RE:RE:RE:RE:We're Halted
High Arctic Signs a 2 Year Drilling Services Contract with InterOil and
Purchases Two Drilling Rigs
Canada NewsWire
CALGARY, April 9, 2014
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CALGARY, April 9, 2014 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO)
("High Arctic" or the "Company") is pleased to announce that it has signed a new
Drilling Services Agreement with InterOil Corporation for one heli-portable
drilling rig in Papua New Guinea ("PNG"). High Arctic has agreed to provide one
drilling rig and a 100 person camp for a firm contract term of two years with an
extension option available to InterOil for one additional year. The two year
term commences once the rig has been mobilised and is ready to commence drilling
operations. The contract is projected to deliver annualized revenue of
approximately US$30 million during the drilling operations. The target spud
date for the first well is November 2014.