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High Arctic Announces Executive Appointment and Provides an Update on Activities in Papua New Guinea

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GlobeNewswire

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CALGARY, Alberta, Oct. 01, 2021 (GLOBE NEWSWIRE) — High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is happy to announce the appointment of Lance Mierendorf as Chief Financial Officer (“CFO”) efficient October 1, 2021, and experiences on good progress in preparation for providers of Rig 115 in Papua New Guinea (“PNG”).

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Executive Appointment

Mr. Mierendorf initially joined the Corporation in April 2021 in a consulting capability as Interim CFO to streamline and strengthen the finance and accounting processes inside the Corporation and supply monetary management for High Arctic’s progress initiatives.

Mr. Mierendorf has over 20 years of expertise in senior monetary management positions for publicly listed oil and fuel firms, together with important expertise within the worldwide power sector. Mr. Mierendorf is a Chartered Professional Accountant with an intensive background in monetary stewardship, strategic planning and evaluation, fairness financing, debt restructuring and constructing world finance groups. Previously, Mr. Mierendorf held Chief Financial Officer roles for Divergent Energy Services Corp. (TSXV: DVG) and Wentworth Resources Limited (AIM: WRL).

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Mike Maguire, Chief Executive Officer said: “I’m happy to welcome Mr. Mierendorf as a everlasting member of the chief administration staff at High Arctic. Mr. Mierendorf’s 20-plus years of wide-ranging monetary administration experience within the power sector, in each the home and worldwide markets, will probably be invaluable to the Corporation as we glance to benefit from enterprise alternatives within the enhancing world power providers market.”

Rig 115 Preparation in PNG

In PNG crews have been assembled from inside and overseas and are adhering to a Covid-19 vaccination program and bio-secure bubble to get rid of doable danger of an impression to the effectively abandonment undertaking. The first 100 mattress camp is now totally operational on the ahead base location and hundreds have been obtained there for the second rig-site 100 mattress heli-portable camp. Rig 115 tools is 50% full on preparatory mechanical actions and can quickly be assembled at its storage location for an operational integrity take a look at previous to transport out.

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CEO Mike Maguire: “Once once more our terrific PNG employees and crews are demonstrating what meticulous planning and powerful administration can obtain in difficult circumstances. We are on schedule to start providers on web site later this quarter. The recommencement of rig providers is proof of the rising momentum within the sector in PNG. Earlier this week there was an announcement of the signing of heads of settlement between the operator of the PNG-LNG undertaking and the federal government of PNG concerning the P’nyang Gas Agreement and concerning an extra 10% fairness stake within the undertaking for the state owned Kumul Petroleum. This continued momentum towards PNG-LNG growth, the progressing Papua LNG undertaking, and the Santos – Oil Search merger reinforces our optimism for which means near-term drilling exercise.”

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About High Arctic

High Arctic’s principal focus is to supply drilling and specialised effectively completion providers, tools leases and different providers to the oil and fuel trade. High Arctic is a market chief offering drilling and specialised effectively completion providers and provides rig matting, camps and drilling help tools on a rental foundation in Papua New Guinea. The western Canadian operation offers effectively servicing, effectively abandonment, snubbing and nitrogen providers, and tools on a rental foundation to numerous exploration and manufacturing firms.

For additional data, please contact:

Mike Maguire
Chief Executive Officer
1.587.318.3826
1.800.668.7143
High Arctic Energy Services Inc.
Suite 500, 700 – 2nd Street S.W.
Calgary, Alberta, Canada T2P 2W1
web site: www.haes.ca
Email: [email protected]

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