Pre-AGM Operational Update

Europa Oil & Gas (Holdings) plc

14 Dec 2010

Pre-AGM Operational Update

The Directors of Europa Oil & Gas (Holdings) plc are pleased to provide updates
on the Barchiz oil discovery and the West Frisby-9 drilling operations ahead of
today's AGM.

Barchiz-1 Oil Discovery - Well Suspended for re-entry appraisal in the Spring

The re-run DST sample contained crude oil along with mud filtrate and formation
water, indicating that the well is located in the lower part of an oil column
(transition zone) adjacent to an up-dip oil accumulation. It was not possible,
with the equipment currently available in-country, to lift the well and conduct
a prolonged flow test of the zone.

Due to the mountain winter conditions, no further work on the well can take
place until the spring. Accordingly, the well has been suspended and the rig
demobilised from site.

The options being planned for this future work programme are a full flow test
of the well, and/or a possible up-dip sidetrack. The Barchiz structure is a
strongly westerly dipping feature similar to the 50mmbo Geamana Field, 10km
along trend to the south, such that testing a significantly up-dip location to
the east can be easily achieved from the existing wellbore.

In the meantime, the data from the well test will be assessed, including crude
oil sample analysis, a second iteration of reservoir log analysis with the
fluid property data and incorporation of the well seismic survey into the
structural interpretation.

West Firsby-9 Drilling Update

Work is progressing on the new West Firsby-9 well, designed to be a
near-horizontal oil production well in the core area of the West Firsby
structure. The concrete pour to complete the well cellar construction was
achieved on the 11th December and the forward programme is for the 17 ½" hole
to be pre-drilled and cased ahead of mobilisation of the Geometric HH102 rig in
late December to drill the main section of the well.

Paul Barrett, Managing Director of Europa, said "The evidence from the Barchiz
well suggests it was drilled on the edge of a Geamana-style oil accumulation.
It is, however, too early to assess potential reserves and eventual flow rates
that can be achieved with a full flow test and an up-dip sidetrack. Future
operations are expected to provide these numbers. Meanwhile, at West Firsby, we
are on-track to drill a multi-zone producing well."

Further information:

Europa Oil & Gas

Paul Barrett / Phil Greenhalgh Tel: [phone]

finnCap

Sarah Wharry / Henrik Persson, Corporate Finance Tel: [phone]
Joanna Weaving, Corporate Broking Tel: [phone]


This announcement has been reviewed by Paul Barrett BSc, MSc, a geologist with
30 years of experience in the mainstream oil and gas industry.