Repayment of Gemini Loan

Europa Oil & Gas (Holdings) plc                        

                          (`the Company' or `Europa')                          

                           Repayment of Gemini Loan                            

The Directors of Europa Oil & Gas (Holdings) plc, the production and
exploration company, are pleased to announce that agreement has been reached
with Gemini Oil & Gas Limited (`Gemini'), the providers of loan finance for the
acquisition and development of the West Firsby Field, UK East Midlands, to
repay the loan early and cancel Europa's obligation to make repayments to
Gemini out of ongoing revenues from the field.

The Directors are grateful to Gemini for providing the loan in 2003 and for
their subsequent agreement to vary the loan terms in line with field
performance. Europa will continue to regard Gemini as a potential funding
source for future projects.

Paul Barrett, Managing Director of Europa, said "The Gemini loan was a key
stepping stone in the development of Europa's production asset base. We are now
looking forward to investing further in the field, including remedial work on
existing well stock as well as the potential for drilling new production
wells."

Alastair Woodrow, a partner in Gemini Oil & Gas Advisors LLP, the investment
advisor to Gemini, said "Gemini is pleased to be able to agree the early
repayment of the loan. Gemini regards its role in this as being a catalyst,
having provided finance at a key point in the development of Europa at a time
when other sources were not available. The Gemini II fund continues to seek
similar niche funding opportunities."

About Europa Oil & Gas (Holdings) plc

Europa Oil & Gas focuses on the production and exploration of hydrocarbons in
Europe and North Africa. Europa currently produces oil from three fields in the
UK. Operating over two-thirds of its portfolio with an average working interest
of 60%, 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

For further information, contact:

Paul Barrett, Managing Director, Europa Oil & Gas [phone]

Jonathan Wright or Parimal Kumar, Seymour Pierce [phone]