Enteq Upstream (GB:NTQ) has released an update.
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Enteq Technologies PLC has announced a fundraising initiative aiming to generate £2 million through the issuance of up to 40,000,000 new Ordinary Shares, to support the commercial launch of their SABER tool for directional drilling. The funds raised will be used to expand their SABER tool fleet, conduct field trials, and provide working capital, potentially extending the company’s cash runway to July 2025. This move signifies Enteq’s commitment to advancing its position in the estimated US$2 billion annual directional drilling market.
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