Norwegian company Badger Explorer has signed an agreement with Statoil whereby the oil company 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.

'We consider Statoil's continued sponsorship to be a very significant event for our company and will represent the formal start of the Badger Explorer Development Program. BXPL has passed a number of important technological milestones in the past programs, and we are several steps closer to our first commercial service. Statoil's continued participation and increased commitment are important factors in the ongoing development process', says Steinar 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 NOK 7.5 million. Other contributors to the Development Program will include Research Council of Norway, whose NOK 13.2 million award was announced on the 8th of January 2014. In addition, negotiations with other potential sponsoring oil companies are ongoing.

Tags: Badger Explorer ASA, Statoil