AGM Statement

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

13 December 2011

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

                       Annual General Meeting Statement                        

Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration and
development company with a combination of producing and exploration assets in
onshore Europe, is holding its Annual General Meeting (`AGM') later today. At
the meeting, CEO Hugh Mackay will make the following statement:

"My predecessors at Europa successfully built up a highly attractive portfolio
of assets at various stages of the development cycle ranging from production in
the UK that generates revenues sufficient to cover our corporate overheads, to
exploration licences that include a potential company-maker in the form of our
Berenx gas asset in France. However, following a poor run in the share price
over the past year, the market capitalisation of Europa at today's levels
merely reflects the value of the producing UK assets. Effectively, no value is
currently being placed on our highly prospective exploration assets.
Admittedly, there has been poor news flow over the last year, notably in the UK
and Romania, but the quality and balance of the portfolio remains intact. The
diversified nature of Europa's assets offers considerable protection from risk
which is part and parcel of exploration. However, for a company of our size,
the downside to diversification can be limited funds available to develop many
of these assets concurrently which can in turn lead to periods of inactivity.
The Board recognises the combination of our existing asset base and such a
depressed share price highlights the need for action.

"Crucially, the quality of Europa's asset base provides the management team
with options with regards to funding the progression of our assets through the
development cycle. In the year ahead, shareholders can expect to see the
execution of a disciplined and active approach to the management of our
portfolio. Already we are investing in expert technical analysis of our
licences to de-risk our projects and so arm us with the necessary information
that will enable us to implement drill, drop, divest and dilute decisions on
all our assets. In all instances we will be looking to monetise our asset base
for the benefit of our shareholders and to this end we are actively discussing
possible farm-outs for several of our projects with a number of interested and
suitable partners.

"Although 2011 has been a challenging year for the Company and a highly
frustrating one for our shareholders, importantly Europa continues to be
profitable at the operating level and still holds highly prospective
exploration licences. These two points lay behind my decision to not only join
Europa but also to accept a remuneration package based on a share price that is
considerably higher than today's levels, so aligning myself with existing
rather than new shareholders. With this in mind, I am extremely excited for the
future and expect to report this time next year, meaningful progress in the
development of our assets and I look forward to keeping investors regularly
updated throughout the year.

"On that note, I am pleased to announce today two recent developments. Firstly,
the protracted sale of Europa's Ukrainian subsidiary, Europa Nafta & Gas Ltd,
to Moltex Business Inc was completed on 1 December 2011 with Europa receiving a
final cash payment of US$98,750 on 5 December. Finally, we have formally
submitted our appeal against the decision of the Planning Committee of Surrey
County Council to refuse planning permission for the UK onshore Holmwood-1
exploration well in the Weald Basin. Europa has a 40% working interest in the
prospect. We will of course be updating investors with any developments with
regards to the appeal as and when they occur."

                                 * * ENDS * *                                  

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

Hugh Mackay Europa Oil & Gas (Holdings) plc [phone]

Phil Greenhalgh Europa Oil & Gas (Holdings) plc [phone]

Sarah Wharry 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 200
barrels per day of oil in the UK, generating sufficient revenues to cover
corporate overheads. In addition, it has highly prospective exploration
projects in the UK, Ireland, France and Romania, the most significant asset
being the 1.7 TCF, $2.2 billion Berenx gas appraisal project in onshore France.