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High Arctic Signs LOI to Extend Rig 104 Contract in Papua New Guinea
High Arctic Signs LOI to Extend Rig 104 Contract in Papua New Guinea
About this update from High Arctic Energy Services Inc
[{"type":"text","content":"\n\n\n\n Dec. 20, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\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, Dec. 20 /CNW/ - High Arctic Energy Services Inc. (TSX:\n HWO) ("High Arctic" or the "Corporation") is pleased to announce that\n it has signed a Letter of Intent (LOI) to extend several important\n contracts in Papua New Guinea.  The LOI covers the Rig 104 contract and\n the drilling support services contract related to the supply of support\n personnel and rental equipment.  The Rig 104 contract was set to expire\n on December 17, 2010. The LOI contemplates that the Rig 104 contract\n and the drilling support services contract will be extended for a\n further 3 years to December 17, 2013 with some modifications to the day\n rates and terms of the contracts. The terms of the extensions have been\n substantially agreed upon and, provided the final contracts are signed,\n will be effective from December 18, 2010.  The new contracts are\n subject to execution of definitive agreements and final approval by the\n parties, which is contemplated to be fully completed by January 31,\n 2011.  Drilling Services will continue uninterrupted as provided under\n the LOI.\n\n\nRig 104 is a heli-portable drilling unit that was a new build deployed\n into Papua New Guinea during ...