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CALGARY, Alberta, May 25, 2026 (GLOBE NEWSWIRE) -- High Arctic Overseas Holdings Corp. (TSXV: HOH) ("High Arctic Overseas" or the "Corporation") is pleased to announce that today it received notice from its principal drilling customer to recommence drilling services in Papua New Guinea ("PNG").
The notice received today follows the announcement on April 30, 2026 of the renewal of the long-standing drilling services contract between High Arctic and it's principal customer in PNG. The notice calls for the remobilisation of personnel and equipment commencing in July 2026, for the reactivation of Drilling Rig 103.
The two year renewal of the drilling services contract was effective May 1, 2026 and includes an option to further extend the contracts on the same terms and conditions beyond April 30, 2028.
Mike Maguire, High Arctic Chief Executive Officer commented on the notice: "After a lengthy period of suspension, I am pleased that we are finally returning to drilling. We will commence with a series of planned reactivation and re-commissioning works aimed at ensuring that Rig 103 maintains current certification and optimum operating condition. It is expected that drilling of the first well will commence in Q4-2026.
Today's announcement is the culmination of extensive planning with key customer personnel. The drilling plan includes four approved wells with the potential to add several additional unapproved wells. This campaign could see Rig 103 operate continuously out past the end of the current contract period. The recommencement of drilling will have significant impact on all stakeholders, particularly the very capable and loyal domestic drilling workforce that we have developed over the past 20 years. I am sure all are keen to return and build upon the 4.7 million work-hours of incident free work conducted together, here in one of the worlds most challenging environments."
About High Arctic ?Overseas Holdings Corp.
High Arctic delivers drilling, equipment rentals, fire protection services, asset management and workforce solutions across Papua New Guinea. We are the authorised distributor for Atlas Copco Power Technique products in PNG. Together, we combine international standards with local expertise and an unwavering focus on quality, to support oil and gas, mining, and infrastructure projects nationwide.
For further information, please contact:
Matt Cocks
Chief Financial Officer
1.587.320.1301
High Arctic Overseas Holdings Corp.
Suite 2350, 330-5th Avenue SW
Calgary, Alberta, Canada T2P 0L4
www.higharctic.com
Email: info@higharctic.com
Some of the statements in this press release, including those relating to the diversification and expansion of the Corporation's business, that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, are forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Corporation. These statements are not historical facts but instead represent only the Corporation's expectations, estimates, and projections regarding future events. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Corporation's most recent annual MD&A and the Corporation's continuous disclosure documents that can be found on SEDAR+ at www.sedarplus.ca. The Corporation does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.?
