Last checked at 18 Dec 2019 12:30
18 December 2019
Enteq Upstream plc
("Enteq" or the "Company")
Update on filing patent applications
Enteq, the oilfield services technology and equipment supplier, announces an update on the filing of various patent applications.
Enteq is pleased to confirm that the UK Patent Office has today granted a full patent for the PowerHop technology initially announced on 8 May 2019. PowerHop provides a unique solution enabling wireless power and data connectivity for Measurement and Logging While Drilling assemblies in a down-hole environment. To date approximately $2.7m has been invested in the development of this system. Commercialisation agreements with customers are now under discussion. The improved connectivity will enable a broader range of sensor technology to be offered by Enteq and hence increase the portion of the $9bn directional drilling market which can be addressed.
Further to the announcement made on 10 January 2018 regarding the acquisition of intellectual property relating to the "DrillLink" system; a broadband data transfer solution for communication between "down hole" Logging While Drilling tools and the surface, Patent applications have now been formally lodged with the patent granting authorities in the US, Norway, UK, and Canada. In the US, Enteq have been granted the right to quote "US Patent Pending No. 16/607328" on any product related literature.
Martin Perry, CEO of Enteq Upstream plc, commented:
"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."
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
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