Peak Group Secures 13-Well Multi-Client Drilling Contract in Australia

Peak Group Asia Pacific, part of the Norway-based AGR Ability Group ASA, is to provide essential services for the drilling of at least 13 offshore exploration and development wells in Australia under a major multi-well, multi-client well construction program.

The project, involving expenditures of some US$100 million, will embrace at least four operators. Drilling will be carried out over a period of up to two years using the newly-built WilCraft jackup.

The well program involves Australian-based operating companies and the wells will be drilled in Australia's North West Shelf, Browse Basin and Timor Sea regions.

Peak will provide the rig and support services for all of the operations. It will also provide full project management to some of the participating operators and a modified version to others. There is a possibility that the overall project will be extended to involve further operators and the drilling of more wells. Peak has the option to extend the overall contract to a total of two years for a maximum of 24 wells.

Drilling, using the WilCraft, is expected to begin early in the first quarter of 2007.

The contracts for this multi-well program follow a similar landmark Australian deal negotiated by Peak for the drilling of eight wells on behalf of four operating companies. Under this program Peak has been providing project management and contracted services to one operator and a modified arrangement to three others. Operations, using the Stena Clyde semisubmersible, are due to end in January 2007. This program involved total expenditures in excess of US$ 75 million.

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