High Arctic Announces Leadership Appointment, Provides Update on Papua New Guinea Business
NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES. ANY NON-COMPLIANCE WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.
CALGARY, Alberta, Oct. 01, 2021 (GLOBE NEWSWIRE) – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Company”) is pleased to announce the appointment of Lance Mierendorf as Chief Financial Officer (“CFO”) effective October 1, 2021, and reports on progress in preparing Rig 115 services in Papua New Guinea (“PNG”).
Mr. Mierendorf initially joined the Company in April 2021 as a consultant as Interim CFO in order to streamline and strengthen financial and accounting processes within the Company and to provide financial leadership for initiatives. growth in the High Arctic.
Mr. Mierendorf has over 20 years of experience in financial leadership roles with publicly traded oil and gas companies, including significant experience in the international energy industry. Mr. Mierendorf is a Chartered Professional Accountant with extensive experience in financial management, strategic planning and analysis, equity financing, debt restructuring and building global finance teams. Previously, Mr. Mierendorf held CFO positions for Divergent Energy Services Corp. (TSXV: DVG) and Wentworth Resources Limited (AIM: WRL).
Mike Maguire, President and CEO, said: “I am delighted to welcome Mr. Mierendorf as a permanent member of the High Arctic leadership team. Mr. Mierendorf’s more than 20 years of financial management expertise in the energy industry, domestic and international markets, will be invaluable to the Company as we seek to take advantage of business opportunities in the global market by improvement of energy services. “
Preparation of Rig 115 in PNG
In PNG, teams have been brought together from inside and abroad and adhere to a vaccination program against Covid-19 and a bio-secure bubble to eliminate any possible risk of impact on the abandonment project of Wells. The first 100 bed camp is now fully operational at the forward base location and loads have been received there for the second 100 bed helicopter camp at the drilling site. Platform 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 shipment.
CEO Mike Maguire: “Once again, our formidable PNG staff and crew demonstrate what meticulous planning and strong management can accomplish under difficult circumstances. We are on schedule to begin on-site services later this quarter. The resumption of drilling services is a testament to the growing dynamics of the sector in PNG. Earlier this week, there was the announcement of the signing of an agreement between the operator of the PNG-LNG project and the PNG government regarding the P’nyang gas deal and for an additional stake of 10 % in the project for the Crown corporation. Oil Kumul. This continued momentum towards PNG-LNG expansion, the ongoing Papua LNG project and the Santos – Oil Search merger reinforces our optimism about the significance of near-term drilling activity.
About the High Arctic
High Arctic’s primary objective is to provide specialized well drilling and completion services, equipment rentals and other services to the oil and gas industry. High Arctic is a market leader providing specialized well drilling and completion services and provides drill mats, camps and drilling support equipment on a rental basis in Papua New Guinea. The Western Canada operation provides well maintenance, well abandonment, depreciation and nitrogen services, as well as rental equipment to a number of exploration and mining companies. production.
For more information, please contact:
Chief Executive Officer
High Arctic Energy Services Inc.
Suite 500, 700 – 2e Rue SO
Calgary, Alberta, Canada T2P 2W1
E-mail: [email protected]