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

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

Article content material

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, Alberta, Oct. 01, 2021 (GLOBE NEWSWIRE) — Excessive Arctic Power Providers Inc. (TSX: HWO) (“Excessive Arctic” or the “Company”) is happy to announce the appointment of Lance Mierendorf as Chief Monetary Officer (“CFO”) efficient October 1, 2021, and studies on good progress in preparation for providers of Rig 115 in Papua New Guinea (“PNG”).

Commercial

Story continues beneath

Article content material

Government Appointment

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

Mr. Mierendorf has over 20 years of expertise in senior monetary management positions for publicly listed oil and gasoline firms, together with important expertise within the worldwide power sector. Mr. Mierendorf is a Chartered Skilled Accountant with an in depth background in monetary stewardship, strategic planning and evaluation, fairness financing, debt restructuring and constructing international finance groups. Beforehand, Mr. Mierendorf held Chief Monetary Officer roles for Divergent Power Providers Corp. (TSXV: DVG) and Wentworth Assets Restricted (AIM: WRL).

Commercial

Story continues beneath

Article content material

Mike Maguire, Chief Government Officer said: “I’m happy to welcome Mr. Mierendorf as a everlasting member of the chief administration group at Excessive Arctic. Mr. Mierendorf’s 20-plus years of wide-ranging monetary administration experience within the power sector, in each the home and worldwide markets, can be invaluable to the Company as we glance to make the most of enterprise alternatives within the bettering international 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 remove potential threat of an affect to the nicely abandonment undertaking. The primary 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 gear 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.

Commercial

Story continues beneath

Article content material

CEO Mike Maguire: “As soon as once more our terrific PNG employees and crews are demonstrating what meticulous planning and powerful administration can obtain in difficult circumstances. We’re on schedule to begin 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 Gasoline Settlement 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.”

Commercial

Story continues beneath

Article content material

About Excessive Arctic

Excessive Arctic’s principal focus is to offer drilling and specialised nicely completion providers, gear leases and different providers to the oil and gasoline trade. Excessive Arctic is a market chief offering drilling and specialised nicely completion providers and provides rig matting, camps and drilling assist gear on a rental foundation in Papua New Guinea. The western Canadian operation gives nicely servicing, nicely abandonment, snubbing and nitrogen providers, and gear on a rental foundation to a lot of exploration and manufacturing firms.

For additional info, please contact:

Mike Maguire
Chief Government Officer
1.587.318.3826
1.800.668.7143
Excessive Arctic Power Providers Inc.
Suite 500, 700 – 2nd Road S.W.
Calgary, Alberta, Canada T2P 2W1
web site: www.haes.ca
E mail: info@haes.ca

Primary Logo

Commercial

Story continues beneath

Feedback

Postmedia is dedicated to sustaining a vigorous however civil discussion board for dialogue and encourage all readers to share their views on our articles. Feedback might take as much as an hour for moderation earlier than showing on the location. We ask you to maintain your feedback related and respectful. We’ve enabled e mail notifications—you’ll now obtain an e mail if you happen to obtain a reply to your remark, there may be an replace to a remark thread you comply with or if a consumer you comply with feedback. Go to our Community Guidelines for extra info and particulars on easy methods to modify your email settings.

Leave a Reply

Your email address will not be published. Required fields are marked *

1 × 5 =