Q4 2012 Investor Presentation Rig-less exploration and monitoring David Blacklaw CEO Oslo, 27-Feb-2013 Gunnar Dolven - CFO Stavanger, 28- Feb-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. Summary and Update II. Development Program III. Markets and Applications IV. Financials V. Outlook 3
What Badger Explorer ASA Will Deliver Badger Explorer ASA 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 (1) Badger Demonstrator Program New Sponsors Additional sponsors: Provide further funding for Badger Explorer development Broader end user calibration of applications for the Badger technology Sources of…
Highlights and Update (2) Reduction of Technology Risk: Structured Evaluation Exercise Identify and reduce longer-term technology risks Borehole Stability Volume Balance Compaction & Plug Permeability Drilling Several…
Highlights and Update (3) Field Pilot Program Challenges raised by regulatory framework in Canada Local alternative site identified for first field pilot (glacial tills, mudstone, clays, unconsolidated formations) Further site…
Agenda I. Summary and Update II. Development Program III. Markets and Applications IV. Financials V. Outlook 9
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. Summary and Update II. Development Program III. Markets and Applications IV. Financials V. Outlook 11
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 Validate…
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 14
Calidus Engineering Ltd 2012 2011 Turnover MNOK 13.2 12.0 BXPL Turnover MNOK 5.7 2.8 EBT MNOK -2.5 -1 Equity Ratio 3.5% 39.2% Deliveries to BXPL at high level related to Badger Beta Tool 2012 turnover: BXPL deliveries (43.2…
Company Structure and Financials: Consolidated Income Statement 16
Company Structure and Financials: Consolidated Statement of Financial Position I 17
Company Structure and Financials: Consolidated Statement of Financial Position II 18
Company Structure and Financials: Consolidated Cash Flow 19
Company Structure and Financials: Spending/Investment Capitalised developments costs Badger Explorer has funded its operations through a) equity issues, b) oil company 140 partner funding and c) various government 122 120 107 111…
Financing Cash management continues to be a priority: Chevron and Wintershall are new sponsors Overdraft facility of 7.5 MNOK in place Conditions fulfilled to release first tranche of grant from Innovation Norway Formal process…
Funding 2012-2014 Badger Demonstrator Program Sponsors: ExxonMobil and Statoil MNOK 18.0 New Sponsors: Chevron and Wintershall MNOK 27.3 Innovation Norway Grant MNOK 20.0 Research Council of Norway DCCPP MNOK 4.9 Field Pilot…
20 Largest Shareholders as of 22-Feb-2013 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 917,223 4.95 BNYM SA/NV - BNY GCM BNY MELLON SA/NV 874,551 4.72…
Agenda I. Summary and Update II. Development Program III. Markets and Applications IV. Financials V. Outlook 24
Outlook Four strong sponsors Funding Access to world-class expertise The ongoing structured technical evaluation maintains the recent focus reduction of technology risk Cash Management continues to be a priority Potential sale…
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