REG - Enteq Technologies - SABER System Field Trial Update

Enteq TechnologiesAnnouncement

09/08/2023 08:30

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RNS Number : 7860I  Enteq Technologies PLC  09 August 2023

Enteq Technologies plc

("Enteq" or the "Company")

SABER System Field Trial Update

 

Enteq Technologies plc (AIM: NTQ.L), the energy services technology and
equipment supplier is pleased to provide an update following downhole drilling
testing in North America for this game-changing alternative to traditional
Rotary Steerable Systems (RSS), the SABER Tool ("SABER").

 

The SABER system met test objectives during extensive drilling, successfully
generating steering forces to change the direction of the well at angles
typically expected by the industry for many applications. Delivery of this
performance confirms in the Directors' belief the technical ability of the
SABER system to provide a competitive commercial solution. An independent
survey was taken to validate the changes in trajectory.

 

Successful completion of this testing in an operational test environment
progresses the technology readiness level of SABER. Enteq will continue
working with strategic regional industry partners to operate the SABER system,
intending to conduct customer trials in a commercial environment, whilst
continuing to engineer further performance enhancements identified during
testing.

 

SABER, Enteq's novel steering solution has the potential to disrupt the Rotary
Steerable Systems market (greater than $2 bn p.a.*) within the drilling
industry with the potential for new levels of performance, both commercial and
technical, for operators and service companies. With its ability to operate in
high pressure and high temperature environment, SABER is suitable for use in
geothermal drilling and methane capture, positioning it to support the energy
transition. Equally, it is intended that SABER will offer significant
advantages to oil and gas operators, reducing operating costs and improving
overall cost of ownership.

 

Andrew Law, CEO of Enteq, reflected on the testing results:

"We're delighted with the results of the SABER drilling, demonstrating that
the SABER concept can steer effectively in an operational environment. Enteq
are proud of the team of engineers who have worked persistently to deliver
this success, building on the original concept developed by Shell.

 

We look forward to working alongside selected customers and industry partners
to bring this technology to market and to deliver a positive and disruptive
impact."

 

Martin Perry, Chairman of Enteq, said:

"As an independent and agile company, we are positioned to play a disruptive
role in the downhole drilling industry. Throughout this project we could see
the potential of this technology to make a positive change to the sector.
There are exciting times lying ahead for Enteq with the game-changing SABER
Tool's commercialisation."

 

*Management team's estimate of annual addressable market revenue size

 

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

Mark Ritchie, Chief Financial Officer

 

finnCap Ltd (NOMAD and Broker)
+44 (0)20 7220 0500

Ed Frisby, Fergus Sullivan (Corporate Finance)

Andrew Burdis, Barney Hayward (ECM)

 

About Enteq Technologies' SABER Tool

 

The SABER Tool (Steer-At-Bit Enteq Rotary Tool) is a step change in
directional drilling technology, developed by Enteq Technologies and based on
a concept created by Shell. The ingenuity of the SABER Tool approach lies in
the application of proven technologies in novel ways to achieve a sleek,
elegant, and mechanically simple design, thereby seeking to improve
reliability and project uptime versus traditional rotary steerable systems
(RSS).

 

Rather than using pads or plates for steering, the SABER Tool uses an
internally directed pressure differential system across the bit face. Removing
these external contact points offers the potential for reduced tool wear and
improved reliability, while also achieving true at-bit steering for the first
time. The sleek, plain collar design also offers the potential for a smoother
borehole, further improving reliability, uptime and cost efficiency.

 

Quoted on the AIM market of the London Stock Exchange (AIM: NTQ.L), Enteq
Technologies is a proudly independent UK and Houston-based engineering firm
renowned for its high-temperature (HT) expertise that makes the SABER system
one of the world's few directional drilling designs suitable for HT
applications. The Company is bringing SABER to commercialisation. For
additional information please visit
www.enteq.com/products/rotary-steerable-system-srss/
(https://www.enteq.com/products/rotary-steerable-system-srss/)

 

 

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

 

 

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