Enteq FY losses narrow
By Iain Gilbert
Date: Wednesday 10 Apr 2024
(Sharecast News) - Energy services firm Enteq said on Wednesday that it had narrowed full-year losses as it continues tp focus on the development and commercialisation of its SABER Tool, whilst maintaining a lean overhead base.
Enteq said its cash balance was $3.0m as of 31 March, down from $5.3m a year earlier, reflecting continuing investment in SABER, and the steps taken towards full commercialisation of the tool.
Revenue for the full year ended 31 March will be in the region of $900,000, while its adjusted underlying loss was expected to be approximately $2.9m, compared to the equivalent loss of $1.6m in the first half of the year.
The AIM-listed group added that its SABER Tool and personnel were currently on-location in a live drilling environment with a customer in Australia as part of a structured customer test programme, expected to then progress to active commercial operations. The build programme for the further fleet of equipment is progressing as planned, with the major items now in stock at the Houston facility. Additional incremental performance and production improvements have been implemented and tested.
Chief executive Andrew Law said: "We are pleased with the technical and commercial progress that has been made. Following the recent Catoosa testing, it has been encouraging to see good levels of engagement with potential strategic partners and customers in the industry."
As of 1145 BST, Enteq shares were down 0.11% at 8.99p.
Reporting by Iain Gilbert at Sharecast.com
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