Ensco 92 to drill Oak exploration well

July 21, 2006
Serica Energy Plc. contracted the Ensco 92 jackup drilling rig for the Oak exploration well in the UKCS southern North Sea to be drilled by Peak Well Management Ltd.

Offshore staff

Serica Energy Plc. contracted the Ensco 92 jackup drilling rig for the Oak exploration well in the UKCS southern North Sea to be drilled by Peak Well Management Ltd.

The rig will be operated by Peak in block 54/1b to a depth of approximately 7,865 ft. Drilling is expected to begin in early October 2006.

"We have secured the ENSCO 92 for Serica, especially given the current tightness of the rig market, " says Bob Lyons, Peak CEO. "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. 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."

7/21/06