Breakeven Date Change • Sep 30
Forecast to breakeven in 2027 The analyst covering Enteq Technologies expects the company to break even for the first time. New forecast suggests the company will make a profit of US$1.20m in 2027. Average annual earnings growth of 54% is required to achieve expected profit on schedule. Annuncio • Aug 21
Enteq Technologies Plc, Annual General Meeting, Sep 25, 2024 Enteq Technologies Plc, Annual General Meeting, Sep 25, 2024. Location: the offices of cavendish capital markets, 1 bartholomew close, ec1a 7bl, london United Kingdom New Risk • Jun 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m. Market cap is less than US$10m (€6.53m market cap, or US$7.08m). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Share price has been volatile over the past 3 months (10% average weekly change). Annuncio • Feb 14
Enteq Technologies plc Provides Update on the Progress of the SABER Tool Enteq Technologies plc provided an update on the progress of the SABER Tool (Steer-At-Bit Enteq Rotary) technology. Commercialisation highlights: The Company has a customer contract in place, as previously announced, which includes a first phase of customer testing. Customer testing, in Australia, is expected to commence in this financial year to 31 March 2024 (FY24). A purchase order has been received and US$100,000 is expected from the customer in H1FY25 for future commercial services. Commercial services in FY25 would commence following successful customer testing. An advanced shipment of SABER equipment (all heavy equipment for the initial kit) to Australia has left Enteq's facility in Houston. The build programme for further equipment is progressing as planned. Technical progress: The recently recruited Engineering Director has consolidated performance and production improvements. Further flow loop testing at an independent facility in Houston simulating typical drilling conditions validated design and performance specifications. Market introduction: A customer technology demonstration coupled with follow-up downhole drilling testing programme, at the Catoosa, USA test site, has been scheduled before the end of March 2024. Customers have been invited to witness the SABER technology being deployed in active drilling conditions. Introduction of new branding and website refresh. New Risk • Nov 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 4.1% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (2.8% increase in shares outstanding). Market cap is less than US$100m (€9.51m market cap, or US$10.2m). Annuncio • Oct 10
Enteq Technologies Plc Appoints David William Macneill as Independent Non-Executive Director Enteq Technologies Plc announced the appointment of David William MacNeill as an independent non-executive director with immediate effect. David MacNeill brings over 30 years' knowledge in the international energy sector with extensive experience across drilling businesses. David has a background in directional drilling, with direct exposure to rotary steerable system development and operations. David has held executive roles in multinational and independent companies and resides in Dubai, UAE. Age: 56. Current directorships and/or partnerships: DWA Consultants (FZCO) and Spector Pipe Services Ltd. Historic directorships and/or partnerships (within the last five years): Thomas Energy Services Holding Inc., Thomas Energy Services LLC, TriAxon Energy Inc, Wellbore Integrity Solutions Canada Inc., Wellbore Integrity Solutions Guyana Inc., Wellbore Integrity Solutions Holdings LP, Wellbore Integrity Solutions Intermediate Holdings LLC, Wellbore Integrity Solutions LLC (USA incorporated), Wellbore Integrity Solutions LLC (Oman incorporated), Wellbore Integrity Solutions Parent Inc., Wellbore Integrity Solutions South Africa Pty. Ltd., Wellbore Integrity Solutions Trinidad Ltd. and WIS Global Resources Limited. Annuncio • Sep 29
Enteq Technologies plc Announces Retirement of Iain Paterson as Non-Executive Director Enteq announced a change in the Board composition. Iain Paterson who has served as a Non-Executive Director and, for an earlier period, as Chairman of Enteq, will retire from the Board of Enteq on September 29, 2023. Iain has been a Director since the admission of Enteq to trading on AIM in 2011 and has provided extensive industry and public company guidance. A new Board appointment is intended to be made of an individual with direct and relevant experience to the RSS and Directional Drilling sector on which Enteq is now focused. Annuncio • Sep 06
Enteq Technologies Plc, Annual General Meeting, Sep 29, 2023 Enteq Technologies Plc, Annual General Meeting, Sep 29, 2023, at 10:00 Coordinated Universal Time. Location: finnCap Group plc, 1 Bartholomew Close London United Kingdom Board Change • Aug 15
