Shares in Enteq Technologies PLC (AIM:NTQ) plunged 68% as concerns grow amid delays in commercialising its SABER Tool technology and its dwindling cash reserves.
The company announced that revenue from the tool, designed to steer rotary drills, is now uncertain due to further required engineering modifications identified during recent testing.
While a test in Oklahoma demonstrated the tool’s operational functionality, additional refinements are needed before active test drilling, which is now scheduled for April.
Enteq warned that these engineering costs, combined with the delay, have shortened its cash runway, raising financial pressures.
The shares fell 2.12p to 0.98p.