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Hunter Group ASA — AGM Information 2016
Jun 14, 2016
3626_iss_2016-06-14_56020a37-5488-4738-9830-d05cc3c75f83.pdf
AGM Information
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Q1 - 2016 AGM Report
Øystein Larsen - CEOGunnar Dolven - CFO
14-June-2016
- • This presentation includes forward-looking statements which are subject to risks and uncertainties that couldcause actual results and events to differ.
- • Even though the Company believes that the expectations reflected in the forward-looking statements arereasonable, BXPL cannot assure that the presented predictions will be achieved. It has to be taken into account that certain risks and uncertainties that are tied to the presented forward-looking statements, such as political, economical, financial and legal changes in the markets BXPL operates in, are beyond the Company's ability tocontrol or predict. Therefore readers should not place undue reliance on the forward-looking statements.
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• BXPL does not intend and does not assume the obligation to update any of the presented forward-lookingstatements in light of new information except to the extent required by applicable law and/or regulation.
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•Highlights from Q1 2016
- •Development Program
- • Partners
- •Statoil
- •CNPC
- •Industrial Partners
- •Financials
- •Outlook
BXPL have identified four main processes critical for an operational Badger tool :
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- Compaction and plug integrity
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- Locomotion
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- Drilling
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- Cuttings transport
The Development Program Scope of Work describes plans and methods for researching, developing, and qualifying, the required process solutions. The program calls for work on several parallel tracks for each main challenge in order to reduce development risk.
Development Program Milestone 1
| l b l D i e v e r a e : |
h d l S c e u e : |
P t a y m e n : |
|---|---|---|
| d l C i S 2 3 t t t t t t t u n g s r a n s p o r s y s e m a g e a n c o m p e e |
/ d l P j i i Q 2 Q 3 t t r o e c e c o m p e o n n |
2, 5 M N O K |
| l C i S 1 t t t t t t t n g s r a n s p o r s s e m a g e c o m p e e u y |
l d C t o m p e e |
2, O 5 M N K |
| l d l f d U i i i t t r a s o n c r a n s u c e r s q u a e |
l d C t o m p e e |
1, 2 N O K 5 M |
| b l d l l F i i i i t t t t t e a s y s u y o c o m o o n s y s e m c o m p e e |
l d C t o m p e e |
1, 2 5 M N O K |
Cuttings transport system – long term testing
A main challenge in the Badger Explorer tool is thecuttings transport.
Based on the work performed at Honeybee Robotics in 2015 Badger Explorer have designed and built a new prototype.
Long term testing is planned in Q2/Q3-2016, and will release MNOK 2,5 from Statoil when successfully completed.
Agenda
- •Highlights from Q4 2015
- •Development Program
- • Partners
- •Statoil
- •CNPC
- •Industrial Partners
- •Financials
- •Outlook
Development Program
- • Program is split into smaller, parallel projects with smaller budgets (Part 1, Part 2, etc.)
- • Joint Industry Projects (JIP) with partners outside the Badger Explorer project will ensure progress and lower budget
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•Actively seek cooperation with oil service companies
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•Highlights from Q4 2015
- •Development Program
- • Partners
- •Statoil
- •CNPC
- •Industrial Partners
- •Financials
- •Outlook
Statoil remains positive to the Development Program, focusing on completing individual components of the BXPL tool
On the 8th April Statoil signed a Letter of Intent where they confirm their intent to support BXPL's Development Program in 2016.
Negotiations about technical deliverables and funding is ongoing.
Development Program Milestone outline
- •Compaction experiments at University of Glasgow, supported by Petromaks2
- •Drilling system
Meeting with CNPC DR in Beijing on January 6th and 7th 2016
Signed MoU where CNPC DR confirms intention to participate in Development Program
Timeline for final commitment was set at end Q1-2016, but negotiations are still ongoing.
BADGER EXPLORER ASA – MEMORANDUM OF UNDERSTANDING WITH CNPC DR
The Badger Development Program 2015 has been focused on developing the Cuttings Transport System as well as the Ultrasonic Transducers for the Badger Tool. As milestones related to the Program are under completion, Badger Explorer ASA (BXPL) has been working with its sponsoring partners to agree the Scope of work and funding for The Badger Development Program 2016 where focus will be on further developing the Drilling System for the Badger Tool.
