Excessive Arctic Publicizes Govt Appointment and Supplies an Replace on Actions in Papua New Guinea

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CALGARY, Alberta, Oct. 01, 2021 (GLOBE NEWSWIRE) — Excessive Arctic Vitality Providers Inc. (TSX: HWO) (“Excessive Arctic” or the “Company”) is happy to announce the appointment of Lance Mierendorf as Chief Monetary Officer (“CFO”) efficient October 1, 2021, and stories on good progress in preparation for providers of Rig 115 in Papua New Guinea (“PNG”).

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Govt Appointment

Mr. Mierendorf initially joined the Company in April 2021 in a consulting capability as Interim CFO to streamline and strengthen the finance and accounting processes inside the Company and supply monetary management for Excessive Arctic’s development initiatives.

Mr. Mierendorf has over 20 years of expertise in senior monetary management positions for publicly listed oil and fuel corporations, together with vital expertise within the worldwide vitality sector. Mr. Mierendorf is a Chartered Skilled Accountant with an in depth background in monetary stewardship, strategic planning and evaluation, fairness financing, debt restructuring and constructing world finance groups. Beforehand, Mr. Mierendorf held Chief Monetary Officer roles for Divergent Vitality Providers Corp. (TSXV: DVG) and Wentworth Assets Restricted (AIM: WRL).

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Mike Maguire, Chief Govt Officer acknowledged: “I’m happy to welcome Mr. Mierendorf as a everlasting member of the chief administration crew at Excessive Arctic. Mr. Mierendorf’s 20-plus years of wide-ranging monetary administration experience within the vitality sector, in each the home and worldwide markets, can be invaluable to the Company as we glance to reap the benefits of enterprise alternatives within the bettering world vitality providers market.”

Rig 115 Preparation in PNG

In PNG crews have been assembled from inside and overseas and are adhering to a Covid-19 vaccination program and bio-secure bubble to get rid of doable threat of an impression to the effectively abandonment mission. The primary 100 mattress camp is now totally operational on the ahead base location and masses have been acquired there for the second rig-site 100 mattress heli-portable camp. Rig 115 tools is 50% full on preparatory mechanical actions and can quickly be assembled at its storage location for an operational integrity take a look at previous to delivery out.

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CEO Mike Maguire: “As soon as once more our terrific PNG employees and crews are demonstrating what meticulous planning and powerful administration can obtain in difficult circumstances. We’re on schedule to start providers on web site later this quarter. The recommencement of rig providers is proof of the rising momentum within the sector in PNG. Earlier this week there was an announcement of the signing of heads of settlement between the operator of the PNG-LNG mission and the federal government of PNG concerning the P’nyang Fuel Settlement and concerning an extra 10% fairness stake within the mission for the state owned Kumul Petroleum. This continued momentum towards PNG-LNG enlargement, the progressing Papua LNG mission, and the Santos – Oil Search merger reinforces our optimism for that means near-term drilling exercise.”

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About Excessive Arctic

Excessive Arctic’s principal focus is to offer drilling and specialised effectively completion providers, tools leases and different providers to the oil and fuel trade. Excessive Arctic is a market chief offering drilling and specialised effectively completion providers and provides rig matting, camps and drilling help tools on a rental foundation in Papua New Guinea. The western Canadian operation gives effectively servicing, effectively abandonment, snubbing and nitrogen providers, and tools on a rental foundation to numerous exploration and manufacturing corporations.

For additional info, please contact:

Mike Maguire
Chief Govt Officer
1.587.318.3826
1.800.668.7143
Excessive Arctic Vitality Providers Inc.
Suite 500, 700 – 2nd Road S.W.
Calgary, Alberta, Canada T2P 2W1
web site: www.haes.ca
Electronic mail: info@haes.ca