Update on XXT

RNS Number : 5873G

Enteq Upstream PLC

02 July 2012

 



2^nd July 2012

Enteq Upstream plc

("Enteq" or the "Company")

Update on XXT

Enteq Upstream plc, the oil and gas field services company, today provides a brief summary of trading at XXT LLC ("XXT"), following the completion, as announced on 18 May 2012, of the acquisition of substantially all of the operating assets and liabilities of XXT Inc.

The trading results of XXT Inc. prior to completion of the acquisition have been reviewed for the period from 1 January 2012 up until the date of completion of the acquisition on 18 May 2012. The trading results were ahead of the comparative period last year and were line with Enteq management's expectations. Since 18 May 2012, trading at XXT and its current order book, are also in line with Enteq management's expectations.

Martin Perry, Chief Executive Officer of Enteq, commented:

"XXT is making good progress despite a weakening in the oil price and some signs of lower activity in North America. Enteq remains on track with our stated strategy of identifying and closing suitable acquisition opportunities. Discussions with potential targets in the upstream sector are progressing well, and we look forward to updating the market in due course."

For further information, please contact:

Enteq Upstream plc	[phone]
Martin Perry, Chief Executive Officer
Ian Leaman, Chief Financial Officer
Investec Bank plc	[phone]
James Grace, Patrick Robb
David Anderson
Pelham Bell Pottinger	[phone]
Mark Antelme, Charlie Stewart

 

END

 

 

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