AGM Statement

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

11 December 2012

          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,
development and production company focused on Europe, is holding its Annual
General Meeting (`AGM') later today. At the meeting, Chairman Bill Adamson will
make the following statement:

"The last twelve months have seen significant progress made across our
portfolio of assets which includes both high impact exploration in onshore
France and the topical Irish Atlantic Margin (`IAM'), as well as production in
the UK. The highlights of 2012 include the identification of two large
prospects, Mullen and Kiernan, on our permits in the IAM. On 6 November 2012 we
announced our estimate of P50 resources of 318 million barrels of oil for
Mullen in LO 11/7 and technical work is on-going with regards to Kiernan in LO
11/8. At the same time, we have identified a number of shallow gas prospects at
the Béarn des Gaves permit in onshore France, home to Berenx, the large deep
gas appraisal project to which the Competent Person's Report completed by ERC
Equipoise assigned gross mean unrisked contingent resources of 277 billion
cubic feet (`bcf') of gas and our in-house work assigns 524 bcf. In the UK,
production at our three onshore fields increased 18% and generated revenues
totalling £5.1 million in the year to July 2012, a 34% increase on the previous
twelve month period.

The year ahead promises continued technical work on our projects with one major
addition, drilling. We, along with our partners, are due to drill a commitment
well onshore UK on either the Wressle prospect (PEDL180) or Broughton oil
discovery (PEDL182) in Q2 2013, each of which we rate as having a one in three
chance of materially adding to our net production and reserves. In addition,
subject to the permit being renewed, we will look to drill one of the shallow
gas prospects identified earlier this year on the Béarn des Gaves permit area
in onshore France. We estimate one of these, a shallow prospect at Berenx,
holds mean contingent resources of 59 bcf of gas and, at an estimated cost of
between €4-5 million to drill, offers a route to begin unlocking the
significant potential of the permit. We understand that the French authorities
have made a recommendation with respect to renewing the Béarn des Gaves permit
and we await ratification by the minister.

Our technical team continues to evaluate existing data with regards to our IAM
prospects and we will be providing the market with estimated volumetrics for
the large Kiernan structure in due course. Europa is not alone in believing the
South Porcupine Basin has the potential to host a new hydrocarbon province,
with several other companies operating in this area also identifying large
structures over the course of the year. We will also not be alone in closely
following developments at the ExxonMobil operated Dunquin well in the first
half of 2013, particularly as the prospect lies adjacent to our own permits.

The Board was disappointed to learn of the dismissal of our appeal against
Surrey County Council's decision not to grant permission to drill one
exploratory borehole, and undertake a short term test for hydrocarbons, at our
Holmwood prospect on the PEDL143 licence in the Weald Basin, Surrey. We believe
the case to explore Holmwood is strong, made more so by the well documented
need to develop the UK's own energy resources, as well as generate tax receipts
for the government. We look forward to taking our case to the High Court next
year.

We are encouraged by the progress made over the course of the last twelve
months and are looking forward to the year ahead, which will not only see
further progress made in advancing our balanced portfolio of assets along the
development curve, but will also include drilling at least one well in the UK
for which we are fully funded."

                                 * * 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]

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. In addition, it has highly prospective exploration
projects in the UK, France and Ireland.