PNG Timeline

With oilfield activity levels in PNG at an all-time high, High Arctic deploys 9,600 HDPE Mat units across all five key customers.

Following agreement in December 2013, Rig 103 commences contract services for InterOil in January 2014 commencing with Raptor exploration well and followed by two successful Antelope wells. The contract coincides with the addition of InterOil to High Arctic’s HDPE Mat Systems customer base.

Renew contracts with Oil Search to operate drilling rigs 103 and 104 for a further 3 years and provide support services to drilling operations.

Increase in the PNG holding of Durabase® Mats to over 7,500 units to meet high demand associated with the PNG LNG project.

In response to increased work activity, High Arctic increases the PNG rolling stock fleet and HDPE Mat Systems for roads and work sites. Support equipment now includes camps, HDPE Mat Systems, cranes, forklifts and trucks on a rental basis; customers including Oil Search, ExxonMobil, Talisman Energy and Horizon Oil.

Rig 102 is signed onto a new contract with Oil Search, including major upgrades and modifications to the existing unit. In addition, O.S.L extends their contract for Rig 104.

Oil Search extends their contract for Rig 104 taking the term up to December 2013.

High Arctic secures a new contract for Rig 103 to drill two wells (+ 2 options) for Eaglewood Energy.

Rig 104, the same design and specification as Rig 103, was mobilized to Papua New Guinea and begins its first well under contract with Oil Search.

High Arctic continued its growth in Papua New Guinea by mobilizing and operating Hydraulic Workover Rig 102, previously known as “The Cadomin”.