Peak Secures Rig Slot for UKCS Southern North Sea Ops

Peak Well Management Limited (Peak), the Aberdeen-based provider of international well construction services to the global oil and gas industry, intends to use the ENSCO 92 jack-up drilling rig, subject to mutually agreed terms and conditions, for operations in the UKCS Southern North Sea.

The rig, which had been contracted to BP, will be operated by Peak on behalf of Serica Energy plc (Serica) for the Oak exploration well.

The well is scheduled to be drilled in block 54/1b to a depth of approximately 7,865 ft. Drilling is expected to commence early October 2006 for an estimated dry hole duration of thirty (30) days.

"We are delighted to have secured the ENSCO 92 for Serica, especially given the current tightness of the rig market, " commented Bob Lyons, Chief Operating Officer of Peak. "Everyone knows how difficult it has been for operators - small and medium sized companies in particular - to find available rig slots to fulfill their drilling commitments. Nevertheless, we are optimistic that given our reputation and scope of operations, we will be able to secure more re-assigned drilling slots in the programs of drilling rigs which have already been contracted under long-term agreements."

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