Enteq Technologies plc provided an update on the progress of the SABER Tool (Steer-At-Bit Enteq Rotary) technology. Commercialisation highlights: The Company has a customer contract in place, as previously announced, which includes a first phase of customer testing. Customer testing, in Australia, is expected to commence in this financial year to 31 March 2024 (FY24).

A purchase order has been received and US$100,000 is expected from the customer in H1FY25 for future commercial services. Commercial services in FY25 would commence following successful customer testing. An advanced shipment of SABER equipment (all heavy equipment for the initial kit) to Australia has left Enteq's facility in Houston.

The build programme for further equipment is progressing as planned. Technical progress: The recently recruited Engineering Director has consolidated performance and production improvements. Further flow loop testing at an independent facility in Houston simulating typical drilling conditions validated design and performance specifications.

Market introduction: A customer technology demonstration coupled with follow-up downhole drilling testing programme, at the Catoosa, USA test site, has been scheduled before the end of March 2024. Customers have been invited to witness the SABER technology being deployed in active drilling conditions. Introduction of new branding and website refresh.