Enteq Technologies expects to report revenue of about $900,000 for the financial year ended 2024, down from $6.2 million posted for financial 2023. The company says this reflects its sale of the XXT business for about $3.2 million. Further, eyes adjusted loss before interest, tax, depreciation and amortisation of around $2.9 million, widened from $1.2 million in financial 2023. Meanwhile, the steer-at-bit enteq rotary, or SABER, tool and personnel are currently on-location in a live drilling environment in Australia, Enteq adds. ‘The build-programme for the further fleet of equipment is progressing as planned, with the major items now in stock at the Houston facility. Additional incremental performance and production improvements have been implemented and tested,’ it says.
Chief Executive Officer Andrew Law says: ‘We are pleased with the technical and commercial progress that has been made. Following the recent Catoosa testing, it has been encouraging to see good levels of engagement with potential strategic partners and customers in the industry.’
Enteq Technologies plc (LON:NTQ) develops and supplies equipment for Measurement, Logging and Geo-steering while drilling of wells for the Geothermal, Oil and Gas markets.
