Operations Update

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas  

9 September 2013

          Europa Oil & Gas (Holdings) plc (`Europa' or `the Company')          

                               Operations Update                               

Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration and
development company with a combination of producing and exploration assets in
Europe, is pleased to provide the following unaudited trading statement and
operations update for the twelve months ending 31 July 2013. The Company
currently has three producing assets in the UK, all located onshore in the East
Midlands: West Firsby (100% working interest); Crosby Warren (100% working
interest); and the Whisby 4 well (65% working interest).

UK Operations Overview

  * Full year revenues of £4.5 million in line with expectations (2012: £5.1
    million)
   
  * 
      + Average daily production including gas sales of 182 barrels of oil
        equivalent per day (`boepd') (2012: 200 boepd) in line with management
        expectations
       
      + natural decline rates led to 11% decline in oil volumes to 64,350
        barrels (2012: 72,360 barrels)
       
      + 2% decrease in average oil price achieved to US$107.3 per barrel (2012:
        US$110.0)
       
  * Profit before tax (before exploration write-offs) around £0.6 million
    (2012: £1.2 million) after taking into account:
   
  * 
      + Costs of West Firsby well work-overs in H1 2013
       
      + Costs of reservoir studies in H2 2013
       
      + Charges arising from a grant of share options in October 2012
       
  * Cash as at 31 July 2013 stood at £670k (2012: £230k) with an additional £
    300k received in August 2013 in respect of Irish back costs
   
  * Drilling at Wressle expected to commence in H2 2013
   
Update on Frontier Exploration Licences (`FELs') 2/13, 3/13, offshore Ireland

3D seismic continues to be acquired on FEL 2/13 and 3/13, offshore Ireland. The
two licences combined cover approximately 1,500 sq km in the highly prospective
South Porcupine Basin in the Irish Atlantic Margin and are operated by Kosmos
Energy which holds an 85% interest with Europa holding the remainder. Following
completion of the acquisition programme the data will be processed and
interpreted to further define the prospectivity of the licence area.

Update on Bearn des Gaves Permit, onshore France

The Company continues to liaise with the relevant French authorities regarding
the renewal of the Bearn des Gaves permit and further announcements will be
made as appropriate.

Europa's CEO, Hugh Mackay said, "Having produced an average of 182 boepd, our
UK producing assets have hit our production target for the second consecutive
year. The three producing assets are declining, in line with our expectations,
and to have hit the target is testament to the excellent performance of our
engineers on the ground as well as our in-house technical team who have been
carrying out reservoir studies to optimise recovery rates.

"Thanks to revenues generated from production and the post-period receipt of £
300,000 from Kosmos Energy in respect of back costs on our Irish licences, we
can fully fund our share of drilling the Wressle prospect in the UK, which we
rate as having a one in three chance of materially adding to our production.
With drilling expected to commence at Wressle in the second half and a 3-D
seismic acquisition programme currently being carried out by our joint venture
partner Kosmos Energy offshore Ireland, this is an exciting period for the
Company and further updates will be provided in due course."

Further Information

Full year audited results are scheduled to be announced during the week
commencing 7 October 2013, including further details of write-offs relating to
exploration assets in France as previously announced.

The Wressle well in PEDL 180 is operated by Egdon Resources who will determine
the exact timing of the spud date. It is expected that the operator will
provide further information in due course, following which Europa will also
update the market, if appropriate.

                                 * * ENDS * *                                  

For further information please visit www.europaoil.com or contact:

Hugh Mackay        Europa                         + 44 (0) 20 7224    
                                                  3770                
                                                                      
Phil Greenhalgh    Europa                         + 44 (0) 20 7224    
                                                  3770                
                                                                      
Matt Goode         finnCap Ltd                    [phone]
                                                                      
Henrik Persson     finnCap Ltd                    [phone]
                                                                      
Frank Buhagiar     St Brides Media and Finance    [phone]
                   Ltd                                                
                                                                      
Lottie             St Brides Media and Finance    [phone]
Brocklehurst       Ltd                                                

Notes

Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage
hydrocarbon assets that includes production, exploration and development
interests, in countries that are politically stable, have transparent licensing
processes, and offer attractive terms. The Company currently produces
approximately 180 boepd in the UK, generating sufficient revenues to cover
corporate overheads. Its highly prospective exploration projects include the
Wressle prospect in the UK where a well is due to be drilled later in 2013; and
a joint venture with leading independent Kosmos Energy to explore two licences
in offshore Ireland in which Europa has identified two prospects with estimated
gross mean un-risked indicative resources of 482 million barrels oil and 1.6
billion barrels oil respectively.