viewEnteq Upstream PLC

Enteq Upstream convinced technology is way forward for oil sector


  • Designs and produces high-end robust measurement while drilling systems
  • Recently tied up with Black Gold Research
  • Expanding in areas outside of the US
Pulse - workers on a drill rig

Quick facts: Enteq Upstream PLC

Price: 13.5 GBX

Market: AIM
Market Cap: £9.11 m

The investment in building partnerships, bringing engineering projects closer to market and developing a broader international customer base are beginning to show the anticipated returns

CEO Martin Perry 

What the company does

Enteq Upstream PLC (LON:NTQ) is a provider to the global oil and gas directional drilling market. The company designs and produces high-end robust measurement while drilling (MWD) systems and associated components.

Its products are as follows:

  • Vibmon: This monitors downhole shock and vibration in real-time, enabling drillers to avoid costly downhole equipment failure.
  • Directional Interface Module: Handles the acquisition, formatting and telemetry of downhole data to the surface.
  • Directional Sensor Module: This unit incorporates accelerometers and magnetometers to provide temperature-corrected positional data.
  • Pulser Driver and DC Drive Pulser: In a typical MWD system, data is transmitted to the surface using mud-pulse telemetry, as a system which encodes downhole data in pressure pulses through the drilling fluid. The Pulser Driver drives this system

*It also has products that aid horizontal drilling and has developed new technologies such as PowerHop, At Bit and Rotary Steerable Technology.

How’s Enteq performing?

In July, Enteq agreed to team up with Black Gold Research (BGR) to develop and sell a high-speed telemetry system, to improve drill efficiency and geosteering.

The company, in a statement, noted that BGR has a worldwide reputation for developing innovative solutions in the field of electro-magnetics,  sensors, measurements and transmission systems.

Enteq said the co-operation will ‘bring together expertise’ to commercialise a current BGR project.

"The development of this new technology is perfectly aligned with Enteq's strategy of delivering quality geosteering technologies,” said Martin Perry, chief executive.

“This technology has the potential to address one of the core needs of independent service companies operating globally. 

Revenues rose by 7% in the year to March 31, 2020, despite the industry's problems in the US shale area.

Sales in the twelve months rose to US$10.9mln (2019: US$10.2mln) with underlying profits 24% higher at US$3.1mln.

What the boss says: Martin Perry, chief executive

Even in a medium-term, reduced oil price, post-Covid-19, world there will continue to be a demand for hydrocarbons and increased efficiency in drilling will be needed for the industry.”

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What the analyst says

Proactive Research analyst Ed Stacey in his assessment of Enteq's results for the year-end March 2020 pointed to the rise in overseas revenues to US$3.2mln (versus US$1mln the year before) led by new business in China.

He adds that Enteq is still on track to end FY March 2021 with a large net cash position and believes that this provides scope for the company to consider additional investment opportunities that could become available in the current environment.



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Enteq Upstream PLC: Analyst expects new business opportunities to lead to...

Proactive Research analyst Ed Stacey gives his assessment of Enteq Upstream PLC's (LON:NTQ) results for the year-end March 2020 as well as the ongoing trading environment. Stacey says overseas revenues rose strongly to US$3.2mln (versus US$1mln the year before) led by new business in China. He...

on 1/7/20

3 min read