Last checked at 16 Apr 2013 07:00
16 April 2013
Enteq Upstream plc
("Enteq" or the "Company")
Year-End Update
In advance of the preliminary results announcement for the year ended 31 March 2013 Enteq Upstream, the oil & gas field services company, today provides a year-end trading update.
The Company has experienced some renewed order intake and shipments since last updating the market and expects to announce results, including a partial year's trading for both of the first two acquisitions, which are slightly ahead of expectations.
Investment for future organic growth in both North America and International markets has continued.
The preliminary results are expected to be announced on 19 June 2013.
Martin Perry, Chief Executive Officer commented:
"The Directors are encouraged by more positive customer sentiment in North America and we continue with the strategy of investing in development of a broader product line for the world-wide directional drilling and oilfield services market."
For further information, please contact:
Enteq Upstream plc | +44 (0) 1494 618738 |
Martin Perry, Chief Executive Officer | |
Ian Leaman, Chief Financial Officer | |
Investec Bank plc | +44 (0) 20 7597 5970 |
James Grace Patrick Robb | |
David Anderson | |
Bell Pottinger Private | +44 (0) 20 7861 3232 |
Mark Antelme Charlie Stewart |
About Enteq Upstream plc (www.enteq.com)
Enteq Upstream plc is building an international technology and products supply business for the upstream oil and gas services sector. Enteq is focused in the near term on growing a market for high quality and reliable Measurement While Drilling equipment. Since the foundation of the business and listing on AiM at the London Stock Exchange in 2011, Enteq, with the support of London based blue-chip investors, has completed the acquisitions of Santa Clara, California based XXT and Houston, Texas based KM Services and Proflow. Enteq has an established customer base of top-end independent directional drilling service companies in North America. Through the use of Enteq products, customers are able to provide fast and reliable drilling services in shale formations producing both oil and gas. Since the acquisitions, Enteq has established a sales and technical support facility in North Houston, expanded the capacity at XXT and added international business development resource. Investment has been increased in new product development.