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CALGARY, Alberta, October 21, 2022 (GLOBE NEWSWIRE) — High Arctic Energy Services Inc. HWO “High Arctic” or “Corporation” is pleased to announce that its Board of Directors has approved a monthly dividend payment of $0.005 per share to common stockholders. The dividend is payable on November 14, 2022 to holders of record of High Arctic common stock as of the close of business on October 31, 2022. The dividend is referred to as an “eligible dividend” for Canadian income tax purposes.
The Company also notes that High Arctic is advancing work to prepare the rig 103 in Papua New Guinea, which is owned by a third party. Preliminary work now includes upgrading the top drive, increasing torque capacity and improving the versatility of well designs that the rig can drill. Procurement is well advanced and delivery, installation and commissioning are expected to be completed in early Q1 2023, with drilling to commence shortly thereafter.
Mike Maguire, CEO of High Arctic, stated, “This upgrade to Rig 103 improves the drilling performance of the rig and gives High Arctic and our customers confidence in the rig’s ability to reliably and efficiently deliver wells planned as part of the contract drilling campaign.”
On August 1, 2022, High Arctic announced a three-year contract extension for the rig 103 and High Arctic’s services related to the provision of personnel, storage accommodation and rental equipment in support of drilling operations, effective August 1, 2022, including options to extend the Extend contracts on the same terms beyond July 31, 2025.
Forward-Looking Statements
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