Romania Operations Update

Europa Oil & Gas (Holdings) plc                        

                          Romanian Operational Update                          

The Board of Europa Oil & Gas (Holdings) plc ("the Company" or "Europa"), the
independent oil and gas exploration and production company with assets in
Romania, France and the United Kingdom, announces the following update to
operations.

The Company, together with its partners, is currently undertaking a 2D seismic
acquisition programme on its Brodina and Cuejdiu blocks in Romania. In
addition, the Voitinel-2 (to be named Horodnic-1) appraisal well (Europa
28.75%) is due to spud in the very near future. This well follows the
Voitinel-1 discovery, drilled in 2009, which flowed 3 mmscfpd. Voitinel-2 is a
low risk appraisal well intended to prove a minimum gas in place number for
commercial development, well below the upside potential for the play of 415bcf.

The Company is also finalising an agreement with a farm in partner for the
Brates Licence in Romania where it plans to deepen Barchiz-1, which was drilled
in late 2010 but failed to reach the primary target. The anticipated terms of
this farm-in arrangement will see Europa's future share of the well cost being
fully carried up to an agreed cap. A further announcement on this project will
be made in the coming weeks.

In addition, the Company has received notification from the Romanian tax
authorities that, in relation to the sale of the Company's Bilca Gas field,
which was sold in 2007, VAT should have been paid at the time of the sale and
therefore the sum of €730,000 (which includes penalties) is payable
immediately.

The Company intends to submit an appeal to the Romanian tax authorities and has
received advice from its tax advisers KPMG that it has a strong technical
argument for its counter claim.

The appeal process will likely take several months, thus having an effect on
cashflow. The Board will be assessing all the Company's projects to prioritise
capex spend in the meantime.

Further information:

Europa Oil & Gas Tel: [phone] Bill Adamson / Phil Greenhalgh

finnCap Tel: [phone] Sarah Wharry / Henrik Persson