Enteq Technologies - Trading Update

Enteq Technologies

10/01/2025 07:00

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RNS Number : 8279S  Enteq Technologies PLC  10 January 2025

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 (http://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)

 

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