BXPL 1Q 2008 REPORT

4/23/2008, 7:29 PM (Source: GlobeNewswire)
Badger Explorer ASA (BXPL) has during the first  quarter 2008 taken
further important steps to progress the technical product development
of the Badger Explorer prototype and to prepare for commercial
operations.  
The extended partner agreement has been signed by ExxonMobil and
StatoilHydro. Signature from Shell is pending. The agreement involves
extensive support in the ongoing development phase and also includes
a plan through to and into commercial operations together with the
partners, expected 4Q 2009/ 1H 2010.
The company is preparing for the Demo50-test at the Denmark test
site, including geoscience studies and the building of a fully
assembled Badger Explorer.
The collaboration with Calidus Engineering Ltd is proceeding in line
with acquisitions expectations. The development team has thus
strengthened its capabilities.
Components of the Badger Explorer Demo50 version will go through
critical site testing 2Q 2008, preparing for autonomous tests of the
Demo50 version in Denmark 2H2008. In parallel the development of
Demo125 version is ongoing, this version is planned to be tested and
qualified through 2009.
 
Within Badger Plasma Technology a new test site is in place in
Stavanger, and challenging qualifications activities are ongoing for
more specific applications development during 2Q 2008. Critical
testing will be performed at the test facilities in 2Q 2008 to
categorise the performance.
The Badger Explorer Group (includes Calidus Engineering Ltd.) had
revenues of MNOK 1.9 in 1Q 2008, compared with kNOK 150 1Q 2007. 
Operating expenses for 1Q 2008 amounted to kNOK 4 440 and to kNOK
1 825 as of 1Q 2007.  EBITDA for 1Q 2008 amounted to kNOK - 2 473 and
to kNOK -1 676 in 1Q 2007. Cash reserves per 31.03.2008 are MNOK 195.
 
For further information, please contact:
Kjell Erik Drevdal, CEO, +47 916 43 552
Gunnar Dolven, CFO, +47 908 53 168
 
About Badger Explorer ASA
Badger Explorer ASA is developing a revolutionary method for
exploration and verification of oil and gas prospects, called Badger
Explorer. Badger Explorer drills down and buries itself in the
underground, equipped with numerous sensors, which measure and
register vital formation and physical data. The method provides a
substantially lower risk, cost and complex operation compared to
utilising an expensive conventional drilling rig.
The crushed formation cuttings are transported through the tool,
deposited and compressed in the void behind the unit. Potential
excess volume is injected into fractures generated by Badger
Explorer. The unit is connected to a combined power and signal cable
which again is connected to the surface. The unit is powered by
electricity and transmits data signals to the surface through the
cable.
In addition, the wholly owned Badger Plasma Technology AS subsidiary
has an exclusive licence to exploit the patented plasma channel
drilling (PCD) technique developed at Britain`s University of
Strathclyde. The solution is removing scale and other obstructions in
production/injection wells with the aid of sparks generated at high
electrical voltages.
www.bxpl.com

View document

View document
Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.