C1 is the Peak Group's unique campaign modelling software application, while P1 is a project modelling software process. Both employ Monte-Carlo probabilistic estimation techniques to deliver a realistic representation of the spread of possible time/cost outcomes in well delivery.

Peak Group managing Director Andrew Paterson said he was delighted to have reached the agreement with Shell.

"We are utterly convinced by the improvements in performance that P1 and C1 can deliver and are looking forward to working with SIEP BV and its E&P business affiliates worldwide.

"The development of C1 and P1 were landmarks both in probabilistic planning and the development of a greater understanding of how to influence performance in the industry. Our agreement with SIEP BV is a significant landmark in the history of the Peak Group and we are in no doubt that it will enable us to further enhance the capabilities of our leading edge products," he said.