ENTEQ TECHNOLOGIES PLC

Regulatory Filings • Apr 30, 2021

National Storage Mechanism | Additional information

RNS Number : 1248X

Enteq Upstream PLC

30 April 2021

FOR RNS REACH

30 April 2021

Enteq Upstream plc

("Enteq")

Contract award

Enteq, the energy technology company, is pleased to announce that on 29 April 2021, it received a rental contract valued up to $1.1m over the next 18 months from an existing North American customer.  The order relates to the rental of Enteq's core Measurement While Drilling ("MWD") technology for a minimum of 8 months.   A deposit has been received relating to the first tranche of equipment, valued at up to $0.8m, which will be delivered shortly.  There is an option for an additional tranche of up to $0.3m, which, if confirmed will be expected within the next month, with the equipment to be delivered soon after.

This contract will significantly expand the number of MWD kits operated by this customer, which is based on Enteq's proven, robust and ultra-reliable technologies.

Andrew Law, CEO of Enteq Upstream plc, commented:

"It is reassuring to see that the US land market is starting its recovery. This contract award is yet further confirmation that Enteq continues to provide commercially effective solutions and dependable technologies to our customers, the independent directional drilling companies."

For further information, please contact:

Enteq Upstream plc                                                                  +44 (0)149 461 8739

Andrew Law, Chief Executive Officer

David Steel, Chief Financial Officer

finnCap Ltd (NOMAD and Broker)                                             +44 (0)20 7220 0500

Ed Frisby, Emily Watts, Tim Harper (Corporate Finance)

Andrew Burdis (ECM)

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

NRADKCBDPBKDFQB