Badger Explorer ASA - 3Q 2009 results
(Thomson Reuters ONE) - Badger Explorer ASA - 3Q 2009 resultsBadger Explorer ASA develops a drilling tool with the potential torevolutionise the exploration of oil and gas resources. The Companyis currently in the phase of conducting a full scale self-burial testof the tool. Several test locations have been explored and a suitabletest site has been chosen. The preparation process around thisself-burial test has started.The Company's activities during the third quarter have been focusedon the assembly of the Badger Explorer Prototype tool, the Demo50version2, and the modelling of the Badger Explorer's main processes.In addition full scale testing of the redesignedseparation/compaction module has successfully taken place.Throughout the third quarter the Company has signed importantstrategic vendor agreements as well as having taken organisationalsteps in order to prepare for the commercial phase. The positivedevelopment is expected to materialise further in the fourth quarterof 2009. "We plan for the initial testing of the Prototype tool, the Demo50version2, to take place in the fourth quarter and it's the Company'sgoal to perform the onshore self-burial test before the end of 2009.A successful self-burial test will proof the patented concept andwill mark a technological breakthrough which establishes the basisfor a defined cooperation with the client partners as well as being astepping-stone towards the launch of commercial services. Wetherefore enter into yet another very exciting period for BadgerExplorer ASA", says President and CEO, Kjell Erik Drevdal.Badger Explorer ASA holds a solid financial position, which providesgrounds for a further ramp up of activities and also expanding theorganisation in line with what has been previously communicated. Asof 30 September 2009 the Badger Explorer Group has a net equity ofMNOK 205.1, equivalent to an equity ratio of 91.8 %. In 2009 the netspending is so far in accordance with the budget and the gross cashposition is estimated to amount to MNOK 133 by 31.12.2009. Combinedwith the partner agreements with the oil majors ExxonMobil, Shell andStatoilHydro this is considered to be sufficient to finance theCompany until its commercial stage.The Badger Explorer Group (includes Calidus Engineering Ltd.) hadrevenues of MNOK 2.4 in 3Q 2009, compared to MNOK 1.3 in 3Q 2008.Operating expenses for 3Q 2009 amounted to MNOK 6.6, compared to MNOK3.4 for 3Q 2008. EBITDA for 3Q 2009 amounted to MNOK -4.1, comparedto MNOK -2.0 for 3Q 2008.The Company presents its 3Q report and gives a project update on 27October at 11:00 at Hotel Continental, Oslo, and on 28 October at9:00 at the 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/1350183/325646.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 26.10.2009 - 17:49 Uhr
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