After a workshop held last week, BXPL and CNPC DR signed a Memorandum of Understanding regarding CNPC DR's intention to become a full partner in the Badger Development Program for 2016. Both BXPL and CNPC DR intend to sign a formal contract before end of Q1 2016.
Stavanger, 11th January 2016
- •Highlights from Q4 2015
- •Development Program
- • Partners
- •Statoil
- •CNPC
- •Industrial Partners
- •Financials
- •Outlook
BXPL has entered partnership dialogues with several international oilfield service companies
- • Accelerating technical advancement of the tool and contributing to a successful market introduction
- •Partnerships will allow technologies to be spun-off for alternative applications.
- • Main focus will remain the Development Program, but BXPL will make an effort to unlock the potential in technologies currently developed and pipelined for development
Agenda
- •Highlights from Q4 2015
- •Development Program
- • Partners
- •Statoil
- •CNPC
- •Industrial Partners
- •Financials
- •Outlook
BXPL: Income Statement
| Quarters | Year End | |||||
|---|---|---|---|---|---|---|
| Unaudited figures in NOK 1000 | Q1 2016 | Q4 2015 | Q1 2015 | Note | 31.12.2015 | |
| Revenues | ||||||
| Other Income | 0 | $\mathbf{0}$ | $\mathbf{0}$ | $\mathbf{0}$ | ||
| Total Revenues | $\mathbf{0}$ | $\mathbf{0}$ | 0 | $\mathbf{0}$ | ||
| Operating Expenses | ||||||
| External services for development project | 111 | 1959 | 2 0 6 8 | 8726 | ||
| Payroll and related costs | 1 081 | 1983 | 3 2 8 1 | 9921 | ||
| Other operating expenses | 1 108 | 536 | 2 6 1 0 | 8 0 8 3 | ||
| Capitalized development costs | $-601$ | $-3069$ | $-3924$ | $-14124$ | ||
| Total Operating Expenses | 1698 | 1 409 | 4035 | 12 606 | ||
| EBITDA | $-1698$ | $-1409$ | $-4035$ | $-12606$ | ||
| Depreciation | 43 | 44 | 60 | 200 | ||
| Operating profit (loss) | $-1741$ | $-1453$ | $-4094$ | $-12807$ | ||
| Net financial income (loss) | $-113$ | $-114$ | $-101$ 3,10 | $-450$ | ||
| Profit (loss) before taxes | $-1855$ | $-1566$ | $-4196$ | $-13257$ | ||
| Tax on ordinary result | 0 | $\pmb{0}$ | $\theta$ | $\mathbf{0}$ | ||
| Net profit (loss) | $-1855$ | $-1566$ | $-4196$ | $-13257$ | ||
| Profit (loss) attributable to equity holders of the parent |
$-1855$ | $-1566$ | $-4196$ | $-13257$ | ||
| Earnings per share | $-0,10$ | $-0,08$ | $-0,23$ | $-0,72$ | ||
| Earnings per share diluted | $-0,10$ | $-0,08$ | $-0,23$ | $-0,71$ |
BXPL: Statement of Financial Position (I)
| Unaudited figures in NOK 100 | ||
|---|---|---|
| ASSETS | 31.03.2016 | 31.03.2015 | Note | 31.12.2015 |
|---|---|---|---|---|
| NON-CURRENT ASSETS | ||||
| Capitalized development costs | 147 966 | 142 263 | 2,6 | 147 768 |
| Patent rights | 387 | 387 | 387 | |
| Total intangible assets | 148 352 | 142 650 | 148 154 | |
| Property, plant & equipment | 58 | 242 | 101 | |
| Total tangible assets | 58 | 242 | 101 | |
| Investments in shares | 0 | $\bf{0}$ | 3,10 | $\bf{0}$ |
| Total investments in shares | 0 | 0 | $\bf{0}$ | |
| TOTAL NON-CURRENT ASSETS | 148 410 | 142 891 | 148 255 | |
| CURRENT ASSETS | ||||
