Peak Group secures Australian well management contract

Offshore staff

AED Oil Ltd. has contracted Peak Group to provide a drilling rig for AED's production and exploration drilling campaign in the Timor Sea. AED also contracted with Peak for well construction project management and procurement services.

Peak will provide theStena Clyde semisubmersible and act as project service manager for the drilling in AED's permit area. The company will detail well design, tendering, and contracting for all services, execution of the drilling program including materials and logistics, project completion, and operations wrap-up.

The company will conduct planning and operations management services in Melbourne with AED Oil and Upstream. Drilling activity is expected to begin in the second half of 2005. The contract cost is AUS1 million.

"Signing the contract is an important achievement for us and we are delighted to have reached this agreement with Peak. Securing the drilling rig is a major step in the relatively short history of AED and will enable drilling to start within the scheduled timetable and on terms consistent with the estimated project costs," says Ken Tregonning, managing director of AED Oil Ltd.

06/09/05