Replacement - New Technology Agreement

RNS Number : 3199U

Enteq Upstream PLC

28 July 2020

 

27 July 2020

Enteq Upstream plc

("Enteq" or the "Group")

New technology agreement - high-speed data rate telemetry system

Enteq, the oilfield services technology and equipment supplier today announces an agreement to develop and market a high-speed data rate telemetry system.

High speed data transmission rates from downhole instruments to surface systems is key to both improving drilling efficiency and enhancing geosteering operations.

Enteq is pleased to announce that it has signed an agreement with Black Gold Research ("BGR") to develop such a system, based on advanced electro-magnetic (EM) principles.  BGR is a Polish company with a worldwide reputation for developing innovative solutions in the field of electro-magnetics,  sensors, measurements and transmission systems.  These systems are proven to operate in high temperatures, high pressure and high vibration environments.

The co-operation will bring together expertise from both companies in order to commercialise a current BGR project within Enteq's proven MWD technology.

Martin Perry, Enteq's  CEO, commented: 

"The development of this new technology is perfectly aligned with Enteq's strategy of delivering quality geosteering technologies. This technology has the potential to address one of the core needs of independent service companies operating globally.  We look forward to working on this partnership with the team at Black Gold Research." 

For further information, please contact:

Enteq Upstream plc     [phone]

Martin Perry, Chief Executive Officer

David Steel, Finance Director

Investec Bank plc (NOMAD and Broker)    [phone]

Chris Treneman, Patrick Robb, David Anderson

 

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