Enteq Technologies PLC has released its audited final results for the year ended 31 March 2024. The company achieved successful proof of SABER during downhole drilling trials in the United States and is currently in customer field testing. Additional patents have been filed, with one new patent granted in the United Kingdom and more pending. The strategic sale of the XXT intellectual property and assets for $3.1 million was completed as planned, with increased customer engagement in key international operating regions.
The SABER fleet build is underway, with initial units deployed to a customer location and more under construction. The company has centralized technology development and engineering in a new leased facility in Houston, United States. Continued investment in the SABER project amounted to $1.8 million, with a further $0.4 million of fleet build expenditure. The closing cash balance was $3.0 million.
Looking ahead, the Group expects a robust market for Directional Drilling, demand for more efficient competition, and full commercialization of SABER. Regional partnerships are also anticipated to maximize the deployment of SABER. The Group is dependent on its ability to fund operations going forward, which is reliant on the underlying valuation of its key assets relating to the SABER tool and the ability to realize value from these assets in the future.
Andrew Law, CEO of Enteq Technologies plc, expressed confidence in the energy market, expecting strong demand for new competition, particularly in the RSS sector of drilling. He highlighted progress in securing customer agreements to cover key regions globally and emphasized the successful trials and operational testing of the SABER technology. Law also emphasized the focus on commercialization of SABER through deployment with new and existing customers in key regions.
For further information, please contact Enteq Technologies plc at +44 (0)20 8087 2202 or visit their website. The information contained in the announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014. The combined Chairman and Chief Executive Officer's statement highlighted the Group's focus on commercializing SABER, a novel alternative to existing Rotary Steerable Systems, and its track record of developing and commercializing technologies for the energy sector globally.