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Senior Independent Director Neil Hartley was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Aug 10
Enteq Technologies plc Provides Update Following Downhole Drilling Testing in North America for SABER System Field Trial Update Enteq Technologies plc provided an update following downhole drilling testing in North America for this game-changing alternative to traditional Rotary Steerable Systems (RSS), the SABER Tool ("SABER"). The SABER system met test objectives during extensive drilling, successfully generating steering forces to change the direction of the well at angles typically expected by the industry for many applications. Delivery of this performance confirms in the Directors' belief the technical ability of the SABER system to provide a competitive commercial solution. An independent survey was taken to validate the changes in trajectory. Successful completion of this testing in an operational test environment progresses the technology readiness level of SABER. Enteq will continue working with strategic regional industry partners to operate the SABER system, intending to conduct customer trials in a commercial environment, whilst continuing to engineer further performance enhancements identified during testing. SABER, Enteq's novel steering solution has the potential to disrupt the Rotary Steerable Systems market (greater than $2 bn p.a.) within the drilling industry with the potential for new levels of performance, both commercial and technical, for operators and service companies. With its ability to operate in high pressure and high temperature environment, SABER is suitable for use in geothermal drilling and methane capture, positioning it to support the energy transition. Equally, it is intended that SABER will offer significant advantages to oil and gas operators, reducing operating costs and improving overall cost of ownership. New Risk • Jul 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 13% per year over the past 5 years. Market cap is less than US$10m (€6.79m market cap, or US$7.50m). Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Share price has been volatile over the past 3 months (6.8% average weekly change). Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Annuncio • Jun 01
Enteq Technologies plc Announces CFO Changes Enteq Technologies Plc announced the appointment of Mark Ritchie as Chief Financial Officer, who will commence his role on 16 June 2023, succeeding the current CFO David Steel. Mark Ritchie is an associate member of the Chartered Institute of Management Accountants and has over 20 years' financial experience, ten years of which have been spent in Board level roles in private equity backed businesses. He most recently held the role of Finance and Support Services Director at Richard Irvin FM Limited and prior to that he was Group Finance and IT Director of ICR Integrity Limited. He has extensive strategic financial, commercial, M&A and successful business transformation experience with a track record of international expansion and business growth. David joined the Company in October 2012 shortly after Enteq was admitted to AIM in 2011 and has served as a director of the Company since June 2014. David will remain with the Company until the end of July 2023 to ensure an orderly handover of responsibilities. Annuncio • Feb 15
Enteq Technologies plc Completes Preliminary Live Drilling Testing for SABER in Hard Rock Environment at Test-Site in Norway Enteq Technologies plc announced that it has completed the preliminary live drilling testing for SABER in a hard rock environment at a test-site in Norway. The tool drilled over 100m through granite, demonstrating functionality of key elements of the system and confirming that the critical flow diverter can operate effectively to generate differential pressure and maintain a constant steering angle. Further valuable feedback on the tool performance was gained from this testing programme identifying as expected, some minor engineering changes for implementation prior to commercialisation. This encouraging performance has given the green light to proceed to additional directional drilling testing which is scheduled in North America and then customer field trials. Board Change • Nov 17
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Senior Independent Director Neil Hartley was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 07
Full year 2022 earnings released: US$0.011 loss per share (vs US$0.017 loss in FY 2021) Full year 2022 results: US$0.011 loss per share (up from US$0.017 loss in FY 2021). Revenue: US$7.31m (up 44% from FY 2021). Net loss: US$787.0k (loss narrowed 29% from FY 2021). Over the next year, revenue is forecast to grow 37%, compared to a 19% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Annuncio • Jul 06
