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Ticking up
News out
Now ..ticking up
This morning
Crossed 17000
Now
Fabulous RNS today
Very, very encouraging news - NTQ are "delighted" with the results of SABER's drilling tests.
Great to see the mention of the very trendy methane capture alongside geothermal and the core O&G market.
I like this closing comment:
"There are exciting times lying ahead for Enteq with the game-changing SABER Tool's commercialisation"
Https://uk.advfn.com/stock-market/london/enteq-technologies-NTQ/share-news/Enteq-Technologies-PLC-SABER-System-Field-Trial-Up/91768103
RNS: ... SABER, Enteq's novel steering solution has the potential to disrupt the Rotary Steerable Systems market (greater than $2 bn p.a.*) ...
https://www.londonstockexchange.com/news-article/NTQ/saber-system-field-trial-update/16076605
Or will we find out in a mornings RNS with the results due a week ago at last?
Last year, a number of Ned of year results and presentations…..this year nothing….I’m just hoping no news is good news
Hiding. What a pile of stuff.
Have i missed something or were we meant to see the 23' earnings release report come out today... would be good to hear about the field testing that hopefully has been going on in the background.
Let's hope very few people watch the Mark Ritchie interview. A company in the energy sector with a CFO appearing to lack any.
This surely must be the slowest and ungraded stock on AIM……and I’d swear it’s soo undervalued ……so I shall continue to watch the paint dry for now.
Let's hope this commentary from the CEO re the new CFO today presages good news:
"With his significant experience and dynamic approach combined with his strong commercial acumen he will be of great value as we enter a new phase of corporate development and look forward to a period of growth as we commence the exciting phase of introducing the game changing SABER technology to the drilling market."
Https://uk.advfn.com/stock-market/london/enteq-technologies-NTQ/share-news/Enteq-Technologies-PLC-Appointment-of-new-CFO/91211965
As per today's RNS, NTQ have received $3.16m for a division which was losing $2.24m per annum. Which strikes me as a good decision with other priorities in hand.
NTQ now have a $8.5m cash pile in hand against the $7.7m m/cap, which should be more than enough to finance the final commercialisation of SABER through this year.
Https://www.enteq.com/news-media/2023/04/notes-from-norway-recent-field-trials-give-cause-for-saber-optimism/
"On the strength of these results, we should comfortably meet the operating envelope as per the original design criteria. This provides assurances that we have truly developed a tool which can meet the higher performance and lower capex that today’s operators require as they contend with more demanding field environments and energy transition applications, such as geothermal drilling."
"This will be the last big box to tick and if we can do so – barring some software and functionality patches – SABER will be on track for commercial partner field trials in H2 2023."
Excellent stuff - $2.5m received and banked compared to the $2.14m book value.
And there'll be an overall cost saving even after the lease costs of the new facility, so well worth doing.
SABER development is presumably fully funded going forward now:
https://www.investegate.co.uk/enteq-technologies--ntq-/rns/sale-of-property/202303290708296003U/
Https://www.enteq.com/news-media/2023/03/enteq-technologies-qualifies-alternative-to-traditional-rss-technology-in-norway-field-trials/
"07 March 2023
Enteq Technologies qualifies alternative to traditional RSS technology in Norway field trials
Enteq Technologies (Enteq), the energy services technology and equipment supplier accelerating the energy transition through innovative alternatives to traditional technology, has successfully drilled 100m in granite during field trials, qualifying its game-changing alternative to traditional rotary steerable systems (RSS), the SABER Tool’s, capabilities.
SABER is Enteq’s novel solution which aims to disrupt the RSS and drilling industry by offering unmatched attributes for operators and service companies, and new levels of performance against the market leaders. By opting to drill 100m in granite, one of the hardest and highest vibration environments for drilling, SABER successfully demonstrated the functionality of key elements of the innovation. During testing the engineering team was able to identify minor enhancements to the control system, and to ensure that the tool is suitable for use in extreme conditions and non-traditional applications, like geothermal drilling.
With its ability to operate in high pressure and high temperature environment, SABER is suitable for use in geothermal drilling and methane capture in mining, ideally positioning it to support the energy transition. Equally, SABER offers significant advantages to oil and gas operators, such as reduced operating costs and an improvement in total cost of ownership.
Andrew Law, CEO at Enteq, reflected on the testing results: “We’re pleased with the results of the first stage of our SABER trials. We have proven the efficacy of the key elements of SABER in some of the most challenging conditions that the tool will operate in, validating our significant investments in the technology. This testing has been valuable to enable the engineering team to identify improvements which we are implementing to further enhance the tool. We now look forward to pushing ahead with further trials in the US and continuing to build our network of partners ahead of commercialisation.”
Following these results, the SABER team can now move confidently on to the next stage of its testing programme in the US, where the tool will be trialed in a softer formation that will more closely mirror its expected operational conditions expected in the mainstream commercial environment.
Reflecting on the business’ wider timeline for 2023, Law added: “Following these results, we are pushing into 2023 in a strong position with a tool that offers a genuine step-change in performance for the drilling industry. We are innovators and our aim is to challenge the status quo. For too long, the industry has just accepted what it knows, with little drive to push boundaries or develop new ideas where RSS is involved.
etc"
Very happy with today's RNS, summarised as an "encouraging performance" by SABER. It evidently works. There were always likely to be at best further small tweaks following this preliminary live testing, rather than potentially (at worst) a significant overhaul, so today's update augurs well.
The next SABER and full trading update will come in early April, so not long to wait.
Excellent news - this should bring in wider attention to this gamechanger from NTQ:
Https://www.linkedin.com/posts/enteq-technologies_the-saber-tool-rotary-steerable-system-activity-7021507697657221120-DSUC
"SABER is a finalist for The Offshore Achievement Awards Emerging Technology category!
We are delighted that SABER is going to be recognised at these esteemed awards, alongside other leading innovations and companies working across not only oil and gas, but also renewables and other offshore industries. Congratulations to the other finalists and we can’t wait for the results on the night!
Discover why SABER was shortlisted: https://lnkd.in/dPh-pse "
Almost back to pre trading statement levels now :o))
Bleedin' asterisks! Just enter Directors Talk interviews instead of the asterisks and you'll get the link.
The Norway testing of the "gamechanger" SABER is just "weeks away" and is scheduled in. Worth emphasising that the principle behind SABER has already been proven by Shell, and so just has to be verified in the field:
Https://www.***************************/enteq-technologies-investor-presentation-2023/4121093847