Rub the rack of lamb, outside portion, with salt and pepper. Next place skillet over Heat and add 2 tablespoons of the oil to a skillet. Place the rack fat side down and sear until the meat is nicely browned. Remove to a plate.
For the apricot glaze, add the apricot preserves, mustard and the water to a small saucepan and stir over low heat until the mixture is combined. Brush the glaze over the seared rack of lamb. Combine the panko bread crumbs and the fresh herbs in a small bowl until thoroughly mixed. Add 3 teaspoons of oil to the crumbs, to moisten. Cover the lamb rack with the crumb mixture and pat to make the crumbs adhere. Place the rack back in the skillet and roast in the oven for 15 minutes. Let the lamb rack rest for 10 minutes before serving.