18th Apr 2018 11:32
LONDON (Alliance News) - Shares in Enteq Upstream PLC spiked Wednesday as the oilfield services supplier said revenue and earnings were "significantly" ahead of expectations for its year ended March.
Enteq shares were trading up 22% at 30.00 pence each Wednesday morning. Enteq said both revenue and underlying earnings before interest, tax, depreciation, and amortisation are expected to be well ahead of expectations.
The company's cash balance was GBP15.5 million at March's end, GBP200,000 higher than the end of March 2017.
Enteq said market conditions have stabilised, with the number of drilling rigs operating in North America rising to about 1,000 from about 840 since the start of April 2017 and the price of West Texas Intermediate oil has risen from around USD49 per barrel at the start of the financial year to its current price of around USD67.
The oilfield services supplier said it has continued to develop in markets outside North America, including further operations in Saudi Arabia and the fulfilment of the initial contract in Indonesia related to geothermal drilling announced in December.
The company has improved operational efficiency by transferring its electronic component manufacturing from leased premises in California to the Enteq's owned Houston facility, it said.
Enteq is to release full year results for its year ended March on June 13.
Related Shares:
Enteq Tech