Enteq Upstream plc
("Enteq" or the "Company")
AGM Trading Statement
Enteq, the oilfield services technology and equipment supplier, will make the following statement at its Annual General Meeting which takes place at 12.00 noon today at 2 Gresham Street, London EC2V 7QP:
The uncertainty of oil and gas prices continues to undermine confidence for new drilling programmes and subsequently any renewed purchases of Measurement While Drilling Equipment.
In North America, the Group's year-to-date revenue performance reflects the ongoing market uncertainty. Outside North America, there continue to be growth opportunities, albeit with significant lag between initial enquiry and eventual order due to cash flows throughout the industry being constrained.
The Company continues to exercise tight controls over its costs, and as a result, cash balances as at 13 September 2016 totaled US$ 15.0 million, down US$ 0.1 million on the 31 March 2016 balance of US$ 15.1m. This is up US$ 0.5 million on the 30 September 2015 balance of US$ 14.5 million.
Despite the challenging market conditions and lack of visibility that the industry, including Enteq, is facing, the Board expects the full year trading to be in line with their expectations.
As previously announced, at the end of the AGM, Neil Warner will stand down as Chairman and leave the Company and Raymond Garcia will step down from the Board but will remain as Chief Operating Officer. Following these changes, the Board will comprise: Iain Paterson (Chairman), Robin Pinchbeck (Non-Executive Director), Martin Perry (CEO) and David Steel (Finance Director).
The Board and management of Enteq continue to believe in the potential for both a market recovery and a strong long term future in a stabilised trading environment.
The Company plans to release its interim results for the six months ending 30 September 2016 on 18 November 2016.
For further information, please contact:
Enteq Upstream plc +44 (0)1494 618741
Martin Perry, Chief Executive Officer
David Steel, Finance Director
Investec Bank plc (Nomad and Broker) +44 (0) 20 7597 4000
Chris Treneman, Patrick Robb, David Anderson
This information is provided by RNS