Q3 2013 Investor Presentation Rig-less exploration and monitoring Steinar Bakke CEO Oslo, 31-October-2013 Gunnar Dolven - CFO Stavanger, 1-November-2013 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. Highlights from Q3 II. Technical update III. Development Program IV. Financials V. Outlook 3
General Badger Demonstrator Steering Committee SCM held on October 29th 2013 Approved MS3 Several members of the SCM with technical experts from their respective companies visited BXPL for a technical update on October 28th and…
Sponsor Relation ExxonMobil Visited EoM SCM Chevron Visited Chev SCM Follow up meeting with Deep Water Drilling Group Statoil Visited STL SCM Wintershall Telephone conference with Wintershall SCM 5
Possible new Sponsors BXPL is currently in discussion with two operators interested in participating in the Badger Development Program One national Oil Company Independent Operator with interests on the NCS 6
Agenda I. Highlights from Q3 II. Technical update III. Development Program IV. Financials V. Outlook 7
Technical update: BE 125 Demonstrator Summary BE 125 Demonstrator: Beta version delivered for Milestone 3 Part of hydraulic system delayed from SST Testing and qualification phase: Based on DNV-RP-A203 Module testing System…
Technical update: Plans forward BE 125 Demonstrator Testing and qualification Twin bit prototype implementation Concept proven through internal testing Engineering at external specialist company Ultrasonic compactor Improve…
Technical update: Technical development Other: Visit to Andya with Statoil for potential test site Applied for Petromaks2 funding for development of HPHT ultrasonic system Patent search complete, patent application process…
Agenda I. Highlights from Q3 II. Technical update III. Development Program IV. Financials V. Outlook 11
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…
Agenda I. Highlights from Q3 II. Technical update III. Development Program IV. Financials V. Outlook 13
Severn Subsea Technologies Ltd.(former Calidus) Q3 2013 Q3 2012 2012 Turnover MNOK 13.5 9.7 13.2 BXPL Turnover MNOK 9.9 2.9 5.7 EBT MNOK -2.8 -2.6 -2.5 Equity Ratio 21.3% 37.0% 31.7% Deliveries to BXPL at high level through…
BXPL Group: Consolidated Income Statement 15
BXPL Group: Consolidated Statement of Financial Position I 16
BXPL Group: Consolidated Statement of Financial Position II 17
BXPL Group: 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 grants 75 MNOK was…
Funding 2013/2014 Q4 2013 Cash Balance as of 30-Sep-2013 17.3 MNOK Badger Demonstrator program, Milestone 3 17.8 MNOK Innovasjon Norge AS (IN) 3 MNOK SkatteFUNN 1.3 MNOK Research Council of Norway (RCN) 1.8 MNOK…
20 Largest Shareholders as of 30-September-2013 810 shareholders as of 30-Sep-2013 63.9 % Norwegian shareholders 20 largest shareholders held 71.5% Primary insiders held 7.4% 22
Agenda I. Highlights from Q3 II. Technical update III. Development Program IV. Financials V. Outlook 23
Outlook Refined business scope to be developed Reduce time to market Completion of Badger Demonstrator Program by end of 2014 M3 Badger Beta versions, comprehensive test phase to commence Strengthen sponsor relations Increased…
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