Q3 2012 Investor Presentation Rig-less exploration and monitoring David Blacklaw CEO Oslo, 25 th Oct 2012 Gunnar Dolven - CFO Stavanger, 26th Oct 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. Development Program III. Markets and Applications IV. Financials V. 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…
Increase in Effectiveness of the Exploration Budget In target applications, Badger provides significant economic benefits Subsurface exploration data can be acquired by the Lower exploration risk/cost Badger Explorer rather than…
Highlights and Update Badger Demonstrator Program Delivered Milestone 1 criteria on time in Q2 Work toward completion of Milestone 2 by end Q4 2012 Agreed on accelerated development plan, featuring Badger Beta Version mid-2013…
Agenda I. Summary and Update II. Development Program III. Markets and Applications IV. Financials V. Outlook 7
Development Program, Overview Concept Declaration of demonstrated commercial product 1 2 3 Prototype phase Pre-commercial phase Commercial sales Milestone 1 Milestone 2 Milestone 3 BE Demonstrator Sale and delivery of…
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…
Agenda I. Summary and Update II. Development Program III. Markets and Applications IV. Financials V. Outlook 10
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: 2015…
Early commercial applications 3 Commercial sales De-Risking Calibration of Surface In-fill exploration Shallow Hazards Subsurface Monitoring Exploration Seismic from Existing Wells Badger Explorer augments or Badger Explorer…
Agenda I. Summary and Update II. Development Program III. Markets and Applications IV. Financials V. Outlook 13
Calidus Engineering Ltd 3Q 2012 3Q 2011 Turnover MNOK 9.7 9.6 BXPL Turnover MNOK 2.9 1.27 EBT MNOK -2.6 -0.9 Equity Ratio 37.5% 38.5% Deliveries to BXPL at high level related to Badger Beta version 2012 turnover: BXPL…
Company Structure and Financials: Consolidated Income Statement 15
Company Structure and Financials: Consolidated Statement of Financial Position I 16
Company Structure and Financials: Consolidated Statement of Financial Position II 17
Company Structure and Financials: Consolidated Cash Flow 18
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 140 120 107 111 111…
Financing Cash management continues to be a priority: Cash balance unchanged from Q2-Q3 Overdraft facility of 7.5 MNOK established; The Demonstrator Program Milestone 1 payment took place 3Q; Tax declaration 2011 including…
Funding 2012-2014 Badger Demonstrator Program Sponsors: ExxonMobil and Statoil MNOK 18.0 New Sponsors (aiming for 2-4, e.g. 3) MNOK 40.5 Innovation Norway Grant MNOK 20.0 Research Council of Norway DCCPP MNOK 4.9 Field Pilot…
20 Largest Shareholders as of 24th October 2012 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 874,551…
Agenda I. Summary and Update II. Development Program III. Markets and Applications IV. Financials V. Outlook 23
Outlook Conclude Technical Evaluation exercise, ensuring high-risk areas are identified and addressed early. Sign sponsor agreements Focused technical progress on Badger Demonstrator Program Cash Management continues to be a…
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