1H 2012 Investor Presentation Rig-less exploration and monitoring David Blacklaw CEO Oslo, 23th Aug 2012 Gunnar Dolven - CFO Stavanger, 24th Aug 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 Milestone 1 Delivered Milestone criteria on time Exceeded minimum requirements; Milestone 1 approved Secured approval from Steering Committee for accelerated development plan Beta…
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…
Technology Risk Technology Risk has been reduced substantially: Challenge Jun 2011 Jun 2012 Concrete Application Regulatory requirements Compaction/Plug Integrity Instrumentation Technology Risk Separation Transport…
Reduction in Technology Risk: More Detail Challenge Jun 2011 Jun 2012 Comment Feasibility Study completed on environmental applications, oil sands as Concrete Application short-term, in addition to original high-value exploration…
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…
Agenda I. Summary and Update II. Development Program III. Markets and Applications IV. Financials V. Outlook 13
Early Commercial Applications 3 Commercial sales In-fill exploration from De-Risking Exploration Shallow Hazards Subsurface Monitoring Existing Wells Badger Explorer augments Badger Explorer deployed to Badger Explorer…
Field Pilot Project Early commercial applications adding value to the customer Canadian Oil Sand operations as an example: Reservoirs at 200-500m SAGD (Steam Assisted Gravity Drainage) Real-time data logging while drilling Long…
Market and applications, Badger Advantage vs. Semi Case study illustration Table of prospects NPV using Badger vs. Semi NPV illustration study - Badger vs. sem i drilled exploration Probability adjusted Probability adjusted NPVs…
Market and applications, De-risking Using the Badger Tool De-risking of the exploration portfolio by using the Badger tool 1 Reducing the downside Histogram of probability for NPV intervals Based on a decision tree model, the…
Agenda I. Summary and Update II. Markets and Applications III. Development Program IV. Financials V. Outlook 18
Calidus Engineering Ltd 1H 2012 1H 2011 Turnover MNOK 6.9 7.0 BXPL Turnover MNOK 1.65 1.27 EBT MNOK -0.8 0.1 Equity Ratio 37.5% 38.5% BXPL acquired further 25% stake in Calidus April 2011, cost MNOK 8.3 New facility in Redruth,…
Company Structure and Financials: Consolidated Income Statement 20
Company Structure and Financials: Consolidated Statement of Financial Position I 21
Company Structure and Financials: Consolidated Statement of Financial Position II 22
Company Structure and Financials: Consolidated Cash Flow 23
Company Structure and Financials: Spending/Investment Capitalised developments costs Badger Explorer has funded its operations through a) equity issues, b) oil company 114 partner funding and c) various government 120 107 111 111…
Financing Cash management continues to be a priority: A new overdraft facility of 7.5 MNOK has been established; The Demonstrator Program Milestone 1 payment has been invoiced; Grants have been awarded by Innovation Norway and the…
Company Structure and Financials: Programs, Sponsors and Funding 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…
Company Structure and Financials: Shareholders 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 GOLDMAN SACHS INT. - SECURITY SEPARATION 866…
Agenda I. Summary and Update II. Markets and Applications III. Development Program IV. Financials V. Outlook 28
Outlook Sign sponsor agreements Focused, accelerated and aligned technical progress on Field Pilot Program and Badger Demonstrator Program Continued focus of the team on concrete deliverables at moderate CAPEX, reducing technical…
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