| Accounts receivables | 0 | 0 | 6 | $\Omega$ |
| Other receivables | 5 9 8 2 | 9 2 9 7 | 3 6 3 0 | |
| Total receivables | 5982 | 9 2 9 7 | 3 6 3 0 | |
| Cash and cash equivalents | 329 | 1 0 8 2 | 586 | |
| TOTAL CURRENT ASSETS | 6 3 1 0 | 10 379 | 4 2 1 6 | |
| TOTAL ASSETS | 154 721 | 153 271 | 152 471 |
BXPL: Statement of Financial Position (II)
| ondoorted right of in rion, root | ||||
|---|---|---|---|---|
| EQUITY AND LIABILITIES | 31.03.2016 | 31.03.2015 | Note | 31.12.2015 |
| EQUITY | ||||
| Share capital | 2 3 1 7 | 2 3 1 7 | 3 | 2 3 1 7 |
| Share premium | 218 070 | 218 070 | 4 | 218 070 |
| Other paid in capital | 3 8 4 8 | 3 8 2 4 | 3 | 4 1 6 7 |
| Total paid in equity | 224 235 | 224 211 | 224 555 | |
| Retained earnings | $-160202$ | $-149286$ | $-158347$ | |
| Total retained earnings | $-160202$ | $-149286$ | $-158347$ | |
| TOTAL EQUITY | 64 032 | 74 925 | 66 207 | |
| LIABILITIES | ||||
| Capitalized grants | 79 000 | 73 500 | 6 | 75 000 |
| Total non-current liabilities | 79 000 | 73 500 | 75 000 | |
| Accounts payables | 2793 | 1799 | 3,8 | 3 0 7 8 |
| Public duties payables | 962 | 1 1 1 8 | 474 | |
| Debt financial institutions | 6 9 28 | $\bf{0}$ | 11 | 6711 |
| Other short term liabilities | 1 0 0 5 | 1928 | 1 001 | |
| Total current liabilities | 11 688 | 4845 | 11 264 | |
| TOTAL LIABILITIES | 90 688 | 78 345 | 86 264 | |
| TOTAL EQUITY AND LIABILITIES | 154 721 | 153 271 | 152 471 |
BXPL: Cash Flow Statement
| Quarters | Year end | ||||
|---|---|---|---|---|---|
| Unaudited figures in NOK 1000 | Q1 2016 | Q4 2015 | Q1 2015 Note 31.12.2015 | ||
| Contribution from operations* | $-2018$ | $-1273$ | $-3870$ | $-12098$ | |
| Change in accounts receivables and accounts payables | $-284$ | $-433$ | $-595$ | 3,8 | 683 |
| Change in other receivables and payables | $-19$ | $-205$ | $-391$ | $-936$ | |
| Net cash flow from operating activities | $-2.321$ | $-1911$ | $-4856$ | $-12351$ | |
| Capitalization of development cost | $-601$ | $-3069$ | $-3924$ | $\overline{2}$ | $-14124$ |
| Net cash flow from investment activities | $-601$ | $-3069$ | $-3924$ | $-14124$ | |
| Public grants | 562 | 2922 | 1673 | 1 | 8 0 6 0 |
| Contribution from industry partners | 2 000 | $\Omega$ | 3 9 4 0 | 6 | 8 3 9 0 |
| Interest received | $\bf{0}$ | 16 | 28 | 54 | |
| Interest paid | $-114$ | $-130$ | $-129$ | $-505$ | |
| Proceeds from borrowings financial institution | 216 | 1666 | 0 | 11 | 6711 |
| Not cash flow from financing activitios | 2 6 6 5 | 4 4 7 4 | 5511 | 22 711 | |
| Total net changes in cash flow | $-257$ | $-505$ | $-3269$ | $-3764$ | |
| Cash and cash equivalents beginning of period | 586 | 1 0 9 1 | 4 3 5 1 | 4 3 5 1 | |
| Cash and cash equivalents end of period | 329 | 586 | 1082 | 586 | |
| Profit (loss) attributable to equity holders of the parent | $-1855$ | $-1566$ | $-4196$ | $-13256$ | |
| Employee options | $-320$ | 136 | 165 | 5 | 508 |
| Depreciation | 43 | 44 | 60 | 200 | |
| Financial income | $\mathbf{0}$ | $-16$ | $-28$ | $-54$ | |
| Financial expenses | 114 | 130 | 129 | 505 | |
