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Pin to quick picksEnteq Tech Regulatory News (NTQ)

Share Price Information for Enteq Tech (NTQ)

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AGM Trading Statement

26 Sep 2018 07:00

RNS Number : 9260B
Enteq Upstream PLC
26 September 2018
 

 

Enteq Upstream plc

 

("Enteq" or the "Company")

 

AGM Trading Statement

 

Enteq, the oilfield services technology and equipment supplier, will make the following statement at its Annual General Meeting which takes place at 12.00 noon today at 30 Gresham Street, London EC2V 7QP.

 

Enteq will report that year to date trading is in line with management expectations, building from the levels of revenue and adjusted positive EBITDA achieved during the second half of the previous year. Incremental sales have been made to new customers for rental equipment in North America and Measurement While Drilling (MWD) systems in the international markets.

 

Enteq has maintained its investment in technology including a collaborative development of a seamless "At-Bit" solution which is now commercially available. This provides critical measurements from immediately behind the drill bit for faster drilling responses. Spending has increased on internal R&D projects as well as adding resource to the previously announced UK government funded project. Patent applications relating to both novel methods of data communication and power transfer in the drill-string have now been published and further patent applications are in the process of being filed.

 

Since the year end further investment of cash has been made in the rental fleet of MWD systems and in strategic inventory. The head count in the business is cautiously increasing, primarily in the areas of R&D and production.

 

If the sector remains stable, Enteq is confident of further profitable market penetration and will continue to invest in all areas of opportunity.

 

The Company plans to release its interim results for the six months ending 30 September 2018 on 15 November 2018.

 

 

For further information, please contact:

 

 

Enteq Upstream plc +44 (0)1494 618741

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
AGMEAXNSALPPEFF
Date   Source Headline
11th Jan 20249:12 amRNSHolding(s) in Company
8th Jan 20243:59 pmRNSHolding(s) in Company
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29th Sep 20237:00 amRNSAGM Statement and Board Update
22nd Sep 20233:29 pmRNSNotice of Final Results
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10th Nov 20217:00 amRNSExclusive Distributor Agreements Signed
8th Nov 20217:00 amRNSSABER Tool – Field Trial Update
28th Oct 20217:00 amRNSChange of Name
30th Sep 20214:05 pmRNSDirector/PDMR Shareholding
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23rd Sep 20217:00 amRNSAGM Trading Statement
10th Aug 202110:30 amRNSDirector/PDMR Shareholding
26th Jul 20215:04 pmRNSDirector/PDMR Shareholding
14th Jul 20214:25 pmRNSIssue of shares and Director/PDMR Shareholding
7th Jul 20217:00 amRNSFinal Results & Investor Presentation
30th Apr 20217:00 amRNSContract award

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