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Painfully slow progress I agree. Management have over-promised and under-delivered in the last couple of years as they said it would be commercialized and being sold right now. However, they have at least been prudent with cost control and the speed of adoption may be a little out of their hands so I'm willing to give them time as they have made progress and seem to have a finalized product now without additional investment required. Lets hope things ramp up over the next year and get some positive real world feedback to raise demand.
At £6.5 m again despite allegedly revolutionary technology…….disappointing is not the word!
Today's RNSNON looks good - an actual first SABER purchase order!
Everything's progressing well in terms of build programmes, further testing, technology demonstrations etc.
And SABER's applications include "hydrocarbon production, geothermal energy, methane capture and CCS (carbon capture and storage)".
The CEO concludes with "This is another positive step along the road to full commercialisation of the SABER technology in a market that has a demand for this strong alternative method of steering while drilling":
Https://uk.advfn.com/stock-market/london/enteq-technologies-NTQ/share-news/Enteq-Technologies-PLC-SABER-Tool-Update/93252029
Https://www.enteq.com/news-media/2023/12/enteq-technologies-marks-milestone-year-with-saber-tool-success-and-global-expansion/
"19 December 2023
Enteq Technologies marks milestone year with SABER Tool success and global expansion
Enteq Technologies..announces several major milestones in 2023, including the successful field trials and validation of its innovative Steer-At-Bit Enteq Rotary Tool (SABER Tool). Adding to this success, Enteq expanded its footprint with the opening of new facilities in Houston and Aberdeen. The company also completed the sale of its XXT MWD (measurement while drilling) intellectual property and made a number of strategic appointments.
Shortlisted for the Emerging Technology category at the 2023 Offshore Achievement Awards, SABER successfully drilled 100m in granite during field trials at the first stage of Enteq’s field trials programme in Norway, qualifying its capabilities. This was followed up with the next stage at Catoosa Drill Test Facility in Oklahoma, where an independent survey confirmed the tool had exceeded test objectives during extensive downhole drilling testing.
SABER proved its efficacy in an operational environment, successfully generating steering forces to change the trajectory of a well by generating dogleg in typical reservoir rock conditions and providing sufficient steering force for target commercial applications in lateral horizontal wells. With this confirmation now secured, Enteq has moved onto the final stages of commericialision for SABER, seeking partners and customers as the tool comes to market.
Reflecting on 2023, Andrew Law, CEO of Enteq said:
“2023 marked a number of defining moments for Enteq and the SABER Tool. Successful downhole testing was a landmark achievement for us, but also for the wider industry as we have now validated our ability to push the boundaries and set a new standard for RSS technology with SABER.”
As part of its strategic commercialisation strategy, the company sold its Enteq XXT MWD intellectual property and associated assets to Rime Downhole for a multi-million figure sum to enable it to focus its attention, investment and resources towards the development of SABER.
The sale came as Enteq strategically expanded into new US headquarters in Houston, Texas, giving it a new North American home for the tool’s development. Continuing this strategic growth, Enteq also opened a new office in Aberdeen in November, supporting its broader growth strategy. The Aberdeen office is poised to play a vital role in engaging with UK-based customers and partners while also functioning as support services headquarters for Enteq...
...Law continued,
“Our expansion in Houston and new Aberdeen office comes at a time of real momentum for Enteq and SABER and strengthens both our global credentials and local capabilities in those regions. The appointments of Mark, David and Jason have also further enhanced our expertise and capabilities as we a
Headed up by the CFO - encouraging news and hopefully another sign that SABER commercialisation is going well:
hTtps://www.enteq.com/news-media/2023/11/enteq-technologies-opens-aberdeen-office-to-support-global-rss-growthstrategy/
hTtps://drillingcontractor.org/enteq-technologies-opens-aberdeen-office-to-support-global-rss-growth-strategy-67316
hTtps://www.linkedin.com/posts/drilling-contractor-magazine_enteq-technologies-opens-aberdeen-office-activity-7133110765347078145-vvvQ
Agreed. SABER coming along nicely. Commercialisation beckons.
A couple of further points. Many shares are in sticky hands with 70% held by institutions or insiders so it will move quickly with positive news. Directors leading by example with skin in the game, including recent buys.
An £8.42m market cap company with £5m cash in the bank!
What’s not to like?
Overall great to see further confirmation that SABER "has progressed well with the technology operating as expected during successful field-testing in Oklahoma. SABER tools are currently in manufacture for commercial deployment".
The numbers and financial updates are now irrelevant other than to note that NTQ has plenty of cash for the upcoming initial commercialisation - $5.6m cash as at 30th September, with a further $2.3m due from the XXT disposal - we just have to wait for additional commercialisation and technical updates, hopefully early next year.
From Finncap's update FYI:
"Outlook.
SABER continues to progress successfully through its field trials, most recently the technology operating as expected in its customer field testing in Oklahoma. SABER now appears very close to commercialisation. SABER tools are currently in manufacture for commercial deployment for customer testing.
- Commercial opportunity.
