Peak Group Clients to Fill Gaps in Majors Drilling Programs

Peak Group Clients to Fill Gaps in Majors Drilling Programs

Thursday, August 10th 2006

AGR Ability Group ASA subsidiary, Peak Well Management Limited said that many of its clients, particularly the small and medium sized exploration companies, are keen to take up available drilling slots from larger oil companies that have drilling rigs on long term contracts. Peak believes that a number of the larger oil companies may have windows in their long term rig contracts that are potentially available for assignment.

Peak has recently concluded two such deals on behalf of Silverstone SNS Limited (Silverstone) and Serica Energy plc (Serica), for the use of the Ensco 92 jackup to drill two wells in the gas prone area of the southern North Sea. The Ensco 92 is on long term contract to BP from October 2006.

The rig which will be managed by Peak on both wells, will drill for Silverstone in block 49/21 in the southern North Sea. Drilling is expected to commence late August or early September 2006 for an estimated duration of 40 days.

The rig will then move to drill the ”Oak” exploration well on Serica’s block 54/1b. Drilling is expected to commence early October 2006 for an estimated duration of 30 days.

”We are delighted to have secured the Ensco 92 for Silverstone and Serica, especially given the current tightness of the rig market, ” commented Bob Lyons, Operations Director of The Peak Group. ”We are optimistic that given our reputation and scope of operations, we will be able to secure more re-assigned drilling slots in the programmes of drilling rigs which have already been contracted under long-term agreements.”

Peak Well Management Limited is part of The Peak Group which in May 2006 was acquired by The Ability Group (AGR) of Norway for £26 million. Ability Group was floated on the Oslo Stock Exchange on July 3, 2006 with an over-subscribed share placing of 27.4 million shares, giving the group an initial market capitalization of 3 billion NOK.

Ability Group is now established as the world’s leading independent well operator through its Peak Well Management and AGR Drilling Production Technology (DPT) AS business units.

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