Badger Explorer ASA - 2Q and 1H 2009 results
(Thomson Reuters ONE) - The second quarter has been eventful and characterised by steadyprogress. Badger Explorer ASA has not experienced any significantset-backs and through extensive drilling tests, functions of theBadger Explorer tool have been verified. The work has involved designimprovements, drilling of numerous holes in representative rocksamples, transporting and compaction of drill cuttings into firm andsolid plugs behind the Badger Explorer tool. "The Badger Explorer development project has made good progressduring the summer. Successful drilling and testing of thefunctionality has led to a verification of key functions. In additionwe have been able to make solid plugs. To me the recent developmentis a further indication of the system's functionality and potential,and this provides reasons for optimism regarding the activitiesplanned for the coming months", says President and CEO, Kjell ErikDrevdal.Numerous natural self-burial test sites have been identified andinvestigated, however none of them fulfil all the test site criteriaset by the Company. The search for a natural test site andalternatives continues.During the second quarter of 2009 more than 50 jig-based systemsdrilling tests incorporating key functions of the tool havesuccessfully been performed in different types of rock. However thesystem is still not at the desired level of stability. The Companyhas secured access to state-of-the-art sensors and logging tools tobe supplied by two highly qualified international vendors. This isexpected to save time and lower development costs.The Badger Explorer Group has through 1H 2009 managed to developtechnology enabling the making of firm plugs (essential for burial).These technologies are essential for the success of the BadgerExplorer tool, hence the board reiterates its optimistic view on theremainder of 2009 and the coming year.Badger Explorer ASA has retained its solid financial position, whichprovides grounds for a further ramp up of activities and alsoexpanding the organisation in line with what has been previouslycommunicated. As of 30 June 2009 the Badger Explorer Group has a netequity of MNOK 209.5, equivalent to an equity ratio of 92.1 %. Netcash position was MNOK 81.8. In addition the company holds MNOK 78.8in bank bonds. Combined with the partner agreements with the oilmajors ExxonMobil, StatoilHydro and Shell, this is considered to besufficient to finance the company through to a commercial stage.The Badger Explorer Group (includes Calidus Engineering Ltd.) hadrevenues of MNOK 1.9 in 2Q 2009 and MNOK 4.4 in 1H 2009, comparedwith MNOK 1.5 in 2Q 2008 and MNOK 3.5 in 1H 2008. Operating expensesfor 2Q 2009 amounted to MNOK 4.7 and to MNOK 9.9 for 1H 2009,compared to MNOK 5.0 for 2Q 2008 and MNOK 9.4 for 1H 2008. EBITDA for2Q 2009 amounted to MNOK -2.8 and to MNOK -5.5 in 1H 2009, comparedto MNOK -3.4 for 2Q 2008 and MNOK -5.8 for 1H 2008.The company presents its 2Q report and gives a project update, 27August at 11:00, Hotel Continental, Oslo, and 28 August at 11:00 inthe company's offices in Stavanger.For further information, please contact:Kjell Erik Drevdal, CEO, +47 916 43 552Gunnar Dolven, CFO, +47 908 53 168About Badger Explorer ASABadger Explorer ASA is developing a revolutionary method forexploration and verification of oil and gas prospects, called BadgerExplorer. Badger Explorer drills down and buries itself in theunderground, equipped with numerous sensors, which measure andregister vital formation and physical data. The method provides asubstantially lower risk, cost and complex operation compared toutilising an expensive conventional drilling rig. The crushed formation cuttings are transported through the tool,deposited and compressed in the void behind the unit. Potentialexcess volume is injected into fractures generated by BadgerExplorer. The unit is connected to a combined power and signal cablewhich again is connected to the surface. The unit is powered byelectricity and transmits data signals to the surface through thecable.www.bxpl.comhttp://hugin.info/138473/R/1337417/318673.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 26.08.2009 - 21:38 Uhr
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