SABER is expected to be a disruptive technology in the Rotary Steerable segment of the directional drilling market. This market is worth an estimated $3.6bn pa according to Spears & Associates (2023), expected to grow around 11% this year. It is unique and IP protected, mechanically simple, thereby using fewer moving parts and is expected to offer customers lower through life operating costs and improved operational availability versus the market incumbents. The company is planning to introduce the SABER to market both as a rental unit or as an outright sale, with the independent and regional drilling companies expected to be keen to compete with the major market incumbents in this area.
- Forecasts.
Our forecasts remain under review for the time being, until commercial launch and initial customer acceptance provides a better understanding of have quickly this huge market will adopt this product. If commercial success occurs, the group’s value should see substantial upside from current low levels."
Looks like one 100,000 buy at the 11.75p mid-price followed by a further 100,000 buy at 12p?
Hopefully an expression of confidence in things to come.
Impressive new Engineering Director announced (via Linkedin):
Https://www.linkedin.com/posts/enteq-technologies_logging-and-measurement-while-drilling-activity-7125096549503651840-CKIR
And some interesting people amongst the 20 who've "liked" NTQ's recent posta bout SABER on LinkedIn:
Https://www.linkedin.com/feed/update/urn:li:activity:7123230078649425921/
Exxon buying Pioneer indicates a new future for shale and there is more new money and consolidation to come and more directional drilling needs and more technology. Chevron will be left in the dust and won't like that.
Might be waiting for a deal, might be giving more time for others to buy in, might look to make a splash over the weekend as news is digested, might be completely out of their depth ???
And still no results. Management looking a bit amateur here when they state dates for results and continually miss them.
Final results should be out tomorrow, given results due w/c 18th September. Possible buying ahead of those, however I doubt there will be too much to glean from them other than cash position. It's all about Saber rollout now.
Is it possible for a robust rally to occur later this afternoon?
On virtually no trades, so I assume there are larger buys above market size yet to be reported.
There's a new major shareholder - A. Lindsay has been buying and now has 2.52m shares, or 3.57%. Anyone any clues as to who he might be?
Https://uk.advfn.com/stock-market/london/enteq-technologies-NTQ/share-news/Enteq-Technologies-PLC-Holdings-in-Company/92075929
Good to see buying just now at 11.2p - nicely above the published 11p offer price. Someone's keen.
Intriguing upwards movement here. FYI there's a new article dated September 7th on NTQ's web site confirming the positive noises around SABER:
Https://www.enteq.com/news-media/2023/09/chronicles-from-catoosa-saber-validates-its-effectiveness-during-extensive-trials/
Extracts:
"07 September 2023
Chronicles from Catoosa: SABER validates its effectiveness during extensive trials
Neil Bird, VP Advanced Drilling Systems, Enteq
In April, I detailed the qualified success of initial testing in Norway for the SABER Tool — our innovative alternative to conventional rotary steerable systems (RSS) for directional drilling. After that, our attention shifted to SABER’s next testing phase at Catoosa Test Facility in Oklahoma, and I’m delighted to report this trial was a resounding success. It felt only natural to continue our testing series with a second piece as we celebrate SABER proving its effectiveness under operational conditions.
This is a huge moment for the whole Enteq team. While its significance has taken some time to sink in, we are now beginning to appreciate the scale of our achievement.
Catoosa preparations revolved around two goals: first, confirming the effectiveness of SABER’s unique application of Bernoulli’s steering concept; second, identifying operational limits. During an extensive drilling programme, we were able to put a tick in both of these boxes.
Testing proved SABER’s ability to induce significant dogleg (DLS severity) in typical downhole conditions and navigate diverse formations, mirroring real-world commercial environment. We were able to generate a build and drop, hold and change azimuth when we needed to, and turn. This validates its suitability for our target commercial applications in lateral horizontal wells.
All testing results have been verified by an independent survey and we have conducted our own thorough analysis to confirm our success, but also scope out further areas for optimisation, which we are in the process of implementing."
"In the two decades since RSS supplanted mud motors as the premier directional drilling tool, the technology has remained largely stagnant. SABER represents the first real innovation the industry has seen in that time, so it is natural that some people may have doubts. However, these results mark a pivotal moment and affirms that SABER can redefine industry standards and expectations.
Validating SABER’s application of Bernoulli’s principle marks a significant moment, underscoring its capacity for precise at-bit steering in global commercial drilling, with enhanced tool life and reliability. SABER’s applications for geothermal and methane capture applications further expand its uses beyond existing RSS technologies.
In line with our growth and commercialisation strategy, we are now actively selecting partners in strategic global regions to bring the tool to market. We will be keeping our sunglasses on as we look forward to our participa
Asterisks!
Go to"directors talk" interviews and that should do the trick.
dated yesterday:
https://www.***************************/enteq-technologies-completes-important-milestone-video/4121125856
ZERO trades today, AGAIN ria.
Today up 5 percent
No, it's not up 4 percent. There has been ZERO trades.
Why do you spout such rubbish Ria?
Can we get a strong rally later this afternoon