In the news release, High Arctic Signs a 2 Year Drilling
Services Contract with InterOil for Rig 116, issued 01-Dec-2014 by High Arctic Energy Services Inc.
over CNW, we are advised by the company that the 1st paragraph,
last sentence, should read "...third quarter of 2015" rather than
"...third quarter of 2014" as originally issued inadvertently. The
complete, corrected release follows:
High Arctic Signs a 2 Year Drilling Services Contract with InterOil
for Rig 116
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY
WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES
LAW/
CALGARY, Dec. 1, 2014 /CNW/ - High Arctic Energy Services
Inc. (TSX: HWO) ("High Arctic" or the "Company") is pleased to
announce that it has signed a Drilling Services Agreement with
InterOil Corporation for a second heli-portable drilling rig in
Papua New Guinea ("PNG").
High Arctic has agreed to provide its Rig 116, along with a 100
person camp, for a firm contract term of two years. The two
year term commences once the rig has been accepted at the first
drilling location in PNG. The contract is projected to deliver
annualized revenue of approximately US$30
million once the drilling operations commence. It is
anticipated that the rig will begin operations in the third quarter
of 2015.
Tim Braun, High Arctic's CEO,
stated; "The execution of a two year contract for Rig 116 in
Papua New Guinea fulfills the
growth strategy identified earlier in the year and further
strengthens High Arctic's market position in the country. We are
pleased that we have expanded our relationship with InterOil and
look forward to partnering with them to commercialize their
resource fields in PNG."
Rig 116 is currently in Houston
Texas undergoing upgrading in preparation for this work and
will be mobilized to Papua New
Guinea once the work is completed. The commissioning of Rig
115 has commenced following its upgrading and is expected to be
shipped to PNG and ready to begin drilling operations under a
previously announced contract with InterOil by the end of March,
2015. Both Rig 115 and Rig 116 will be supported from a
common location near the InterOil resource fields, which will
provide efficiencies in our service delivery offering.
Forward-Looking Statements
This news release may contain forward-looking statements
relating to expected future events and anticipated financial and
operating results of the Company that involve risks and
uncertainties. Actual results may differ materially from management
expectations, as projected in such forward-looking statements, for
a variety of reasons, including, but not limited to, market and
general economic conditions, and the risks and uncertainties
detailed in both the Company's Management Discussion and Analysis
for the year ended December 31, 2013
and the Annual Information Form for the year ended December 31, 2013 found on SEDAR (www.sedar.com).
Due to the potential impact of these factors, the Company disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless required by applicable law.
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 provides 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.
SOURCE High Arctic Energy Services Inc.