High Arctic Energy Services Inc. is pleased to announce that its Board of Directors has approved a monthly dividend payment of $0.005 per share to holders of common shares. The dividend is payable on November 14, 2022 to holders of High Arctic common shares of record at the close of business on October 31, 2022. The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes.
The Corporation also advises that High Arctic is progressing work preparing third-party owned Drilling Rig 103 in Papua New Guinea. Preparation work now includes an upgrade of the topdrive, increasing the torque capacity, improving the versatility of well designs that the rig can drill. The procurement is well advanced, and the delivery, installation and commissioning is expected to be completed in early Q1 2023, with drilling operations commencing shortly thereafter.
Mike Maguire, CEO of High Arctic, stated, “This upgrade to Rig 103 enhances the rigs drilling capability, and gives High Arctic and our customer confidence of the Rig’s ability to reliably and efficiently deliver the wells planned in the contract drilling campaign.”
On August 1, 2022 High Arctic announced a three-year contract renewal for Drilling Rig 103 and High Arctic’s services related to the supply of personnel, camp accommodation and rental equipment to support the drilling operations, effective August 1, 2022 and including options to further extend the contracts on the same terms and conditions beyond July 31, 2025.