Operational Update

Europa Oil & Gas (Holdings) PLC
29 March 2005





                        EUROPA OIL & GAS (HOLDINGS) PLC

                                   ('EUROPA')



                               OPERATIONAL UPDATE



                      SPUDDING OF FRATAUTI-1, ROMANIA AND

                        COMPLETION OF WEST-FIRSBY-8, UK



                                                                   29 MARCH 2005



Europa Oil & Gas (Holdings) plc, the independent oil & gas exploration and
production group with assets in the UK and continental Europe,  is pleased to
announce the spudding of the Fratauti-1 exploration well (Europa operating
interest: 28.75%) by group operator Falcon Oil & Gas, located 6km from Radauti
in northern Romania.  The Fratauti prospect comprises three seismic anomalies
similar to those containing commercial gas in the nearby Bilca-1 and Bilca-2
wells.  If successful, Fratauti-1 will be suspended for incorporation into the
development of the Bilca gas accumulation, due onstream at the end of 2005.



In the UK, the West Firsby 8 well (Europa operating interest: 100%) has been
successfully completed. The well reached a measured depth of 6,297 ft. and was
completed as per programme in Zone 1 of the reservoir with a total drilled net
reservoir section of 330 ft.  The jet pump assembly will be installed later this
week and the well put onto production.



Paul Barrett, Managing Director of Europa, said:



'This operational update demonstrates that the company is delivering on its
strategy outlined at the time of its initial public offering. By exploring
further in Romania and adding more production in the UK, we are continuing to
develop a balanced exploration and production portfolio.'





For further information, contact:

Europa Oil & Gas (00 33 563 33 18 97)

Paul Barrett




Citigate Dewe Rogerson (020 7638 9571)

George Cazenove



Westhouse Securities LLP (020 7601 6100)

Tim Feather




Notes to Editors

Europa began trading on the AiM market on 11 November 2004.



Placing Statistics
Placing Price per New Ordinary Share                                                    25 pence
Number of New Ordinary Shares placed                                                    20,000,000
Total Proceeds from the Placing (before expenses)                                       £5 million
Number of Ordinary Shares in issue immediately following Admission                      60,000,000
Number of Warrants in issue immediately following Admission                             10,000,000
Market Capitalisation following the Placing at the Placing Price                        £15 million



Production

Three projects are currently in production and a further two are awaiting
development.  The current attributable production of around 330 boepd is
forecast by independent consultants, Scott Pickford, to rise to up to 6,000
boepd by 2007.



Reserves

Scott Pickford has undertaken a review of the oil and gas properties of Europa
and concluded that the Group holds 2P reserves and contingent resources of 7
million barrels of oil equivalent ('mmboe') and estimated additional unrisked
prospective resources of 28 mmboe.


                                            Summary of Principal Assets
                      Country          Block / Field                              Operator           Interest
Producing             UK               West Firsby Oilfield                       Europa             100%
                      UK               Whisby-4, Whisby Oilfield                  Blackland Park     75%
                      Ukraine          Horodok Field                              Europa             70%

Development           UK               41/24 & 41/25                              Europa             100%
                      UK               Whisby Area (pending)                      Europa             100%
                      Romania          Brodina EIII-1 (Bilca Discovery)           Falcon             28.75%

Exploration           UK               TQ14 Holmwood (pending)                    Europa             40%
                      UK               Whisby Area Exploration (pending)          Europa             100%
                      Romania          EPI-8 Valeni de Munte                      Tullow Oil         15%
                      Romania          Epi-3 Costisa Prospect                     Tullow Oil         15%
                      Romania          EIII-3 Cuejdui                             Falcon             28.75%
                      Romania          EIII-4 Bacau                               Falcon             47.5%
                      Poland           Nowy Sacz Area                             Medusa             2.5% ORRI



Strategy

Europa has embarked on a strategy to build the Group into a significant
European-focused independent upstream oil and gas business.  The strategy will
be to continue to grow a balanced exploration and production portfolio with
producing assets generating cashflow, development projects providing low risk
potential and exploration opportunities offering significant upside.



Also see www.europaoil.com




                      This information is provided by RNS
            The company news service from the London Stock Exchange