Enteq Upstream PLC (LON:NTQ) has been granted a full patent by the UK Patent Office for PowerHop, a system designed to wirelessly log measurements during well drilling.
The oilfield services firm said it is now in discussions regarding the commercialisation of the technology with its customers and that PowerHop will allow it to offer “a broader range of sensor technology” to the US$9bn directional drilling market.
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Meanwhile, the firm has also lodged patent applications in the US, Norway, the UK and Canada for its DrillLink system, which allows data to be transmitted between ‘down hole’ tools and the surface during drilling.
"The recent granting and filing of patent applications demonstrates Enteq's continued commitment to develop new technologies that both broaden the addressable market and offer additional functionality to our current customer base", said Enteq chief executive Martin Perry.
In lunchtime trading on Wednesday, Enteq’s shares were steady at 27p.