Badger Explorer ASA (BXPL) has signed a Co-operation Agreement concerning a potential long term agreement with China National Petroleum Corporation Drilling Research Institute (CNPC DR), whereby CNPC DR will become a sponsoring partner in the development of the Badger Explorer autonomous drilling tool.
By entering this Agreement, CNPC DR will become a partner in the current Demonstrator Program on equal terms with the existing four partners, Statoil, ExxonMobil, Chevron and Wintershall. In addition, CNPC DR has, according to the Co-operation Agreement, indicated potential support for the next phase of development as a sponsoring partner in the Badger Explorer Development Program. CNPC DR has also expressed considerable interest in assisting in the planning and execution of the first Badger Explorer field pilots.
To become on equal terms with the existing partners, CNPC DR will pay a step-up fee equal to the financial contribution committed by each of the current partners.
“Negotiations have been ongoing for some time and we are delighted that China National Petroleum Corporation Drilling Research Institute has decided to become our fifth sponsor of the Badger Explorer activities,” says Steinar Bakke, CEO of BXPL.
The Co-operation Agreement with CNPC DR will further strengthen Badger Explorer ASA and will accelerate the development of the Badger technology.
Press Release, August 19, 2014