Admission to AIM

RNS Number : 5285J

Enteq Upstream PLC

01 July 2011

 



ENTEQ UPSTREAM PLC

1 July, 2011

Admission to AIM & First Day of Dealing

Enteq Upstream plc ("Enteq" or the "Company"), the newly incorporated company focused on acquiring and consolidating companies that provide specialist technologies to the upstream oil and gas services market, is pleased to announce the commencement of trading in its shares on AIM (ticker symbol NTQ).

The Company has raised £15 million before expenses through the placing of 15 million Ordinary Shares, at an issue price of 100 pence per share, representing approximately 100% of the enlarged share capital of the Company. The expected market capitalisation of the Company following admission is approximately £15 million.

Overview

Enteq Upstream is a newly-incorporated company, focused on acquiring and consolidating companies providing specialist products and technologies to the upstream oil and gas services market.

The Company has been founded by the same leadership team behind Sondex, a leading oil and gas products and technology provider. Sondex established a core technology product line as a de-facto standard in global oilfield service companies.  Sondex was sold to General Electric in 2007 for 460p per share, having listed on the London Stock Exchange for 100p in 2003. 

The Directors of Enteq Upstream believe they can create a leading specialist oilfield supply company by converting acquired products and technologies into an integrated portfolio to be sold internationally to regional and global oilfield service companies.

Commenting on today's announcement, Martin Perry, the Company's CEO, said:

"We are delighted that the AIM flotation of Enteq has been successful and would like to thank our new shareholders, consisting of a number of leading blue chip institutional investors, for their support. We will now put to use the management team's expertise and sector knowledge in order to execute our acquisition strategy.  We look forward to updating the market on our progress in identifying the right investment opportunities in the oilfield services sector, with the aim to access international markets through a broad portfolio."  

www.enteq.com

For further information please contact:

Enteq Upstream PLC
Martin Perry	[phone]
Investec
James Grace	[phone]
Pelham Bell Pottinger
Mark Antelme/Jenny Renton	[phone]

 

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