Badger Explorer (BXPL) signed an agreement with Statoil, whereby the Norwegian giant will sponsor the first phase of the Badger Explorer Development program.
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.
“BXPL has passed a number of important technological milestones in the past programs, and we are several steps closer to our first commercial service,” said Steiner Bakke, CEO of BXPL.
According to the agreement, funds will be awarded to BXPL when the agreed milestone is reached. Statoil's total contribution to the first phase of the Badger Explorer Development program will be US$900,000 (NOK 7.5 million).
Other contributors to the development program will include Research Council of Norway, whose $1.7 million (NOK 13.2 million) award was also announced.
In addition, negotiations with other potential sponsoring oil companies are ongoing.
Image: Badger Explorer
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