Issue of Equity to purchase Crosby Warren Oilfield

For release - 8th November 2006:

                          Europa Oil & Gas (Holdings)                          

              Issue of Equity to purchase Crosby Warren Oilfield               

Europa Oil & Gas, the AIM-listed production and exploration company (AIM: EOG),
announces that further to a share finance facility entered into with the
Headstart Group 457,666 new ordinary shares have today been issued and allotted
in exchange for net proceeds of £95,000.

Following the allotment the total number of shares in issue will be 61,522,666
ordinary shares. Application will be made for the new shares to be admitted to
AIM. It is expected that dealings in the new shares will commence on 14th
November 2006.

The proceeds will go towards the purchase of the Crosby Warren Oilfield located
in the East Midlands Oil & Gas Province.

Ewen Ainsworh, Finance Director, said `This is a prime example of why we have
the share finance facility in place; to enable Europa to take advantage of
unexpected opportunities. In this case, we are purchasing a producing oilfield
which will have immediate cash flow.'


Europa Oil & Gas (Holdings) plc

Europa Oil & Gas (Holdings) plc focuses on the production and exploration of
hydrocarbons in Europe and North Africa. Europa currently produces over 500
barrels of oil equivalent per day from its operations in the UK, Romania and
the Ukraine. Operating a balanced portfolio, Europa also has field appraisal
and exploration activity on a number of projects in the UK and Romania and a
strong new ventures programme across Europe and the North African region.

For more information please visit www.europaoil.com

Contact Information:

Paul Barrett, Managing Director, Europa Oil & Gas (Holdings) plc [phone]
97

Ewen Ainsworth, Finance Director [phone]

Jonathan Wright / Parimal Kumar, Seymour Pierce Limited [phone]

Jade Mamarbachi, GTH Media Relations [phone]