Badger Explorer ASA (BXPL) releases its Q3 2014 Report today. The
Company's Q3 2014 investor presentation in Oslo will take place at the
Hotel Continental on Thursday, 30th October 2014 at 13:00 - 14:00 CET.
The investor presentation in Stavanger will take place at Badger
Explorer ASA's premises at Forusskogen 1, 4033 Stavanger on Friday, 31st
October 2014 at 09:00 - 10:00 CET.
The main activity during Q3 2014 at BXPL has been to plan and execute
Milestone 5 of the Badger Explorer Demonstrator Program. The Milestone 5
test is comprehensive and includes stepwise trial of modules and the
entire tool. As can be expected on a prototype, several challenges have
been encountered, resolved and will be implemented.
Formal approval of Milestone 5 of the Demonstrator Program (completion
of the second generation pilot tool) is expected in Q4 2014. Upon
approval of Milestone 5 by the Steering Committee, NOK 4.335 million
will be released.
In addition to the full scale test, BXPL has spent much time during Q3
2014 on introduction of the Chinese partner to the Badger Explorer
Demonstrator Program. As reported in the Q2 2014 Board of Directors
report, on 5th August 2014 China National Petroleum Corporation Drilling
Research Institute (CNPC DR) signed a Co-operation Agreement with BXPL
to become the fifth participant in the ongoing Badger Explorer
Demonstrator Program. In addition, CNPC DR expresses a willingness to
participate as a full member in the next phase development, The Badger
Development Program, planned to go on until the end of 2017.
Summarizing Q3 2014 financial results for the Badger Explorer Group:
. Revenues for Q3 2014 were NOK 0.00 and NOK 0.00 as of 30th September
2014, compared to NOK 0.00 for Q3 2013 and NOK 70,268 as of 30th
September 2013.
. Operating expenses for Q3 2014 were NOK 5.677 million and NOK 15.735
million as of 30th September 2014, compared to NOK 2.358 million for Q3
2013 and NOK 13.926 million as of 30th September 2013.
. EBITDA for Q3 2014 was NOK -5.677 million and NOK -15.735 million as
of 30th September 2014, compared to NOK -2.358 million for Q3 2013 and
NOK -13.856 million as of 30th September 2013.
. The cash position at BXPL was NOK 411,616 as of 30th September 2014,
compared to NOK 17.259 million as of 30th September 2013.
. As of 30th September 2014, BXPL had a net equity of NOK 84.887 million
(equity ratio of 53.2%), compared to NOK 107.756 million as of 30th
September 2013 (equity ratio of 70.0%).
. The cash need for the planned activities for 2014 is covered.
By delivery of Milestone 5, the Demonstrator Program is for all
practical purposes completed and the delivery represents a major
reduction in the technical risk related to the development of the Badger
Explorer technology.
The Board of Directors is pleased that a new and the fifth partner have
joined the Demonstrator Program. The Board is furthermore convinced that
CNPC DR will be a strong contributor to secure future commercial
operations and sale of Badger Explorer services.
The main focus for the BXPL organization will be to finalize the Scope
of Work for the Development Program, define early commercial Badger
versions and secure participation from the partners.
Kick off for the Development Program is expected to be early 2015.
For further information, please contact:
Steinar Bakke, CEO, cell phone +47 930 70 466, office +47 52 97 45 50
Gunnar Dolven, CFO, cell phone +47 908 53 168, office +47 52 97 45 40
www.bxpl.com