Last checked at 10 Jan 2018 10:33
10 January 2018
Enteq Upstream plc
("Enteq" or the "Company")
Acquisition of IP
Enteq, the oilfield services technology and equipment supplier, announces an agreement to acquire intellectual property relating to an innovative drilling telemetry system for a nominal upfront consideration of £100.
On 9 January 2018, Enteq entered into an agreement to acquire, from a technology developer with a proven track record, five patents relating to the "DrillLink" system; a broadband data transfer solution for communication between "down hole" Logging While Drilling tools and the surface.
Enteq envisages developing these patents into a fully commercialised set of products during the next five years, which would be subject to royalty payments. The technology contained within these products will give Enteq access to a new and broader customer base.
Martin Perry, CEO of Enteq Upstream plc, commented:
"The acquisition of these patents continues Enteq's drive to develop new technologies that extend the applications for our product lines. Following further development the technology contained within these patents will offer the market significant cost savings through improved speed of data transfer."
For further information, please contact:
Enteq Upstream plc +44 (0)149 461 8739
Martin Perry, Chief Executive Officer
David Steel, Finance Director
Investec Bank plc (NOMAD and Broker) +44 (0)20 7597 5970
Chris Treneman, Patrick Robb, David Anderson