3Q 2011 Investor Presentation Subsurface Burial Test October 15th David Blacklaw CEO Oslo, 26 October 2011 Gunnar Dolven CFO Stavanger, 27 October 2011
I. Highlights 3Q 2011 New Badger Explorer ASA CEO, David Blacklaw 30+ years industry experience in various Management, Technical and Marketing roles BSc (Electronics and Electrical Engineering) Robert Gordon University, Aberdeen UK…
Agenda I. Highlights 3Q 2011 II. Badger Explorer Rig-Less Exploration A Game Changer III. Project Update IV. Pre-Commercial Activities V. Calidus Engineering Ltd. VI. Financials VII. Outlook
I. Highlights 3Q 2011 Sponsoring oil companies ExxonMobil, Shell and Statoil, approve Milestone 3, concluding the prototype project Finalizing participation in the next phase with sponsors Negotiations in progress on specific…
II. The Badger Explorer Rig-Less Exploration A Game Changer Company History Company established in Stavanger, Norway 2003 (Based on research and patented idea by IRIS) Prototype development agreement with client partners 2005…
II. The Badger Explorer Rig-Less Exploration A Game Changer The Concept Badger Explorer, an autonomous drilling machine, a rig-less fly by wire exploration tool: Drills into the sub-surface and buries itself Slim electrically…
II. The Badger Explorer Rig-Less Exploration A Game Changer Significantly lower cost vs. current methods Revolutionary Faster mobilisation and data collection Technology Longer and wider operational window in harsh areas Very…
III. Project Update Encouraging test results After completion of Milestone 3, a coring test was conducted on the sealing capability of the compacted plug Cored a firm compacted sample of a total length of 2,30 m Cores cut in 50 cm…
III. Project Update Technology improvements Based on prototype development and Milestone 3 test results: Establish steady state operations Launch qualification test program Current and near-term developments High-temp brushless…
III. Project Update Workshop upgrade To conduct more effective in-house function testing, Stavanger workshop has been upgraded; Powerful compaction test jig installed Upgrade fluid flow loop and filtration test setup Clean room…
IV. Pre-Commercial Activities Entering pre-commercial phase, preparing for commercial future Negotiations to secure more sponsor and public funding support on-going Dagens Nringsliv, Currently negotiatingFredag with major…
IV. Pre-Commercial Activities Early commercial applications Canadian Oil Sand operations as an example Real-time data logging while drilling Long term sub-surface monitoring with a large range of permanently deployed…
IV. Pre-Commercial Activities Increased focus on Health, Safety, Security and Environment (HSSE) Excellent safety record to-date and proud of achievements Increased exposure to own staff as operations and tool deployment increases…
V. Calidus Engineering Ltd. Calidus Engineering Ltd. new premises in Redruth, Cornwall
V. Calidus Engineering Ltd. Acquisition of additional 25% stake YTD 3Q Calidus of Calidus Engineering April 2011 MNOK 30.09.2011 30.09.2010 BXPL now owns 75% of Calidus Gross 9.6 10.3 turnover Design processes, software tools and…
VI. Financials, BXPL Group MNOK 30.09.2011 30.09.2010 Cash position 49.9 103.3 Equity 154.2 187.1 Equity ratio 80.0% 90.9%
VI. Financials, Shareholder Matters 882 shareholders as of 18.10.2011 20 largest shareholders hold 70 % Inventor, founders, management and employees Primary insiders hold 7.4% (1.38 million shares) as of 30.09.2011 63.5% Norwegian…
VII. Outlook Three focus areas 4Q 2011 and beyond Establish sponsor / funding agreements Agreements with sponsoring oil companies Take full benefit of several public grants programs Badger Explorer Demonstrator Program Accelerate…
BADGER EXPLORER ASA Rig-less Exploration - A Game Changer David Blacklaw, CEO, dwbbxpl.com, +47 406 44 010 Gunnar Dolven, CFO, gdobxpl.com, +47 908 53 168 www.bxpl.com
Commercial in Confidence BXPL
BXPL Consolidated Income Statement
BXPL Consolidated Statement of Financial Position I Badger Explorer ASA
BXPL Consolidated Statement of Financial Position II Badger Explorer ASA
BXPLs 20 Largest Shareholders as of 18.10.2011 Badger Explorer ASA
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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