18th Dec 2019 16:50
(Alliance News) - Enteq Upstream PLC said Wednesday that the UK Patent Office has granted a full patent for the PowerHop technology.
"PowerHop provides a unique solution enabling wireless power and data connectivity for Measurement and Logging While Drilling assemblies in a down-hole environment," Enteq said.
The oilfield services technology and equipment supplier said approximately USD2.7 million has been invested in the development of this system to date.
Commercialization agreements with customers are now under discussion, the company noted.
Chief Executive Officer Martin Perry said: "The recent granting and filing of patent applications demonstrates Enteq's continued commitment to develop new technologies that both broaden the addressable market and offer additional functionality to our current customer base."
The company also said that patent applications have now been formally lodged with the patent granting authorities in the US, Norway, UK, and Canada for DrillLink system.
Enteq Upstream shares closed 3.7% lower in London at 26.00 pence each on Wednesday.
By Loreta Juodagalvyte; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Enteq Tech