Enteq Technologies
plc
("Enteq",
the "Company" or the "Group")
Trading
Update
Enteq Technologies plc (AIM:NTQ.L),
the specialist energy services engineering and technology company,
provides an update on trading and progress of the SABER Tool
(Steer-At-Bit Enteq Rotary) technology.
Catoosa Test Facility, Oklahoma
· During
December 2024, the Company undertook a demonstration test of its
SABER tool at the industry test facility in Catoosa, Oklahoma. This
drilling provided the opportunity to test operational
functionality, and to implement engineering solutions identified
during the recent customer trial process in Australia.
· The
SABER tool again proved the principles of operation and steering by
generating 'dog-leg', building and turning the angle during
drilling, thereby achieving one of the key test
objectives.
· Additionally, as a result of this testing the team have
identified a number of engineering modifications and operational
procedures to be implemented and tested in future drilling
operations.
Commercialisation:
· Following the successful completion of passive test drilling
operations with the customer in Australia in Q4 2024, the Company
is now working (including incorporating the engineering
modifications workstream referred to above) towards commencement of
active test drilling operations. Based on the customer's current
operational programme, this active test drilling is likely to
commence in April 2025.
· Enteq
continues to actively engage with potential customers, driven by
the market and industry demand for a low cost to operate rotary
steerable system.
Outlook:
· The
Company is focused on preserving and managing cash. Due to the
progress on commercialisation as described above, the timing of
revenue previously expected to be earned is now more uncertain, and
there will be costs associated with the engineering referred to
above. Accordingly, the current cash runway, based on current cash
resources, and before any potential cost savings, is now expected
to be shorter than previously outlined at the time of the 2024
fundraise.
For further information, please
contact:
Enteq Technologies plc
+44 (0)20 8087 2202
www.enteq.com
Andrew Law, Chief Executive
Officer
Cavendish Capital Markets Ltd (NOMAD and Broker)
+44 (0)20 7220 0500
Ed Frisby, George Lawson (Corporate
Finance)
Andrew Burdis, Jamie Anderson
(Corporate Broking)
THIS ANNOUNCEMENT CONTAINS INSIDE
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