Rogaland på Børs August 30 th 2010
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1 BADGER EXPLORER ASA Rig-less Exploration - A Game Changer Rogaland på Børs August 30 th 2010 Kjell Erik Drevdal, CEO, ked@bxpl.com,
2 Badger Explorer ASAs History Company established in Stavanger, Norway in 2003 Business model and innovation based on patented idea by IRIS Prototype development agreement with client partners in 2005 ExxonMobil, Shell and Statoil Listed on Oslo Axess in 2007 Total equity raised to date MNOK 235 Acquired UK engineering company, Calidus Engineering Ltd. in 2007 Extended agreement with Statoil, ExxonMobil and Shell in 2008 Strategic industrial co-operation agreements signed in 2009 Groundbreaking demonstration of concept in April
3 Badger Explorer - A Game Changer The Evolution of Exploration for Oil & Gas Yesterday s method: Blow-out and proud of it Today s method: Costly operation to meet required HSE standards Tomorrow s method: Safe, clean and low impact operation 3
4 Badger Explorer Overall Concept The New Exploration Value Chain Seismic EM Badger Explorer Conventional drilling Cost efficient comprehensive data collection method Suitable for large range of targets exploration, appraisal and brown fields Complementary to seismic and EM Provides detailed formation data and verifies the presence of hydrocarbons 4
5 Badger Explorer Overall Concept An autonomous drilling machine, a rig less fly by wire exploration tool Drills into the underground and buries itself Slim electrically powered drilling system Carries sensors, which continuously records data Non-reusable exploration tool that remains in the underground Consists of the following main functions: Drill bit driven by an electro-motor and gear Cutting transport, separation, deposition, compression and fracture injection device Spooled cable, through which power is supplied to the tool and data transferred to surface Developed through use of proven technology and proprietary solutions 5
6 Badger Explorer A Game Changer Revolutionary Technology 75% lower cost vs. current methods Higher data quality and volume Faster mobilisation and data collection Environmental Superior Zero emission to sea and air Market demands cleaner operations Increased governmental focus and requirements Top Tier Partners & Team 200 years+ of operational experience ExxonMobil, Shell and Statoil as partners Partner contribution: funding, expertise, operational support and prospective sales Exploration to replace reserves High Demand & Unique Earnings 50% EBITDA profit target MUSD revenue pr. operation Partners granted 3 years first right of refusal for BXPL full operations capacity 6
7 Project Update 7
8 Project Update Test objectives: The main purposes of the current tests are To drill and continuously generate a plug under full control and real-time feedback in a closed cavity system to verify the following: 1. Drilling parameters and performance 2. Transportation of drill cuttings 3. Separation of cuttings from circulation water 4. Compaction of loose cuttings into a firm plug 12
9 Project Update Test site preparations October 2009 Excavated top soil to get down to solid rock Installed 3 x 6 launch tubes w/ flange to connect artificial wellbore Launch tubes cemented in place and the ditch filled with concrete Drilled start holes to 12 m depth with percussion hammer and air Steel plates with heavy (2 tons) concrete blocks on top to counterweight compression force when anchors enter open hole and compactor still in the artificial well bore
10 Project Update Brumunddal winter 2009/2010 During the winter months, experienced delays due to low temperatures at test site (below -30C) Operation at low temperatures and large temperature variations is outside specification of current Demo50v2 tool Due to low temperatures and hydraulic pump failures had to stop operation and demobilize tool to inspect and precommission in heated work shop several times 10
11 Project Status Successful groundbreaking demonstration of the concept at Brumunddal World s first closed cavity drilling performed in April 2010 Drilled and plugged with repetitive cycles over a long time period and distance Operated via PC and monitoring operational parameters as: Bit revolution per minute Weight on bit Flow rate Pump and compactor pressure Company consider this demonstration the proof of concept Continuous development work ongoing Continuous improvements and efforts to prepare future versions and new, related applications 11
12 Financials, BXPL Group MNOK Cash position Equity Equity ratio 91.7% 91.4% 91.1% 12
13 Financials Shareholder Matters 767 shareholders as of largest shareholders hold 70.71% Founding investors hold 13.4% (2.4 million shares) Inventor, founders, management and employees Primary insiders hold 24.8% (4.56 million shares) 64.6% Norwegian Employee share option program (September 2009) consisting of share options 13
14 Outlook Brumunddal additional test to be completed in near future BXPL has agreed with client industry partners to perform an additional test for them to approve milestone #2 Demonstrate two operations for the first time The entire tool operating submerged under water Compaction and plugging in open hole and under water Gradually commencing pre-commercial phase: Develop and build higher specification versions of tool Achieve greater depths and higher reliability and test in a wider range of formations Negotiate and secure partner and public support and agree upon further program Develop and build an earth model to simulate, fully model and control Badger Explorer sub-surface behaviour Further build operational and commercial capabilities and partnerships 14
15 BADGER EXPLORER ASA Rig-less Exploration - A Game Changer Questions? Kjell Erik Drevdal, CEO, ked@bxpl.com,
16 BXPL s 20 Largest Shareholders as of
17 Highlights Commercialization Plan Successful Prototype Test Declaration Of commercial Product Prototype phase Pre-commercial phase Commercial sales Prototype Demo 50 Demo 125 development Pre-commercial 125 pilots (Technology qualification) Sale and delivery of commercial services Supporting partners; prototype + additional support during qualification ExxonMobil, Shell & Statoil Priority customers (first users) ExxonMobil, Shell & Statoil Years 17
18 Industry Statement "We consider the Badger Explorer to be a potential Game Changer in exploring for hydrocarbons. If research efforts and commercial implementation are successful, the Badger Explorer should help increase the success rate for discovery of oil and gas resources while reducing the environmental impact of the exploration process." Statement from industry partners
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