Q IR Report. Rig-less exploration and monitoring

Transcription

1 Q IR Report Rig-less exploration and monitoring Steinar Bakke Gunnar Dolven Oslo, 29-October-2015 Stavanger, 30-October-2015

2 Agenda 1.Development Program - status 2.Partners 1.Statoil 2.CNPC-DR 3.Other 3.Industrial Partners 4.Financials 5.Outlook

3 Development Program Milestone 1 Milestone 1 in the Development Program is due December The projects included in Milestone 1 will ensure progress on critical areas in the Badger Explorer concept, and are important building blocks for the complete tool. This presentation gives a snapshot of the status of each project included in the milestone. Milestone: Deliverable: Status: Solid State Locomotion system Feasibility study with recommendations Paper report CEDRAT,FR, finished and delivered report August Positive conclusion, recommend further work Ultrasonictransducer for compaction Prototype magnetostrictive ultrasonic transducer tested at pressure and temperature. Cuttings transport system TRL3 (scaledprototype tested in simulated conditions) qualification test of system at 125 degc Assembly of transducer ongoing as scheduled, initial testing started,hpht testing planned in November. Most of the work performed by ETREMA Inc, US. Designand rapid prototyping at Honeybee Robotics. Full scale prototype built and initial testing started.

4 Solid State Locomotion system Project with CEDRAT BXPL has together with CEDRAT investigated the potential of using piezoelectric actuators to make a small step -high frequency inchworm locomotion solution. The first part of the project is a feasibility study evaluating the solution. The study was completed August 2015 and concluded that the principle is feasible. The deliverable for Milestone 1 is complete The feasibility study recommends building a physical prototype to further investigate the principle, and BXPL plan to include this in the Milestone 2 deliverable in 2016.

5 Ultrasonic transducer for compaction Project with ETREMA BXPL are developing ultrasonic transducers primarily for the compaction system. Assembly of prototype is finished, initial testing is started. Some challenges with the Galfenol stacks have been identified and solutions proposed. Further testing is pending the effect from the proposed modifications. ETREMA suggests delaying HP testing until after tests in Glasgow, this is (probably) not acceptable. BXPL monitors progress closely. Deliverable for Milestone 1 is to finish HPHT testing.

6 Cuttings transport system Project with Honeybee Robotics Honeybee Robotics is designing, building and testing a disc conveyor system for cuttings transport. Phase 2 of the project is on-going, where cuttings intake and discharge as well as effects of bends will be quantified. The prototype has been assembled and function tested. Continuous improvements are installed during test phase, and long term automated testing will take place as soon as the system is sufficiently reliable. The deliverable in Milestone 1 is a pre-defined range of tests proving the systems ability to transport a wide range of media under realistic conditions. The project is on schedule

7 Forward 2016 Milestone 2 outline presented to the sponsors BXPL has applied for one soft funding grant for FORNY2020 is a grant to prove concepts originating from universities and R&D institutes. BXPL have access to this through one of our engineers who is a PhD candidate at University of Bergen. Presented to Research Council 27 th October, total budget of 12 MNOK over two years. Still available funds from Petromaks2 grant to perform R&D work related to ultrasonic systems (drilling, compaction and locomotion).

8 Proposed Milestone 2 (Q2-2016) Milestone 2 Development Program Milestone HPHT Ultrasonic project: Design for piezoelectric ultrasonic transducer complete and approved HPHT function test of magnetostrictive transducers capability to compact and fluidize drilled cuttings at University of Glasgow Milestone drilling systems TBD Milestone solid state locomotion project Design for prototype complete and approved

9 Agenda 1.Development Program - status 2.Partners 1.Statoil 2.CNPC-DR 3.Other 3.Industrial Partners 4.Financials 5.Outlook

10 Partners Statoil BXPL signed contract for the first phase of Development Program 1.5 MNOK sign-on fee 6.0 MNOK for delivery of Milestone 1 (MS1) MS1 expected to be completed in December 2015 Revised transport system operated for >200hrs Statoil is actively working with BXPL on the MS1 Review meetings conducted on a monthly basis with SC

11 Partners CNPC DR Meeting with CNPC-DR in Beijing on September 22de The below MoU was signed Memorandum of Understanding On September 22, 2015 CNPC-DR and BXPL conducted workshop/seminar at CNPC-DR HQ offices. It was agreed on the following summary after this meeting: BXPL presented the status of the Badger Explorer Development Program. BXPL presented the Agreement between Statoil Petroleum AS and Badger Explorer ASA. It was acknowledged that the Development Program is of interest for CNPC-DR to participate in. However it is also acknowledged that in order for CNPC-DR to participate in this program the following has to be accomplished. A report of today s meeting will be written to CNPC International Department and further on to the Corporate Management at CNPC HQ. Badger Explorer is the unique technology in the world. CNPC-DR will try to push the cooperation between BXPL and CNPC-DR forward. CNPC-DR will like to participate in conducting lab work and testing together with BXPL especially related to the electric motor and other areas of common interest in the Development Program. CNPC-DR will also support a Field Pilot Project conducted in China. Shi Lin President CNPC-DR Steinar Bakke President BXPL

12 Partners CNPC DR The political situation is definitively what is holding the signature back This was confirmed in a meeting with the Norwegian Ambassador in Beijing on September 23de. The Ambassador has assisted us in opening the door to the Chinese Embassy in Oslo where we intend to have a meeting to make an to get the Foreign Department in Beijing to approve that CNPC-DR can sign a contract with BXPL

13 Other Petronas: Initial contact in 2010 Contact revitalized Q3-14, follow-up meeting in London Currently discussing physical meeting in Stavanger

14 Agenda 1.Development Program - status 2.Partners 1.Statoil 2.CNPC-DR 3.Other 3.Industrial Partners 4.Financials 5.Outlook

15 Industrial Partners Industrial Partner The dialog with the large international industry players is continuing at a high level

16 Agenda 1.Development Program - status 2.Partners 1.Statoil 2.CNPC-DR 3.Other 3.Industrial Partners 4.Financials 5.Outlook

17 Income Statement

18 Statement of Financial Position (I)

19 Statement of Financial Position (II)

20 Statement of Cash Flow

21 Misc Admin 2015 Cost cutting implemented Rental Staff External services etc. Further cost cut look at every item (EVRY cut by 50 %) Credit line with our bankers Secured public funding 2016 and beyond SkatteFunn RCN approval Petromaks Forny 2020

22 20 Largest Shareholders as of 30 September 2015

23 SkatteFUNN Approval

24 Agenda 1.Development Program - status 2.Partners 1.Statoil 2.CNPC-DR 3.Other 3.Industrial Partners 4.Financials 5.Outlook

25 Outlook The oil business is currently undergoing comprehensive changes and cost cuttings which also have a serious effect for BXPL has to be completed at minimum cost. BXPL is confident that the agreed technical deliveries for 2015 are achievable. However, additional commitment for external financial support must be secured in Q to enable continuation of the program in 2016 During 2016 we expect to see an improving business climate that will enable BXPL to ramp up the ongoing development activities.

26 Any questions -Thank You