High Arctic Energy Services Inc T.HWO

Q3 Conference Call Thoughts

[longrun86]

The delay in the Q3 was undoubtedly due to the Impairment of the PNG CGU.

KPMG is the auditor and they will have their work cut out for them to determine if Management's External and Internal impairment analysis factors warranted the write-down. Extraordinary claims require extraordinary evidence and I don't think Note 4 of the Q3 financial statements achieved that.

I was pleased with the more upbeat and conciliatory tone that Maguire had on the call. Heli-rigs or no heli-rigs, if PNG LNG advances they will find enough things to do to keep them busy and make money doing it.

I appreciated that on a few occassions it was re-iterated that a potential course of action would in fact be no action. As far as I am concerned, no action is a winning outcome in the interim so I would be fine with that.

Perhaps brighter days ahead.

LR

 

 

[blackwolf25]

Here's to brighter days ahead!

[colourama]

Agree that the tone sounded quite positive - I give credit to Maguire for that. I specifically liked the following: "In August, we provided an updated outline that affected the reorganization by way of a purchase rights issuance, whereby all shareholders would be issued the maximum tax efficient and for most, a tax-free, return of capital and proportionate rights to acquire a share of the