Enteq Upstream PLC AGM Statement (6836J)
September 13 2016 - 6:06AM
UK Regulatory
TIDMNTQ
RNS Number : 6836J
Enteq Upstream PLC
13 September 2016
Enteq Upstream plc
("Enteq" or the "Company")
AGM Trading Statement
Enteq, the oilfield services technology and equipment supplier,
will make the following statement at its Annual General Meeting
which takes place at 12.00 noon today at 2 Gresham Street, London
EC2V 7QP:
The uncertainty of oil and gas prices continues to undermine
confidence for new drilling programmes and subsequently any renewed
purchases of Measurement While Drilling Equipment.
In North America, the Group's year-to-date revenue performance
reflects the ongoing market uncertainty. Outside North America,
there continue to be growth opportunities, albeit with significant
lag between initial enquiry and eventual order due to cash flows
throughout the industry being constrained.
The Company continues to exercise tight controls over its costs,
and as a result, cash balances as at 13 September 2016 totaled US$
15.0 million, down US$ 0.1 million on the 31 March 2016 balance of
US$ 15.1m. This is up US$ 0.5 million on the 30 September 2015
balance of US$ 14.5 million.
Despite the challenging market conditions and lack of visibility
that the industry, including Enteq, is facing, the Board expects
the full year trading to be in line with their expectations.
As previously announced, at the end of the AGM, Neil Warner will
stand down as Chairman and leave the Company and Raymond Garcia
will step down from the Board but will remain as Chief Operating
Officer. Following these changes, the Board will comprise: Iain
Paterson (Chairman), Robin Pinchbeck (Non-Executive Director),
Martin Perry (CEO) and David Steel (Finance Director).
The Board and management of Enteq continue to believe in the
potential for both a market recovery and a strong long term future
in a stabilised trading environment.
The Company plans to release its interim results for the six
months ending 30 September 2016 on 18 November 2016.
For further information, please contact:
Enteq Upstream plc +44 (0)1494 618741
Martin Perry, Chief Executive Officer
David Steel, Finance Director
Investec Bank plc (Nomad and Broker) +44 (0) 20 7597 4000
Chris Treneman, Patrick Robb, David Anderson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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September 13, 2016 06:06 ET (10:06 GMT)