Award of Options

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

25 October 2012

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

                               Award of Options                                

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 announce that it has awarded Hugh Mackay, CEO, and Phil
Greenhalgh, Finance Director, the following options (`New Options') to buy
Ordinary Shares of 1p each (`Ordinary Shares') in the Company.

                   New Options   Percentage of       
                                 current issued share
                                 capital             
                                                     
Hugh Mackay        1,600,000     1.16%               
                                                     
Phil Greenhalgh    1,200,000     0.87%               

All of the New Options have an exercise price of 10p and are exercisable after
12 months subject to the Ordinary Shares trading above 13p for 30 consecutive
business days.

Following this award, Hugh Mackay and Phil Greenhalgh have the following
interests in Ordinary Shares and options to buy Ordinary Shares.

                 Ordinary   Percentage of      Options      Percentage of     
                 Shares     current issued                  current issued    
                            share capital                   share capital     
                                                                              
Hugh Mackay      786,863    0.57%              6,600,000    4.79%             
                                                                              
Phil Greenhalgh  250,000    0.18%              3,075,000    2.23%             

                                   **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 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 Berenx gas appraisal project in onshore France.