10th Jan 2025 10:54
(Alliance News) - Enteq Technologies PLC on Friday said it is focused on preserving and managing its cash, with the current cash runway being shorter than anticipated.
The London-based developer of technologies for measurement, logging and geo-steering said the timing of revenue previously expected to be earned is now more uncertain due to the progress on commercialisation.
Enteq said it is working towards the start of active test drilling operations, following the successful completion of passive test drilling operations with a customer in Australia in the final quarter of 2024.
Active test drilling is expected to start in April.
Furthermore, the company is actively engaging with potential customers, driven by demand for a low-cost-to-operate rotary steerable system.
"The company is focused on preserving and managing cash. Due to the progress on commercialisation as described above, the timing of revenue previously expected to be earned is now more uncertain, and there will be costs associated with the engineering referred to above," Enteq said.
Enteq shares fell 68% to 1.00 pence each on Friday morning in London.
By Tom Budszus, Alliance News slot editor
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