Georesources-focused company Qteq plans to acquire Perth-based subsurface data logging company Surtech Systems, and directional and measurement drilling company WellServ, in a cash-and-scrip transaction.
The deals will be Qteq’s third and fourth acquisitions this financial year. Qteq focuses on providing technology and technical services to mining, oil and gas, and alternative energy production sites.
Surtech founder and managing director Martin Mulliner, who launched the company more than 20 years ago, said the integration of the two businesses would provide many opportunities.
“We will build on our shared vision to offer the most innovative subsurface services and technology in Australia, across all georesources,” Mulliner said.
Surtech is a provider of downhole geophysical measurements and utilises a fleet of 23 vehicles across Australia, with main bases in Perth and Brisbane.
The acquisitions will provide the Brisbane-based company with Surtech’s systems to collect accurate data on the composition and behaviour of subsurface rocks.
Qteq chief executive officer and chair Simon Ashton called the Surtech deal “a complementary acquisition which greatly enhances our service capability, with operational bases now established in Western Australia, South Australia and Queensland.”
Qteq hopes the acquisition will accelerate the market adoption of technologies, including the BMR (BoreHole Magnetic Resonance), Spectroscopy and LWD (logging-while-drilling) services currently being developed.
Queensland-based Qteq has grown from 40 to over 110 employees since its launch in August 2017, having evolved from the closure of previous company WellDog, which entered administration last year.
“We are an example of a thriving Australian company, more than 90 per cent owned by our Australian staff and management, that creates new opportunities through developing and applying technology,” said Ashton.