Enteq Upstream PLC Acquisition of IP (4840B)
January 10 2018 - 5:33AM
UK Regulatory
TIDMNTQ
RNS Number : 4840B
Enteq Upstream PLC
10 January 2018
10 January 2018
Enteq Upstream plc
("Enteq" or the "Company")
Acquisition of IP
Enteq, the oilfield services technology and equipment supplier,
announces an agreement to acquire intellectual property relating to
an innovative drilling telemetry system for a nominal upfront
consideration of GBP100.
On 9 January 2018, Enteq entered into an agreement to acquire,
from a technology developer with a proven track record, five
patents relating to the "DrillLink" system; a broadband data
transfer solution for communication between "down hole" Logging
While Drilling tools and the surface.
Enteq envisages developing these patents into a fully
commercialised set of products during the next five years, which
would be subject to royalty payments. The technology contained
within these products will give Enteq access to a new and broader
customer base.
Martin Perry, CEO of Enteq Upstream plc, commented:
"The acquisition of these patents continues Enteq's drive to
develop new technologies that extend the applications for our
product lines. Following further development the technology
contained within these patents will offer the market significant
cost savings through improved speed of data transfer."
For further information, please contact:
Enteq Upstream plc +44 (0)149 461 8739
Martin Perry, Chief Executive Officer
David Steel, Finance Director
Investec Bank plc (NOMAD and Broker) +44 (0)20 7597 5970
Chris Treneman, Patrick Robb, David Anderson
This information is provided by RNS
The company news service from the London Stock Exchange
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