Shares in Enteq Technologies PLC (AIM:NTQ) rose by over half after the company hung up the 'for sale' sign.
The move comes amid challenging market conditions and tight cash balances, which stand at approximately $950,000 - giving it a runway out to June.
Enteq has been exploring its options and is currently in discussions with two potential buyers.
The company, which has no debt, is focused on commercialising its SABER rotary steerable drilling technology but faces difficulties raising equity financing.
Enteq expressed confidence in SABER’s potential, emphasising its cost-efficiency and market demand, but warned shareholders there is no guarantee of a successful sale or offer.
Energy advisory firm Gneiss Energy is overseeing the sale process. Further updates will follow as developments occur.
In early trading, the stock was up 0.5p at 1.55p.