Enteq Upstream, a provider of upstream technology and products, is in the process of acquiring the assets of Santa Clara, Calif., based Extended Exploration Technology Incorporated (XXT), a Measurement While Drilling (MWD) equipment company. The agreement is subject to final and statutory Extraordinary General Meeting approval.
Established in 2002 and managed by Henry More and Larry Bulduc, XXT develops and manufactures a range of MWD equipment primarily for North American directional drilling service companies. The company has earned an excellent reputation for reliability in extended reach horizontal wells and performance in high temperature environments.
More and Bulduc, who both have many years of experience developing MWD equipment, have created unique, firmware controlled solutions that provide improved performance during drilling operations. In order to spur growth, Enteq plans to further invest in the facility to add to its engineering and manufacturing capabilities under More and Bulduc's continued management.
"We are delighted that Enteq has completed its first acquisition with a company of XXT's caliber; that can provide our company with highly engineered solutions and an entry into the directional and horizontal drilling market," said Enteq CEO Martin Perry. "We have the goal of broadening the product range in this arena, increasing our customer base in North America and internationally; we hope to complete similar acquisitions in the upstream sector."
Enteq intends to give investors exposure to a range of technologies and global markets through their acquisitions. The demand for 'reach and recovery' products and technology is large and growing. XXT's offerings provide Enteq excellent market entry and specialist technology with the potential for significant organic growth.
"XXT has grown rapidly in the last three years due to the success of our equipment in operations," said XXT Founder Henry More. "We believe that Enteq offers an excellent opportunity for the business to continue growth and to broaden our capabilities, product range and addressable market. Continuing to provide high quality products, with on-time delivery and excellent customer support will be a focus for us all."
Enteq was founded in 2011 by the former CEO and the Senior VP from Sondex plc, Martin Perry and Raymond Garcia. Enteq has the ambition to grow by acquisition and subsequent organic development into a provider of upstream technology and products to oilfield service companies globally. Enteq has raised initial sums in excess of $100 million from blue-chip institutional investors in the London Stock Exchange to fund acquisitions and the growth strategy.
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