Badger Explorer (BXPL) has received a letter of intent (LOI) from Statoil confirming its support BXPL's development program in 2016.
The objective of the development program is to further develop, design and qualify technologies and solutions for a commercial Badger Explorer tool based on lessons learned in previous programs.
The Badger Explorer technology is a rig-less formation and reservoir evaluation tool. The device drills down to the target reservoir, compacting and ejecting the drill cuttings at the back end of the device using an ultrasonic compactor. The sensors continuously record data and provide long-term monitoring of the formation.
Once the required reservoir target has been evaluated, the Badger Explorer is left permanently underground.
“Statoil have played an important role in defining the development program, and have provided advice and support in the technical development. The continued support from Statoil is an important event for our company”, says Øystein Larsen, CEO of BXPL.
In addition to this LOI from Statoil, BXPL and CNPC Drilling Research Institute (CNPC DR) signed a memorandum of understanding in January 2016 regarding CNPC DR's intention to become a full partner in the development program for 2016.
