Result of Open Offer

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

20 January 2014

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

                             Result of Open Offer                              

On 16 December 2013, the Board of Europa Oil & Gas (Holdings) plc announced
details of a Placing to raise up to £2.86 million through the issue of
47,694,665 new Ordinary Shares and an Open Offer to raise up to a further £1.16
million through the issue of up to 19,332,855 new Ordinary Shares, all at an
Issue Price of 6 pence per Ordinary Share.

The Open Offer closed for acceptances at 11.00 a.m. on 17 January 2014. The
Company is pleased to announce that it has received valid acceptances from
Qualifying Shareholders in respect of 37,105,040 Open Offer Shares, including
applications for 27,088,183 Open Offer Shares under the Excess Application
Facility. This represents 192 per cent of the maximum Open Offer Shares
available under the Open Offer and as such the Open Offer has been
over-subscribed.

Qualifying Shareholders who have validly applied for Open Offer Shares will
receive their full Basic Entitlement and, following a pro-rata scaling back,
34.4 per cent of any Open Offer Shares they applied for under the Excess
Application Facility. The Company has therefore raised the maximum gross
proceeds of £1.16 million through the Open Offer.

It is expected that the admission of the Open Offer Shares, which amounts to
19,332,855 new Ordinary Shares will become effective at 8.00 a.m. on 21 January
2014.

The New Ordinary Shares (in uncertificated form) are expected to be credited to
CREST accounts on 21 January 2014 and definitive share certificates for the New
Ordinary Shares (in certificated form) are expected to be despatched to
certificated shareholders by 31 January 2014.

Following admission of the Open Offer Shares and in accordance with Disclosure
and Transparency Rules, the Company's issued voting ordinary share capital is
now comprised of 204,883,024 Ordinary Shares of 1 pence each.

The above figure may be used by shareholders as a denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, Europa under the FCA's
Disclosure and Transparency Rules.

All defined terms in this announcement shall have the meanings ascribed to them
in the announcement and/or circular published by the Company on 20 December
2013.

Europa's CEO Hugh Mackay said: "I am delighted by the support shown by our
existing shareholders, which has resulted in the Open Offer being
oversubscribed and the full £1.16 million being raised. Since revenues
generated from our existing production cover our corporate overheads, the
majority of the proceeds of the Placing and the Open Offer, totalling £4.02
million, will be invested in exploration activity across our portfolio which we
believe has the potential to generate significant value for shareholders in the
near term.

"In the UK we are now funded to drill and test the 2.9 mmbo Kiln Lane-1
prospect in H2 2014, a potential playmaker well that in the event of success
would de-risk the large and undrilled PEDL 181 licence. Onshore France, we have
commenced the farm-out process for the 416 bcf Berenx Shallow gas prospect in
our 100% owned Bearn des Gaves permit. Well planning and permitting is ongoing
and our objective is to be drill ready by Q4 2014. Offshore Ireland, we expect
to announce the results of the recently completed 3D seismic survey in the
summer of 2014, at which time a drilling decision will be made. Ahead of all
this, in Q1 2014 we will be participating with a 33% interest in the drilling
of the 2.1 mmbo Wressle prospect in PEDL180 onshore UK."

                                   **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 produced 182 boepd in the UK
during the 2012/2013 financial year, generating sufficient revenues to cover
corporate overheads. Its highly prospective exploration projects include the
Wressle prospect in the UK where a well is due to be drilled later in the near
term; 100% owned gas exploration prospect (416 bcf) and appraisal project (CPR
277 bcf) in onshore France; and a joint venture with leading independent Kosmos
to explore two licences in offshore Ireland in which Europa has identified two
prospects with estimated gross mean un-risked indicative resources of 482
million barrels oil and 1.6 billion barrels oil respectively.