Enteq Technologies plc (LON:NTQ) has announced its interim results for the six months ended 30 September 2023.
Key Highlights (FY24 year to date)
Enteq Technologies is a specialist energy services engineering and technology company with the flagship product being the SABER Tool (Steer-At-Bit Enteq Rotary Tool) for directional drilling technology.
· The SABER project, a novel and disruptive method of drilling boreholes, has progressed well with the technology operating as expected during successful field-testing in Oklahoma. SABER tools are currently in manufacture for commercial deployment.
· Investment in the SABER engineering has continued using existing balance sheet resources, with a closing cash position of $5.1m at the end of the period ($5.4m at end of March 2023) following realisation of capital from the sale of XXT IP and assets.