Enteq Upstream PLC Technology Development Grant (9424D)
03 May 2017 - 12:36AM
UK Regulatory
TIDMNTQ
RNS Number : 9424D
Enteq Upstream PLC
02 May 2017
2 May 2017
Enteq Upstream plc
("Enteq" or the "Company")
Technology development grant
Enteq, the oilfield services technology and equipment supplier,
is pleased to announce the confirmation of a grant from the
Technology Strategy Board of Innovate UK related to the Newton
Fund: China - UK Research and Innovation Bridges Competition 2015.
In conjunction with Imperial College, London and the Chinese
institute of Petroleum in Beijing, Enteq will be developing
technologies for optimal drilling of geothermal wells.
The grant to Enteq, which is for approximately GBP391,000 over a
period of two years, starting on 1 May 2017, is expected to cover
70% of the GBP491,000 development costs associated with the
development of the innovative drilling technology. The development
programme will be undertaken over this two-year period after which
a commercialisation programme will follow.
This technology will complement the existing range of drilling
tools offered by Enteq, and enhance industrial relationships both
within China and with Imperial College. This will enable Enteq to
broaden our target markets as well as offering expanded capability
for existing customers.
Martin Perry, Chief Executive of Enteq, commented:
"I am extremely pleased that Innovate UK has acknowledged the
skill and technological expertise that we are able to bring to the
drilling market. Whilst at an early stage, we believe that the new
technology could materially benefit our customers through improved
drilling performance".
For further information, please contact:
Enteq Upstream plc +44 (0)149 461 8739
Martin Perry, Chief Executive Officer
David Steel, Finance Director
Investec Bank plc (NOMAD and Broker) +44 (0)207 597 5970
Chris Treneman, Patrick Robb, David Anderson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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