Enteq Tech Regulatory News (NTQ)

ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")

COMPANY NAME:

Enteq Upstream plc ("Enteq" or the "Company")

COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :

The Courtyard

High Street

Ascot

Berkshire

SL5 7HP

COUNTRY OF INCORPORATION:

UK

COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:

www.enteq.com

COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:

Enteq was admitted to trading to AIM on 1 July 2011 with the intention of acquiring and consolidating companies providing specialist reach and recovery products and technologies to the international upstream oil and gas services market.

As a result of Enteq's proposed acquisition of substantially all of the operating assets and certain liabilities of XXT, Incorporated ("XXT"), admission has been sought as a reverse takeover pursuant to Rule 14 of the AIM Rules. XXT is based in California, USA and is an engineering company which has developed products to enhance the capabilities of measurement while drilling (MWD) systems. These technical products are sold to directional drilling oil and gas services companies, principally in North America.

Following admission, Enteq's main country of operation will be the USA

DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares):

58,903,653 ordinary shares of 1p each

No shares will be held in treasury

CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:

Capital to be raised on admission: £42.0 million

Anticipated market capitalisation on admission: approximately £58.9 million

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

Approximately 5.5%

DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM COMPANY HAS APPLIED OR AGREED TO HAVE ANY OF ITS SECURITIES (INCLUDING ITS AIM SECURITIES) ADMITTED OR TRADED:

N/A

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known):

Martin Gordon Perry (Chief Executive Officer)

Ian David Leaman (Chief Financial Officer and Company Secretary)

Raymond Garcia (Chief Operating Officer)

Neil William Warner (Non-Executive Chairman)

Robin Hunter Pinchbeck (Non-Executive Director)

Iain Stayton Paterson (Non-Executive Director)

FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known):

Before Admission:

Octopus Investments - 13.95%

Old Mutual Asset Managers - 9.97%

Hargreave Hale, Stockbrokers - 9.30%

Soros Fund Management - 9.30%

F&C Asset Management - 6.19%

Hermes Pensions Management - 5.98%

Artemis Investment Management - 5.47%

M&G Investment Management - 5.32%

Aviva Investors - 4.65%

Threadneedle Investments - 4.32%

Martin Gordon Perry - 4.19%

Jupiter Asset Management - 3.32%

Newlands Capital - 3.10%

At Admission:

Soros Fund Management - 9.16%

Old Mutual Asset Management - 7.28%

M&G Investment Management - 6.45%

Artemis Investment Management - 5.91%

Hargreave Hale, Stockbrokers - 5.09%

Legal & General Investment Management - 5.08%

Investec Asset Management - 4.48%

Insight Investment Management - 4.27%

Threadneedle Investments - 4.16%

Ruffer Investment Management - 3.85%

Octopus Investments - 3.77%

Hermes Pensions Management - 3.65%

F&C Asset Management - 3.15%

Fidelity Investments - 3.11%

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:

Ian Leaman was appointed as the Company's Interim Chief Financial Officer on 18 November 2011 pursuant to an agreement for the provision of services between the Company and Leaman Advisory Ltd dated the same date. He was entitled to a fee of £20,000 plus VAT per month. His role as Interim Chief Financial Officer terminated on 27 April 2012 when he was appointed as the Company's full time Chief Financial Officer

(i) ANTICIPATED ACCOUNTING REFERENCE DATE

(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information)

(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:

(i) 31 March

(ii) Enteq - 30 September 2011 (audited interim financial results); and

XXT - 31 December 2011 (audited full year results)

(iii) Financial year to 31 March 2012 - to be published by 30 September 2012; interim period to 30 September 2012 - to be published by 31 December 2012; financial year to 31 March 2013 - to be published by 30 September 2013

EXPECTED ADMISSION DATE:

18 May 2012

NAME AND ADDRESS OF NOMINATED ADVISER:

Investec Investment Banking, a division of Investec Bank plc

2 Gresham Street

London EC2V 7QP

NAME AND ADDRESS OF BROKER:

Investec Investment Banking, a division of Investec Bank plc

2 Gresham Street

London EC2V 7QP

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:

The Courtyard

High Street

Ascot

Berkshire

SL5 7HP

www.enteq.com

The Admission Document will be available from the above website and address and will

contain full details about Enteq Upstream plc and the admission of its securities

DATE OF NOTIFICATION:

2 May 2012

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