High Arctic Energy Services Inc T.HWO

Santos’ Executive Vice President 2023 Business Advantage PNG

[40YardLine]

- We’ve commenced a four-well drilling program in our operated area and are evaluating further opportunities.
Our committed spend on the infill wells is about $220M USD (Gross) - We will also be looking to tie in one of our operated facilities to export more gas to PNG LNG in the future.
(AGO project) Our long-term priority is to supply sustainable, low-cost LNG to the Asia-Pacific region, To realise the opportunities for either backfill or growth of both gas and liquids flowing from our own exploration strategy.
Through our joint venture, we are investing significantly in exporation at both Wildebeest and the Hides Footwall which are exciting prospects for Santos and PNG.
Papua New Guinea Investment Conference 2023 | Santos

[impega]

PNG is about to take off in a big way and Santos has already commited to 4 wells at $220 million US. Is this really the time to privatize it? Huge value here!

[longrun86]

The timeframe to privatization is quite ridiculous! The company has limped along now for a while and the next wave of development in PNG is now in sight. The sense or urgency to somehow now have a corporate action is artificial other than Cyrus' desire to exit a failed investment. We obviously still have not seen the proposal regarding the split; however, based on what we have seen, I

[auburn2]

Well said. I hate the idea of holding private shares, but the way things are going we are not going to have a choice, and I'll have to buy into the private company to maintain my share of the PNG business, which is important to me. I want to participate in that.

[auburn2]

The PNG business in EBITDA can easily exceed the current market cap every single year. Just depends on activity, and it seems activity is ready to ramp up in a big way.

[colourama]

While I'm not happy at the reorg plan, I do think that anyone maintaining their shares in the private company will see substantial dividends in the future if activity ramps up, as it appears increasingly promising that it will do so. Presumably management/Cyrus is not proceeding with this plan if they did not expect the company to be earning multiples of where they are at present. I only hope

[auburn2]

Cyrus has billions under management and has been in High Arctic since 2007: "As previously reported, on November 13, 2007, CCP acquired control or direction, direct or indirect, over $23 million in aggregate principal amount of 12% unsecured convertible subordinated debentures of High Arctic due December 31, 2012 (the "Debentures"), beneficial ownership of which was acquired on