The i3 Energy (LON: i3E) Serenity discovery in the UK North Sea has been valued at over one billion dollars in a recent Tennyson Securities report.
i3 Energy’s 75% stake in the discovery was valued at $986 million in the document, making Europa’s 25% stake in Serenity worth $328.6m.
This means that the UK North Sea asset has been valued at $1.314 billion, which is around £1.21 billion.
Europa shared the valuation of its stake in Serenity on LinkedIn, writing: “Tennyson Securities has increased its estimate of the value of Serenity from $15.8/boe to $19.1/boe.”
Drilling began at the Serenity appraisal well after the Stena Don arrived at the station last week.
London and Toronto-listed i3 is hoping for 100 million recoverable barrels from the oil project.
The drilling programme is expected to last approximately 30 days, and will be plugged and abandoned after the completion of all drilling operations.
Petrofac will take on the responsibility of well engineering operator, having secured a contract in May.
i3 Energy Chief executive Majid Shafiq has described the well as a “company-maker” and the “gem” in the Aberdeenshire-headquartered firm’s portfolio.
Last Tuesday Mr Shafiq said: “i3 is very pleased to have commenced the appraisal of the Serenity discovery. The well is designed to prove the extension of the reservoir to the west of the discovery well 13/23c-10 and so prove up additional hydrocarbon volumes in place.
“This will enable optimisation of any necessary further appraisal and a development plan for the field.”
Europa chief executive Simon Oddie added: “Serenity is a late-stage appraisal and development asset that provides our shareholders with exposure to a very exciting asset that could deliver significant value to our shareholders. This is an exciting time for Europa and I look forward to providing further updates in due course.