Enteq Technologies Share Discussion Threads

[somerset lad] 12/2/2024 08:00

Cavendish note out, with forecasts still deferred.

[somerset lad] 12/2/2024 07:55

In the AGM statement of 29.9.23 NTQ said “A commercial contract is in place and customer-testing operations are planned later in the year as part of this contract.”

By the interims on 15.11.23, testing was planned for the new calendar year.

I'd been hoping that the next news would have been that the customer tests had been run and passed.

Today we're told that customer testing should "commence" by 31.3.24.

It looks from today's announcement as though the slippage is because the new Engineering Director has made further tweaks and NTQ have done a further round of testing at surface which has validated those tweaks.

NTQ now seem comfortable that they have a product that will work in the market as they've invited customers to a further set of downhole tests at Catoosa again by 31.3.24, and they'd presumably only do that if they're expecting the results to be good.

Overall, the direction of travel is positive and some patience to finesse the specification at this stage is likely to be repaid later.

[1gw] 12/2/2024 07:23

Slowly, slowly...

[mr doughnut1] 12/2/2024 07:21

All sounding very positive.

[rivaldo] 12/2/2024 07:20

Today's RNSNON looks good - an actual SABER purchase order!

Everything's progressing well in terms of build programmes, further testing, technology demonstrations etc.

And SABER's applications include "hydrocarbon production, geothermal energy, methane capture and CCS (carbon capture and storage)".

The CEO concludes with "This is another positive step along the road to full commercialisation of the SABER technology in a market that has a demand for this strong alternative method of steering while drilling."

[1gw] 16/1/2024 11:08

On the website refresh, it would be good to update the SABER FAQs where appropriate. In particular the answer on validation is looking rather dated:

Q: How has the SABER concept been validated?

A: All modelling and testing to date support that the approach will provide adequate sideforce for directional control in line with the existing system in the market. The final acceptance criteria will come during the scheduled downhole trials in Q4 2022.

[1gw] 16/1/2024 10:40

I was prepared to put the Miton sell down to redemption requirements, but it is disappointing to have 2 sellers. Do they really see NTQ as the best option to realise funds for redemption, if that is what is driving it?

[somerset lad] 16/1/2024 09:44

NTQ's website has been refreshed.

Funds experiencing outflows need to generate cash.

[optimist4now] 15/1/2024 09:45

Yes, this is disappointing especially as the feedback from the MelloLondon Conference at the end of last November seemed to be positive.

[1gw] 11/1/2024 09:29

The 2 biggest holders both trimming their positions. Not really what I want to see going into what feels like a pivotal year.

[optimist4now] 08/1/2024 15:09

As no RNS it would appear it was not.

[optimist4now] 04/1/2024 10:49

Let's hope that it was the new CFO now that he has had time to get to know the business.

[mr doughnut1] 03/1/2024 17:14

A couple of chunky trades of 565,875 went though a little after 3.30 pm.

[1gw] 01/1/2024 11:54

Is this the year it all comes good then? Fingers crossed.

[optimist4now] 21/12/2023 10:36

Apologies but the link gets corrupted when posted!

[optimist4now] 21/12/2023 10:34

hxxps://www.linkedin.com/posts/enteq-technologies_logging-and-measurement-while-drilling-activity-7125096549503651840-CKIR?utm_source=share&utm_medium=member_desktop

[optimist4now] 21/12/2023 10:33

The 2023 review does not mention of a guy called Michael Spencer who, on Enteq's Linkedin was due to join as their new Engineering Director.

See hxxps://www.linkedin.com/posts/enteq-technologies_logging-and-measurement-while-drilling-activity-7125096549503651840-CKIR?utm_source=share&utm_medium=member_desktop

Did this not come off in the end?

[somerset lad] 20/12/2023 10:54

Thanks 1gw.

Interesting that: (i) they put seeking partners ahead of customers (reversing the order they used in the finals); and (ii) they have another very experienced new recruit (who presumably took a hard look at the quality of the product before committing).

[1gw] 19/12/2023 18:12

Review of the year.

[p1nkfish] 10/12/2023 11:54

"SABER can be deployed both in North Sea........"



UK needs more extraction and some will come via previously abandoned areas with harder to access traps. By 2030 80% of O&G will be imported otherwise.

Norwegians have noted how much of their gas might go unexploited due to various factors Inc access to tight traps.

NTQ potential upside is substantial, they need reference sites in each of the target markets.

[p1nkfish] 10/12/2023 11:27

I'm thinking along the lines of some work with Baker Hughes in International as a real possibility and off-shore and in the US land segment looking for the likes of King Operating as customers.

The emissions capture and re-purposing looks quite open as it's small beer to the big boys and won't add much % revenue increase to them but is very useful to NTQ as a starting foothold and has green credentials too.

[p1nkfish] 10/12/2023 11:13

We don't need a massive upside in sales to make a substantial difference and NTQ need to pick their fights carefully.

It's reckoned only about $100M US land opportunity isn't serviced by those with deeper pockets, 90% US land sewn up and can be expensive to win even with better tech. Slide 8. These locations are not necessarily isolated vs international land opportunity and isolated operations play to a SABER strength.

Methane and emission capture is the only specific area to be mentioned on slide 7 of the fy23 results and likely a field freer from competition. "Capturing and repurposing harmful emissions."

International land is under serviced with BHI offering older generation RSS and not many other options - a target. Slide 11. May be a better hunting ground without encumbents able to block so easily and might open the door with BH offering services along with SABER?

RSS market size was stated at $3.6Bn but $1.6Bn of that is off-shore and mainly international. 2nd largest market and SABER is useful for isolated locations as mentioned again on slide 7. A target and plays to the "isolated" theme?

Flaring and emissions reduction/repurposing........

Getting real attention with MethaneSAT monitoring via the Environmental Defence Fund (EDF). No hiding place and mid-east (plus others) need to address this. Might be opportunities in some places? This along with the Oil and Gas Climate Initiative (OGCI) as a consortium of major oil and gas companies, including ExxonMobil, Shell, and Chevron, committed to reducing methane emissions - store and re-purpose? Same for the Methane Reduction Collaborative as a collaborative effort by several companies to share best practices and technologies for reducing methane emissions in the oil and gas sector, that should include capture and repupose possibly in local traps needing RSS to access.

[somerset lad] 10/12/2023 10:26

Interesting, thanks ValueHurts. I wasn't expecting methane capture from coal mining as the first contract either, but there were signs that NTQ had this in mind. Hastings wrote up on his blog on 27/4/22 (see hxxps://martinflitton1.wixsite.com/privatepunter/post/enteq-getting-set-for-saber-27-04-22) an interview which talked about SABER having been field tested in methane capture (before the Norway and Catoosa down hole tests): "Markets include oil and gas, but also geothermal and methane capture where it has already proven to operate successfully at high temperatures. Here, it can score, as there aren’t, according to Law that many high temperature rotary tools around. The system, the CEO says has also been designed to operate at a high temperature and it has already done some successful field trials around methane capture."

[valuehurts] 09/12/2023 23:36

Attendee from the Mello conference confirms that the customer trial is with a service provider drilling for a US coal business to capture the methane. This methane will then be used to generate power. Supposedly the service provider has been interested in the tool for quite some time. Was not really expecting this as a first use to be honest.

[p1nkfish] 08/12/2023 08:27

Worth a listen, wouldn't agree with it 100% but the gist of it, yes.