On August 30, 2023, VN Capital Management LLC announced that it has sent an open letter to shareholders of High Arctic Energy Services Inc, stating that it urges the board of directors to pause any transaction given that an announcement regarding the approval of total and Exxon's Papua-LNG project is expected by year-end which would dramatically increase the value of Company's business, and encourages other minority investors to read the letter recently sent to the Company's board of directors which outlines the transaction's deficiencies, and concerns about conflict of interests, inadequate minority investor protection, and poor timing. In addition, VN Capital stated that it made public today it is opposition to the recently announced spin-off of the Company's Papua New Guinea business.