Calgary, Canada – February 1, 2017 – Tom Alford, President and CEO of High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to provide an update on its activities in Papua New Guinea (“PNG”).
Rig 104 and Rig 115 continue with their drilling assignments. Rig 103 is finalizing demobilization activities following the completion of its drilling campaign in the Western Province. Rig 116 remains on standby under contract in Port Moresby.
Discussions continue to progress with the Corporation’s customer regarding a new long-term contract arrangement for Rigs 103 and 104. While these discussions continue, the customer has formally provided notice it intends to extend the contracts up to July 31, 2017 allowing time for the new long-term contract arrangements to be finalized or otherwise terminated in accordance with the existing contracts.
About High Arctic
High Arctic is a publicly traded company listed on the Toronto Stock Exchange under the symbol “HWO”. The Corporation’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’s largest operation is in Papua New Guinea where it provides drilling and specialized well completion services and supplies rig matting, camps and drilling support equipment on a rental basis. The Canadian operation, with the recent acquisition of Tervita Production Services now provides well servicing and engineered services in addition to its snubbing services, nitrogen supplies and equipment on a rental basis to a large number of oil and natural gas exploration and production companies operating in Western Canada.
For more information, please contact:
Interim President & CEO
Chief Financial Officer