| *Contribution from operations before tax | $-2.018$ | $-1, 273$ | $-3.870$ | $-12098$ |
20 Largest Shareholders as of 31 March 2016
| Rank Investor | Holding Percentage | ||
|---|---|---|---|
| L | DEUTSCHE BANK AG | 2829997 | 15.3% |
| 2 | TTC INVEST AS | 1 306 862 | 7.0% |
| 3 | INVESCO PERP EUR SMALL COMP FD | 225 389 | 6.6% |
| 4 | EUROCLEAR BANK S.A. | 923 924 | 5.0% |
| 5 | HOLBERG NORGE | 808 135 | $4.4\%$ |
| 6 | SKANDINAVISKA ENSKILDA BANKEN S.A. | 615 000 | 33% |
| 7 | ARGENTUM | 524 145 | 2.8% |
| 8 | DALVIN RÅDGIVNING AS (DOLVEN GUNNAR) | 426 872 | 23% |
| 9 | MACAMA AS | 355 514 | 1.9 X |
| 10 | ANØY INVEST DA | 278 800 | 1.5% |
| п | AM KNIJT | 242 600 | 1.3 % |
| 12 | GJENSIDIGE FORSIKRING | 226 472 | 1.2 X |
| 13 | DREVDAL KJELL ERIK | 222 600 | 1.2% |
| 14 | NILSHOLMEN INVESTERING AS (MARKMAN KJELL) | 209 222 | 1.1% |
| 15 | MP PENSJON PK | 208 700 | 1.1% |
| 16 | ESPELID KARSTEIN JOHAN | 170 000 | $0.9\%$ |
| 17 | STOKKA SIGMUND | 168 693 | 0.9 2 |
| 18 | BARRE ØYSTEIN | 155 748 | $0.8 \%$ |
| 19 | BAKKE STEINAR | 155 000 | $0.8 \%$ |
| 20 | ØVREBOTTEN SVEIN | 155 000 | $0.8\%$ |
| Top 20 shareholders | 11 208 673 | 60.5% | |
| Other shareholders | 7328615 | 39.5% | |
| Total shares outstanding | 18 537 288 | 100,0% |
| Rank Investor | Holding Percentage | ||
|---|---|---|---|
| т | DEUTSCHE BANK AG | 2829997 | 15.3% |
| 2 | TTC INVEST AS | 1350260 | 73% |
| 3 | INVESCO PERP EUR SMALL COMP FD | 1225389 | 6.6% |
| 4 | HOLBERG NORGE | 808 135 | $4.4\%$ |
| 5 | CLEARSTREAM BANKING S.A. | 734 003 | $4.0\%$ |
| 6 | SKANDINAVISKA ENSKILDA BANKEN S.A. | 615 000 | 33% |
| 7 | ARGENTUM FONDSINVESTERINGER AS | 523 145 | $2.8\%$ |
| 8 | DALVIN RĂDGIVNING AS (DOLVEN GUNNAR) | 426 872 | $2.3\%$ |
| 9 | MACAMA AS | 355 514 | 1.9% |
| 10 | ANØY INVEST DA | 278 800 | 1.5% |
| п | BARRA ØYSTEIN JOHANNES | 277 034 | 1.5% |
| 12 | AM KNUT | 242 600 | 1.3% |
| 13 | GJENSIDIGE FORSIKRING | 226 472 | 1.2% |
| 14 | DREVDAL KJELL ERIK | 222 600 | 1.2% |
| 15 | NILSHOLMEN INVESTERING AS (MARKMAN KIELL) | 209 222 | 1.1% |
| 16 | BAKKE STEINAR | 200 473 | 1.I % |
| 17 | MP PENSJON PK | 172700 | 0.9 X |
| 18 | ESPELID KARSTEIN JOHAN | 170 000 | 0.9 2 |
| 19 | STOKKA SIGMUND | 168 693 | 0.9 2 |
| 20 | THOMAS FEARNLEY, STIFTELSEN | 150 983 | $0.8 \, \%$ |
| Top 20 shareholders | 11 187 892 | 60.4% | |
| Other shareholders | 7 349 396 | 39.6% | |
| Total shares outstanding | 18 537 288 | 100,0% |
Agenda
- •Highlights from Q4 2015
- •Development Program
- • Partners
- •Statoil
- •CNPC
- •Industrial Partners
- •Financials
- •Outlook
Successful function testing of the cuttings transport system and qualification of ultrasonic transducers are important steps towards a commercial Badger tool.
In 2016 Badger Explorer will continue to develop and qualify solutions for the main challenges with the Badger concept.
The negotiations with oil company sponsors are on-going and will be completed as soon as possible. Funding of operations in 2016 remains a top priority for the Management and Board of Directors.
Any questions - Thank You