The Peak Group Provides Impetus to North Sea Operations

The Peak Group said today that it was supporting a significant UK drilling program by independent oil companies in spite of the tough rig market conditions.

This £80 million program, brought together in the first quarter of 2006 included:

Two wells drilled, with a third underway.

  • Commitment by four companies for the provision of Peak's complete well management service for five further wells to be drilled in 2006 / 07
  • The award of a multi-client seven-site survey program in various sectors of the North Sea
  • Six companies supported through the application process to gain DTI operatorship status
  • Rig market briefing sessions held in Aberdeen, London and Calgary

Commenting on the first quarter, Andrew Paterson, The Peak Group's chief executive, said: "This year has got off to a great start. We have been very busy for our clients. Although the rig market is tight and costs are escalating, our day-to-day interaction with rig operators and exploration companies gives us a unique insight that allows us to propose programs that might not otherwise see the light of day."

He added: "We are particularly pleased that our rig market briefing sessions have led directly to the multi-client seven-site survey program. More of this collaboration is required and The Peak Group is leading the way. Rig operators and oil companies know that we have drill ready prospects and are offering us rig assignments."

The group has completed the drilling of the Hendrix well in block 9/27 for Century Exploration (UK) in the central North Sea, the Jaguar well for DNO in block 211/22b and is currently drilling the Vanquish well for the newly formed Silverstone Energy on block 49/16 in the V fields and Viking area of the Southern North Sea.

The multi-client seven-site survey is to be carried out for five clients; Nautical Petroleum, Serica Energy, Hurricane Exploration, Fairfield Energy and Silverstone Energy at selected sites in the North Sea.

Four companies have committed to the Peak Group's full well management service to drill five wells on the following blocks:

  • Two wells to be drilled for Serica Energy in blocks 48/16b and 54/1b in the southern North Sea
  • One well to be drilled in block 211/23b in the northern North Sea for Antrim using the Bredford Dolphin semisub
  • One well to be drilled on the Wellington prospect, west of Shetland, for Hurricane Exploration, again using Bredford Dolphin
  • One well to be drilled for Europa Oil & Gas on block 41/24a

Furthermore, in the past six months, the group's Peak Well Management subsidiary has supported six companies through the Department of Trade and Industry's license operator application process.

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