CALGARY, Canada – October 1, 2021 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce the appointment of Lance Mierendorf as Chief Financial Officer (“CFO”) effective October 1, 2021, and reports on good progress in preparation for services of Rig 115 in Papua New Guinea (“PNG”).
Mr. Mierendorf initially joined the Corporation in April 2021 in a consulting capacity as Interim CFO to streamline and strengthen the finance and accounting processes within the Corporation and provide financial leadership for High Arctic’s growth initiatives.
Mr. Mierendorf has over 20 years of experience in senior financial leadership positions for publicly listed oil and gas companies, including significant experience in the international energy sector. Mr. Mierendorf is a Chartered Professional Accountant with an extensive background in financial stewardship, strategic planning and analysis, equity financing, debt restructuring and building global finance teams. Previously, Mr. Mierendorf held Chief Financial Officer roles for Divergent Energy Services Corp. (TSXV: DVG) and Wentworth Resources Limited (AIM: WRL).
Mike Maguire, Chief Executive Officer stated: “I am pleased to welcome Mr. Mierendorf as a permanent member of the executive management team at High Arctic. Mr. Mierendorf’s 20-plus years of wide-ranging financial management expertise in the energy sector, in both the domestic and international markets, will be invaluable to the Corporation as we look to take advantage of business opportunities in the improving global energy services market.”
Rig 115 Preparation in PNG
In PNG crews have been assembled from within and abroad and are adhering to a Covid-19 vaccination program and bio-secure bubble to eliminate possible risk of an impact to the well abandonment project. The first 100 bed camp is now fully operational at the forward base location and loads have been received there for the second rig-site 100 bed heli-portable camp. Rig 115 equipment is 50% complete on preparatory mechanical activities and will soon be assembled at its storage location for an operational integrity test prior to shipping out.
CEO Mike Maguire: “Once again our terrific PNG staff and crews are demonstrating what meticulous planning and strong management can achieve in challenging circumstances. We are on schedule to commence services on site later this quarter. The recommencement of rig services is evidence of the growing momentum in the sector in PNG. Earlier this week there was an announcement of the signing of heads of agreement between the operator of the PNG-LNG project and the government of PNG regarding the P’nyang Gas Agreement and regarding an additional 10% equity stake in the project for the state owned Kumul Petroleum. This continued momentum toward PNG-LNG expansion, the progressing Papua LNG project, and the Santos – Oil Search merger reinforces our optimism for meaning near-term drilling activity.”
About High Arctic
High Arctic’s principal focus is to provide drilling and specialized well completion services, equipment rentals and other services to the oil and gas industry. High Arctic is a market leader providing drilling and specialized well completion services and supplies rig matting, camps and drilling support equipment on a
rental basis in Papua New Guinea. The western Canadian operation provides well servicing, well abandonment, snubbing and nitrogen services, and equipment on a rental basis to a large number of exploration and production companies.
For further information, please contact:
Chief Executive Officer
High Arctic Energy Services Inc.
Suite 500, 700 – 2nd Street S.W.
Calgary, Alberta, Canada T2P 2W1