TIDMNTQ
RNS Number : 7860I
Enteq Technologies PLC
09 August 2023
Enteq Technologies plc
("Enteq" or the "Company")
SABER System Field Trial Update
Enteq Technologies plc (AIM: NTQ.L), the energy services
technology and equipment supplier is pleased to provide an update
following downhole drilling testing in North America for this
game-changing alternative to traditional Rotary Steerable Systems
(RSS), the SABER Tool ("SABER").
The SABER system met test objectives during extensive drilling,
successfully generating steering forces to change the direction of
the well at angles typically expected by the industry for many
applications. Delivery of this performance confirms in the
Directors' belief the technical ability of the SABER system to
provide a competitive commercial solution. An independent survey
was taken to validate the changes in trajectory.
Successful completion of this testing in an operational test
environment progresses the technology readiness level of SABER.
Enteq will continue working with strategic regional industry
partners to operate the SABER system, intending to conduct customer
trials in a commercial environment, whilst continuing to engineer
further performance enhancements identified during testing.
SABER, Enteq's novel steering solution has the potential to
disrupt the Rotary Steerable Systems market (greater than $2 bn
p.a.*) within the drilling industry with the potential for new
levels of performance, both commercial and technical, for operators
and service companies. With its ability to operate in high pressure
and high temperature environment, SABER is suitable for use in
geothermal drilling and methane capture, positioning it to support
the energy transition. Equally, it is intended that SABER will
offer significant advantages to oil and gas operators, reducing
operating costs and improving overall cost of ownership.
Andrew Law, CEO of Enteq, reflected on the testing results:
"We're delighted with the results of the SABER drilling,
demonstrating that the SABER concept can steer effectively in an
operational environment. Enteq are proud of the team of engineers
who have worked persistently to deliver this success, building on
the original concept developed by Shell.
We look forward to working alongside selected customers and
industry partners to bring this technology to market and to deliver
a positive and disruptive impact."
Martin Perry, Chairman of Enteq, said:
"As an independent and agile company, we are positioned to play
a disruptive role in the downhole drilling industry. Throughout
this project we could see the potential of this technology to make
a positive change to the sector. There are exciting times lying
ahead for Enteq with the game-changing SABER Tool's
commercialisation."
*Management team's estimate of annual addressable market revenue
size
For further information, please contact:
Enteq Technologies plc +44 (0)20 8087 2202
www.enteq.com
Andrew Law, Chief Executive Officer
Mark Ritchie, Chief Financial Officer
finnCap Ltd (NOMAD and Broker) +44 (0)20 7220 0500
Ed Frisby, Fergus Sullivan (Corporate Finance)
Andrew Burdis, Barney Hayward (ECM)
About Enteq Technologies' SABER Tool
The SABER Tool (Steer-At-Bit Enteq Rotary Tool) is a step change
in directional drilling technology, developed by Enteq Technologies
and based on a concept created by Shell. The ingenuity of the SABER
Tool approach lies in the application of proven technologies in
novel ways to achieve a sleek, elegant, and mechanically simple
design, thereby seeking to improve reliability and project uptime
versus traditional rotary steerable systems (RSS) .
Rather than using pads or plates for steering, the SABER Tool
uses an internally directed pressure differential system across the
bit face. Removing these external contact points offers the
potential for reduced tool wear and improved reliability, while
also achieving true at-bit steering for the first time. The sleek,
plain collar design also offers the potential for a smoother
borehole, further improving reliability, uptime and cost
efficiency.
Quoted on the AIM market of the London Stock Exchange (AIM:
NTQ.L), Enteq Technologies is a proudly independent UK and
Houston-based engineering firm renowned for its high-temperature
(HT) expertise that makes the SABER system one of the world's few
directional drilling designs suitable for HT applications. The
Company is bringing SABER to commercialisation. For additional
information please visit
www.enteq.com/products/rotary-steerable-system-srss/
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