Serenity

Licence	P.2358, BLOCK 13/23C
Europa interest	25%
Partners	i3 Energy (operator), Europa 25%
Basin	Moray Firth / Witch Ground Graben
Play	Captain Sandstone Member
Term	2nd term ends 30 Sept 2024

The Serenity farm-in is a continuation of Europa delivering on its stated strategy of developing significant value accretive opportunities and late-stage appraisal and development projects whilst ensuring the Company continues to minimise risk.

Discovered in 2019 by Operator i3 Energy, Serenity is located at the northern edge of Block 13/23c. Europa farmed-in to Serenity in 2022, raising £7 million in Q1 2022 to fund an appraisal well. EOG will earn 25% WI by funding £6 million of the £13 million appraisal well.

31.7o API oil was found in the discovery well matching the oil from the Tain, Blake and Liberator fields. i3 Energy analysis indicates that the field has been filled with light sweet oil sourced from the South Halibut Kitchen.

The appraisal well will be drilled to the west of the discovery well, and the volumes of the discovery well alone could be commercially viable. Petrofac Facilities Management Limited (PFML) will provide well engineering, operations management and operator services for the drilling of the Serenity appraisal well. PFML has an existing contract with Stena Drilling Limited for the use of the Stena Don, a dynamically positioned 5th generation semi-submersible drilling unit.

Serenity provides a transformational opportunity for EOG, with the appraisal well representing gross value of over $1,000 million at current AIM market comparisons (assuming 35% recovery factor), and potentially de-risking 197 mmbbls STOIIP (P50).