Change in presentation currency

RNS Number : 2957C

Enteq Upstream PLC

30 April 2012

 

Enteq Upstream plc

("Enteq" or the "Company")

Change in presentation currency

Enteq, the oil and gas field services company, which has today announced the conditional acquisition of substantially all of the operating assets and certain liabilities of XXT Incorporated ("XXT") (the "Acquisition") has also conditionally raised approximately £40.2 million (net of expenses) by way of a placing of 42,000,000 new ordinary shares (the "Placing").

Following the publication of Enteq's unaudited interim financial results in November 2011 and a recent review by the Company, the Directors have decided to change the Company's reporting currency from Sterling to US Dollars.  Subsequent to the Acquisition, the Directors believe that as XXT reports in US Dollars and potential future acquisition targets may also report in US Dollars, this change in part limits exchange rate risk and allows for greater transparency of the performance of the enlarged group.

The change in the Group's presentation currency will be effective from the results for the year ending 31 March 2012.  These results and all subsequent financial information for the foreseeable future will be prepared using US Dollars as the presentation currency.  In accordance with relevant accounting standards, comparative information will be provided in US Dollars. 

Selected historical financial information for the six months ended 30 September 2011 has been re-presented in US Dollars in the AIM admission document, published today by the Company in connection with the Acquisition and the Placing, and is available from the Company's website at www.enteq.com.

For further information, please contact:

Enteq Upstream plc	[phone]
Martin Perry, Chief Executive Officer
Ian Leaman, Chief Financial Officer
Investec Bank plc	[phone]
James Grace, Patrick Robb
David Anderson
Pelham Bell Pottinger	[phone]
Mark Antelme, Charlie Stewart

 

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