5th Dec 2018 11:49
LONDON (Alliance News) - Enteq Upstream PLC said Wednesday it has filed a new UK patent application for a "real-time azimuth and inclination measurement tool".
The patent is a result of work carried out by Enteq's UK development team, which was set up after obtaining a grant from the Technology Strategy Board of Innovate UK, a non-departmental public body reporting to the UK Department for Business, Energy & Industrial Strategy.
"The patent application demonstrates Enteq's continued drive to develop new technologies that both broaden the addressable market and offers additional functionality to our current customer base," said Chief Executive Officer Martin Perry.
Enteq - which supplies the oil and gas industry with "measurement while drilling" systems - said the intellectual property and future product development will "broaden" its range of drilling products.
Shares in Enteq Upstream were down 8.6% Wednesday at 20.10 pence each.
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