LONDON - Enteq Technologies PLC (AIM: NTQ.L), a specialist energy services engineering and technology company, has made key amendments to its previously released interim results for the six months ending September 30, 2024. The adjustments include a correction in the 'Interest Received' figure from $255,000 to $25,000 and a reduction in the reported loss for the period from $1,360,000 to $987,000.
The company, known for its flagship directional drilling technology, the SABER (Steer-At-Bit Enteq Rotary) tool, has reported progress in its extensive downhole testing with a long-standing customer, an AJ Lucas Group company, in Australia. The SABER project has amassed over 14,000 meters of testing in various drilling conditions, demonstrating the tool's readiness for active trial drilling runs scheduled for the new calendar year.
Post period, Enteq successfully raised $2.1 million in October 2024, aimed at supporting the final stages of testing and initial commercialization efforts of the SABER system. The company also plans to showcase the technology at an industry test facility in Catoosa, Oklahoma, in December 2025.
The appointment of Stephen Kellett as Commercial Director, effective November 1, 2024, marks a strategic move to bolster the company's market adoption efforts for SABER. Kellett's extensive experience in drilling services is expected to drive the deployment of the initial fleet of equipment to customers across geothermal, oil, gas, and other drilling markets.
Financial metrics for the period indicate an EBITDA loss of $1.0 million, a slight improvement from the $1.1 million loss in the same period the previous year. The company's cash and cash equivalents stood at $1.1 million, down from $5.0 million as of March 31, 2023.
Enteq's CEO, Andrew Law, expressed confidence in the SABER tool's performance and reliability, emphasizing the importance of cost-effective rotary steerable systems with minimal downhole risk for operations such as methane capture.
This news article is based on a press release statement from Enteq Technologies PLC.
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