial phase Commercial sales Milestone 1 Milestone 2 Milestone 3 BE Demonstrator Sale and delivery of commercial…
Development Program: Pre-Commercial Phase 2 Pre-commercial phase The pre-commercial phase consists of two parallel projects; the Badger Demonstrator Program and the Field Pilot Project Pre-commercial phase 2012 2013 2014 2015 M1 M3…
Field Pilot Program: Establish Commercial Applications 3 Commercial phase Field Pilots establish basis for commercial applications Delivery Value Proposition Objectives Technical Challenges Commercial Activity FPP 1: Environmental…
Agenda I. Summary and Update II. Markets and Applications III. Development Program IV. The Badger Technology V. Financials VI. Outlook 14
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 to…
Badger Technology: Field Pilot Tool Compactor Compactor: applies up to 40T force on the deposited cuttings to form these into a solid plug. Separator System Separator: Separates out solids from the slurry and deposits these on the…
Badger Technology: Sensor Options Logging While Drilling Long-Term Surveillance Sensor Comments Advantages Sensor Comments Advantages GR Off-the-shelf Correlation with Pressure/ Off-the-shelf: Continuous geological markers…
Agenda I. Summary and Update II. Markets and Applications III. Development Program IV. The Badger Technology V. Financials VI. Outlook 18
Calidus Engineering Ltd 1Q 2012 1Q 2011 Turnover MNOK 4.0 3.2 BXPL Turnover MNOK 0.7 0.3 EBT MNOK 0.48 -0.4 Equity Ratio 40.0% 83.3% BXPL acquired further 25% stake in Calidus April 2011; cost MNOK 8.3 New facility in…
Company structure and financials: Consolidated income statement 20
Company structure and financials: Consolidated statement of financial position 21
Company structure and financials: Consolidated cash flow 22
Company structure and financials: Spending/investment Capitalised developments costs Badger Explorer has funded its operations through a) equity issues, b) oil company 120 101 107 111 111 partner funding and c) various government…
Company structure and financials: Programs, Sponsors and Funding Badger Demonstrator Program Sponsors: ExxonMobil and Statoil MNOK 18.0 New Sponsors (aiming for 2-4) MNOK X Innovation Norway Grant MNOK 20.0 Research Council of…
Company structure and financials: Shareholders Holding Percentage Name 3,200,780 17.27 CONVEXA CAPITAL IV A 866 2,699,997 shareholders 14.57 as of 31.03.2012 STATE STREET BANK AN A/C CLIENT OMNIBUS F 922,224 4.97 GOLDMAN SACHS…
Agenda I. Summary and Update II. Markets and Applications III. Development Program IV. The Badger Technology V. Financials VI. Outlook 26
Outlook Progress contractual basis for Canadian Field Pilot Add further sponsors Focused and aligned technical progress on Field Pilot Program and Badger Demonstrator Program Continued focus of the team on concrete…
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