Enteq Technologies Plc, Annual General Meeting, Sep 21, 2022 Enteq Technologies Plc, Annual General Meeting, Sep 21, 2022, at 11:00 Coordinated Universal Time. Location: finnCap, 1 Bartholomew Close London United Kingdom Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Senior Independent Director Neil Hartley was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Feb 24
Forecast to breakeven in 2023 The 2 analysts covering Enteq Technologies expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$1.20m in 2023. Average annual earnings growth of 157% is required to achieve expected profit on schedule. Reported Earnings • Nov 21
First half 2022 earnings released: US$0.018 loss per share (vs US$0.011 loss in 1H 2021) The company reported a poor first half result with increased losses, weaker revenues and weaker control over costs. First half 2022 results: Revenue: US$2.32m (down 11% from 1H 2021). Net loss: US$1.21m (loss widened 65% from 1H 2021). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Breakeven Date Change • Sep 23
Forecast to breakeven in 2023 The 2 analysts covering Enteq Upstream expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$1.20m in 2023. Average annual earnings growth of 111% is required to achieve expected profit on schedule. Reported Earnings • Jul 10
Full year 2021 earnings released: US$0.017 loss per share (vs US$0.12 loss in FY 2020) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2021 results: Revenue: US$5.08m (down 53% from FY 2020). Net loss: US$1.11m (loss narrowed 86% from FY 2020). Annuncio • Mar 03
Enteq Launches New Directional Drilling System Enteq announced the launch of its disruptive alternative to traditional rotary steerable systems; the SABER Tool (Steer-At-Bit Enteq Rotary Tool). The SABER tool, an evolution of the concept proven and tested by Shell and then licensed to Enteq, is now ready for next stage field trials. The SABER tool uses internally directed pressure differentials to steer from the drill bit face, delivering true "at-bit" geosteering. This mechanically simple design also removes the need for traditional pistons and pads that are susceptible to reliability issues - an approach which can create a smoother and more precise wellbore with easy to manage directional control. SABER will offer a robust, reliable, simple and cost effective directional drilling alternative to current RSS options. Annuncio • Feb 10
Enteq Upstream plc Appoints Neil Bird as Rotary Steerable System Product Director Enteq Upstream Plc, announced the appointment of Neil Bird as Rotary Steerable System ("RSS") Product Director, a Non-Board position, ahead of the Company's launch of an innovative alternative to traditional RSS tools. Based in Houston, Neil will be responsible for the tool's development and commercialisation, with immediate priorities being static testing and field trials over the coming months. Neil brings more than 25 years' operational experience in RSS and directional drilling, including tenures at Baker Hughes and Weatherford, and an international perspective from time spent in the US, UK and Middle East. Neil will oversee an engineering team with combined experience of more than 150 years in RSS and directional drilling technology, which has re-engineered and optimised an alternative directional drilling design originally licensed by Enteq from Shell in 2019. Is New 90 Day High Low • Dec 23
New 90-day high: €0.21 The company is up 71% from its price of €0.12 on 24 September 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 35% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.46 per share. Recent Insider Transactions • Nov 19
Commercial Director & Director recently bought €61k worth of stock On the 12th of November, Andrew Law bought around 446k shares on-market at roughly €0.14 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €84k more in shares than they have sold in the last 12 months. Annuncio • Sep 30
Enteq Upstream Plc Appoints Andrew Law to the Board of Directors, as Commercial Director Enteq announced that Andrew Law was appointed to the Board of Directors, as Commercial Director, on 29 September 2020. Andrew joined Enteq on 2 January 2019 as Director of International Sales, a non-Board appointment. Initially Andrew's focus was on expanding Enteq's market share outside North America and since March 2020 Andrew has taken responsibility for Enteq's worldwide sales and fulfilment functions. Andrew has a background in the oilfield through Field Engineering at Schlumberger and General Management within Weatherford. Andrew has worked in corporate finance at KPMG. Annuncio • Sep 29
Enteq Upstream Plc to Report First Half, 2021 Results on Nov 12, 2020 Enteq Upstream Plc announced that they will report first half, 2021 results on Nov 12, 2020