Shares in AIM-listed oil and gas technology firm Enteq Upstream (LON:NTQ) dropped by 12.26% to 13.60p (as of 14:20 BST) after the firm’s post-tax loss for the year ended 31st March sharply expanded sharply despite an improvement in revenues. The majority of the increased loss is in the form of non-cash write-offs due to the recent downturn in global markets where stabilisation will depend on the recovery of oil prices.
CEO Martin Perry commented: “Enteq is well positioned to support current activities for the foreseeable future. In addition, Enteq will maintain investment in potential game-changing technology which has the potential to address the demands for reduced costs in the future drilling environment. Even in a medium term, reduced oil price, post Covid-19, world there will continue to be a demand for hydrocarbons and increased efficiency in drilling will be needed for the industry.
“With a strong balance sheet and a continued appetite to invest in focused new product development Enteq is well positioned to benefit from a return to market stability“.