Last checked at 30 Apr 2021 07:00
FOR RNS REACH
30 April 2021
Enteq Upstream plc
("Enteq")
Contract award
Enteq, the energy technology company, is pleased to announce that on 29 April 2021, it received a rental contract valued up to $1.1m over the next 18 months from an existing North American customer. The order relates to the rental of Enteq's core Measurement While Drilling ("MWD") technology for a minimum of 8 months. A deposit has been received relating to the first tranche of equipment, valued at up to $0.8m, which will be delivered shortly. There is an option for an additional tranche of up to $0.3m, which, if confirmed will be expected within the next month, with the equipment to be delivered soon after.
This contract will significantly expand the number of MWD kits operated by this customer, which is based on Enteq's proven, robust and ultra-reliable technologies.
Andrew Law, CEO of Enteq Upstream plc, commented:
"It is reassuring to see that the US land market is starting its recovery. This contract award is yet further confirmation that Enteq continues to provide commercially effective solutions and dependable technologies to our customers, the independent directional drilling companies."
For further information, please contact:
Enteq Upstream plc +44 (0)149 461 8739
Andrew Law, Chief Executive Officer
David Steel, Chief Financial Officer
finnCap Ltd (NOMAD and Broker) +44 (0)20 7220 0500
Ed Frisby, Emily Watts, Tim Harper (Corporate Finance)
Andrew Burdis (ECM)