Relinquishment of Licences in Romania & the...

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

21 May 2013

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

  Relinquishment of Licences in Romania and the SADR and Forthcoming Investor  
                                    Events                                     

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, announces that it is relinquishing the EPI-3 Brates Licence in Romania
(`Brates') and the Bir Lahlou and Hagunia Licence Areas in the Saharawi Arab
Democratic Republic (`SADR'). This is in line with the Company's strategy to
focus on offshore West Ireland where it has a joint venture with leading
independent oil and gas company Kosmos Energy to explore two Licensing Options
in the South Porcupine Basin; a 100% interest in a deep gas appraisal project
onshore France; and a combination of production and exploration assets in
onshore UK.

On 20 May 2013 the Company served a Notice of Withdrawal regarding Brates in
Romania to the National Agency for Mineral Resources. Formal withdrawal
procedures are currently being completed. Previous exploration costs associated
with Brates were included in the 2012 Final Results as announced on 16 October
2012 and, as a result, no further exploration write downs are anticipated. In
addition the Directors do not expect any material write downs to be taken with
regard to the relinquishment of the SADR licences.

Europa's CEO Hugh Mackay said: "Our withdrawal from Romania and the Saharawi
Arab Democratic Republic ought to be seen in the context of last year's
in-depth portfolio review, the conclusions of which led to these two countries
being considered non-core to Europa. As a result, our current focus is on
production and exploration in the UK; exploration in the South Porcupine Basin,
offshore Ireland; and a gas appraisal project in onshore France.

"We expect to report progress across our asset base during the second half of
the year including our participation in an exploration well at the Wressle
Prospect onshore UK, which we rate as having a one in three chance of
materially adding to our existing production. Offshore Ireland, following the
recent farm down to Kosmos Energy of an 85% interest in our two Licensing
Options in the South Porcupine Basin, the next steps involve their conversion
into full Frontier Licences and a 3D seismic acquisition programme to further
evaluate the prospectivity. Onshore France we are awaiting the renewal of the
Bearn des Gaves permit, home to Berenx, a deep gas appraisal project with a CPR
assigned contingent resource of 277BCF. I look forward to providing further
updates in due course, as we look to advance our assets and in the process
generate value for shareholders."

Forthcoming Investor Events

Europa will be presenting at the following two investor events:

  * Proactive Investors One2One Investor Forum: Wednesday 22 May 2013 at 6pm at
    The Midland Hotel, Peter Street, Manchester.
   
  * Proactive Investors One2One Investor Forum: Tuesday 11 June 2013 at 6pm at
    The Shelbourne Hotel, 27 St Stephen's Green, Dublin, 2 Ireland.
   
For further information please click on the following link: http://
www.proactiveinvestors.co.uk/register/event_details/188

                                   **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 Ltd  [phone]    
                                                                               
Lottie Brocklehurst   St Brides Media and Finance Ltd  [phone]    

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 this year; a
100% owned deep gas appraisal project with a CPR assigned contingent resource
of 277bcf in onshore France; and a joint venture with leading independent
Kosmos 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.