Last checked at 2 May 2017 15:36
2 May 2017
Enteq Upstream plc
("Enteq" or the "Company")
Technology development grant
Enteq, the oilfield services technology and equipment supplier, is pleased to announce the confirmation of a grant from the Technology Strategy Board of Innovate UK related to the Newton Fund: China - UK Research and Innovation Bridges Competition 2015. In conjunction with Imperial College, London and the Chinese institute of Petroleum in Beijing, Enteq will be developing technologies for optimal drilling of geothermal wells.
The grant to Enteq, which is for approximately £391,000 over a period of two years, starting on 1 May 2017, is expected to cover 70% of the £491,000 development costs associated with the development of the innovative drilling technology. The development programme will be undertaken over this two-year period after which a commercialisation programme will follow.
This technology will complement the existing range of drilling tools offered by Enteq, and enhance industrial relationships both within China and with Imperial College. This will enable Enteq to broaden our target markets as well as offering expanded capability for existing customers.
Martin Perry, Chief Executive of Enteq, commented:
"I am extremely pleased that Innovate UK has acknowledged the skill and technological expertise that we are able to bring to the drilling market. Whilst at an early stage, we believe that the new technology could materially benefit our customers through improved drilling performance".
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)207 597 5970
Chris Treneman, Patrick Robb, David Anderson