Enteq Upstream PLC AGM Statement (1740R)
September 19 2017 - 7:00AM
UK Regulatory
TIDMNTQ
RNS Number : 1740R
Enteq Upstream PLC
19 September 2017
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 2 Gresham Street, London
EC2V 7QP:
The increase in the number of oil and gas rigs drilling on land
in the USA to a current level of around 950 (approximately 500 in
September 2016, but approximately 2,000 in the Autumn of 2014) has
created some stability amongst the US based directional drilling
companies, who are Enteq's primary customers. Some spare capacity
of older Measurement While Drilling (MWD) kits remain in the market
however upgrade programmes replacing older equipment are in
progress.
Outside of the USA market cash flow for the funding of new
drilling programmes, and hence the demand for equipment, remains
slow. However, new opportunities exist and the previously announced
Saudi Arabian contract remains on plan regarding equipment
commissioning and contractual payments.
The Enteq Board is confident that the company is maintaining or
increasing market share for Measurement While Drilling
equipment.
The Company continues to invest in new product development while
exercising tight controls over costs and, as a result, cash
balances remains strong as at 18 September 2017 being US$ 15.0
million (US$ 15.2 million as at 30 September 2016).
The Enteq Board continues to believe in the potential for a
strong long-term future, and expect the Company's current full year
trading to be in line with its expectations.
The Company plans to release its interim results for the six
months ending 30 September 2017 on 15 November 2017.
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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