Enteq Upstream plc (NTQ), 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 (EGM) approval.

“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.”

Tags: Enteq Upstream plc