Enteq is a supplier of, primarily, Measurement While Drilling (MWD) equipment to independent oil service companies. This equipment, which Enteq designs and manufactures is essential for directional drilling. I refer readers unfamiliar with the company to its annual report.
I invested in Enteq initially in November 2013, exiting at a substantial loss in September 2014, as the oil price and Enteq’s market collapsed. The company weathered the storm, with a strong balance sheet and taking an axe to costs. I decided to reinvest in April this year, as the company issued a strong trading update, indicating that a recovery was then underway. I have added since, as the SP sagged a little, until today’s AGM statement.
In 1H17 revenues were…
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