ENTEQ TECHNOLOGIES PLC Enteq Technologies, the energy services technology supplier, announces several major milestones in 2023, including the successful field trials and validation of its innovative Steer-At-Bit Enteq Rotary Tool (SABER Tool). Adding to this success, Enteq expanded its footprint with the opening of new facilities in Houston and Aberdeen. The company also completed the sale of its XXT MWD (measurement while drilling) intellectual property and made a number of strategic appointments.
Shortlisted for the Emerging Technology category at the 2023 Offshore Achievement Awards, SABER successfully drilled 100m in granite during field trials at the first stage of Enteq's field trials programme in Norway, qualifying its capabilities. This was followed up with the next stage at Catoosa Drill Test Facility in Oklahoma, where an independent survey confirmed the tool had exceeded test objectives during extensive downhole drilling testing.
SABER proved its efficacy in an operational environment, successfully generating steering forces to change the trajectory of a well by generating dogleg in typical reservoir rock conditions and providing sufficient steering force for target commercial applications in lateral horizontal wells. With this confirmation now secured, Enteq has moved onto the final stages of commericialision for SABER, seeking partners and customers as the tool comes to market.
Reflecting on 2023, Andrew Law, CEO of Enteq said, "2023 marked a number of defining moments for Enteq and the SABER Tool. Successful downhole testing was a landmark achievement for us, but also for the wider industry as we have now validated our ability to push the boundaries and set a new standard for RSS technology with SABER."
As part of its strategic commercialisation strategy, the company sold its Enteq XXT MWD intellectual property and associated assets to Rime Downhole for a multi-million figure sum to enable it to focus its attention, investment and resources towards the development of SABER.
The sale came as Enteq strategically expanded into new US headquarters in Houston, Texas, giving it a new North American home for the tool's development. Continuing this strategic growth, Enteq also opened a new office in Aberdeen in November, supporting its broader growth strategy. The Aberdeen office is poised to play a vital role in engaging with UK-based customers and partners while also functioning as support services headquarters for Enteq.
Heading up the Aberdeen office is the company's newly appointed CFO, Mark Ritchie, an associate member of the Chartered Institute of Management Accountants with over 20 years' financial experience, ten years of which have been spent in board level roles in private equity. Additionally, David MacNeill, a seasoned energy and downhole technology expert, has been appointed as a non-executive Director, bringing over 30 years' experience working in the energy and downhole technology sector and extensive knowledge of the Middle East market, a key region for SABER. Jason Prentice also joined the team as RSS Reliability Engineer, bringing over 15 years of industry experience and further bolstering the RSS expertise available to Enteq.
Law continued "Our expansion in Houston and new Aberdeen office comes at a time of real momentum for Enteq and SABER and strengthens both our global credentials and local capabilities in those regions. The appointments of Mark, David and Jason have also further enhanced our expertise and capabilities as we aim to continue innovating and disrupting the industry."
ENDS
About Enteq TechnologiesEnteq Technologies (Enteq) is the specialist energy services engineering and technology company best known for its revolutionary, field-proven SABER Tool (Steer-At-Bit Enteq Rotary Tool) directional drilling technology. Listed on the London Stock Exchange's AIM, Enteq Technologies is a proudly independent UK and Houston-based engineering firm world-renowned for its downhole high-temperature (HT) expertise. The ingenuity of the SABER Tool approach lies in the application of proven, patented technologies in novel ways to achieve a sleek, elegant, and mechanically simple design, thereby improving reliability and project uptime versus traditional RSS (rotary steerable system) solutions. The SABER Tool is field-proven and ready for commercial deployment. The Tool is set to drive operational efficiency across the world's directional drilling applications, including hydrocarbon production, geothermal energy, methane capture and CCS (carbon capture and storage).
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Enteq Upstream plc published this content on 19 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 December 2023 10:41:34 UTC.
