Business
High Arctic Signs 3 Year PNG Contract Renewals
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About this update from High Arctic Energy Services Inc
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n THE UNITED STATES.  ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY\n CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW/\n\n\nRED DEER, AB, June 25, 2013 /CNW/ - High Arctic Energy Services Inc.\n (TSX: HWO) (\"High Arctic\" or the \"Company\") is pleased to announce that\n it has accepted a Letter of Award from Oil Search Limited (\"OSL\", http://www.oilsearch.com/) for three year contract extensions for its primary contracts in Papua\n New Guinea (\"PNG\"). The extensions will cover the drilling contracts\n for Rigs 103 and 104 and the drilling support services contract related\n to the supply of personnel and rental equipment to support the related\n drilling operations. The new contracts are expected to be signed early\n in July once the agreed terms are incorporated into the amending\n agreements.  The new extensions will be effective July 1, 2013 for a\n three year term to June 30, 2016.\n\n\nCommenting on the renewal, Bill Easson, General Manager Drilling, for\n OSL, said; \"The extension of these contracts reflects Oil Search's\n recognition of, and confidence in, High Arctic's quality service\n delivery in Papua New Guinea.  Over the last six years, our companies\n have forged a strong partnership to safely deliver effective drilling\n results in a very challenging environment.\"\n\n\nThe PNG LNG facility is currently scheduled to come on stream in 2014\n (more details can be found at http://www.pnglng.com ).  This will have a dramatic impact in PNG and on the companies\n working there.  With a new three year agreement in place, High Arctic\n is well positioned to deliver the services required by OSL to both\n continue its oil drilling program that will offset natural declines and\n to drill for new gas reserves that will be required as feedstock for\n any additional trains added to the PNG LNG facility. It is currently\n anticipated that Rig 104 will be fully utilized throughout 2013 in\n these endeavors; while Rig 103 will operate either on a leap-frog basis\n with Rig 104 or will be made available for use with other customers\n should such opportunities arise.\n\n\nKevin Doran, Vice President International Operations for High Arctic,\n commented \"We have been working with OSL since 2007 and have been\n committed from...