Calgary, Alberta, September 28, 2023: High Arctic Energy Services Inc. (TSX: HWO) “High Arctic” or
the “Corporation” provides an update on the contemplated reorganization of the Corporation, including
the associated tax efficient $38.2 million return of capital, the Papua New Guinea focused business
spin-out to shareholders, refocus of the Canadian business and an update on its Papua New Guinea
(“PNG”) operations.

The Corporation has received feedback from shareholders and is working with its advisors on the
reorganization plan to incorporate key elements of the shareholder feedback. The High Arctic board
has reserved its final decision to proceed with the reorganization until these matters and ongoing
strategic review have been addressed to their satisfaction, requisite regulatory approvals have been
received, and the materials are ready to present to shareholders.

The Corporation cautions readers that there is no certainty that the reorganization will proceed in the
format previously announced, or at all.

In PNG, Rig 103 has continued to operate reliably since returning to work and in the process our crews
have passed through 7 years and 3.5 million work hours of recordable incident free operations. Activity
is nearing the halfway point of the four currently committed wells for our primary customer, under the
three-year operations and management contracts that mature in August 2025.

High Arctic observes that the Papua-LNG partners have pushed back guidance for the target final
investment decision on the project website to “early 2024”. We have also
observed that the project planning involves the creation of road access to the development well sites
and as a result will likely not specifically require heli-portable drilling rigs. High Arctic was involved in
drilling four of the Antelope field appraisal wells with our heli-portable drilling rigs. While High Arctic has
specialist PNG drilling knowledge that we strongly believe is critical to successful well delivery, there is
no guarantee that our rigs will be deemed suitable for, or that we will be contracted to conduct the
Papua-LNG development drilling at the Elk / Antelope fields.

Forward-Looking Statements

This press release contains forward-looking statements. When used in this document, the words “may”,
“would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”,
and similar expressions are intended to identify forward-looking statements. Such statements reflect
the Corporation’s current views with respect to future events and are subject to certain risks,
uncertainties and assumptions. Many factors could cause the Corporation’s actual results, performance
or achievements to vary from those described in this press release.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying
forward-looking statements prove incorrect, actual results may vary materially from those described in
this press release as intended, planned, anticipated, believed, estimated or expected. Specific forwardlooking
statements in this press release include, but are not limited to, statements pertaining to the
 the High Arctic board’s final decision to proceed with the reorganization,
 the level of certainty that the reorganization will proceed in the format previously announced, or
at all,
 that Rig 103 will drill the four currently committed wells for our primary customer, and any wells
following those,
 Papua-LNG partners target final investment decision on the project of “early 2024”,
 whether High Arctic’s heli-portable drilling rigs will be suitable for the Papua-LNG project, and
 whether High Arctic will be contracted to conduct the Papua-LNG development drilling.

The Corporation’s actual results could differ materially from those anticipated in these forward-looking
statements as a result of the risk factors set forth above and elsewhere in this press release.
The forward-looking statements contained in this press release are expressly qualified in their entirety
by this cautionary statement. These statements are given only as of the date of this press release. The
Corporation does not assume any obligation to update these forward-looking statements to reflect new
information, subsequent events or otherwise, except as required by law.

About High Arctic
High Arctic is an energy services provider. High Arctic is a market leader in Papua New Guinea
providing drilling and specialized well completion services and supplies rental equipment including rig
matting, camps, material handling and drilling support equipment. In western Canada, High Arctic
provides pressure control equipment on a rental basis to exploration and production companies.

For further information, please contact:
Mike Maguire
Chief Executive Officer

High Arctic Energy Services Inc.
Suite 2350, 330–5th Avenue SW
Calgary, Alberta, Canada T2P 0L4

230928 – High Arctic Provides Reorganization and PNG Update – Copy