Enteq Upstream PLC AGM Trading Statement (9260B)
September 26 2018 - 2:00AM
UK Regulatory
TIDMNTQ
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
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END
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