Spud of Romanian Exploration Well

18 October 2010

ROMANIAN EXPLORATION WELL SPUD

The Directors of Europa Oil & Gas (Holdings) plc are pleased to announce the
spud of the Barchiz-1 exploration well in Romania. The Barchiz-1 well, situated
in the EPI-3 Brates Concession (Europa 20%), is scheduled to take approximately
30 days to drill to an estimated final total depth of 1,400 metres.

The Barchiz Prospect is 10km from, and on trend with, the Geamana Oilfield
(50mmbo reserves). The pre-drill oil-in-place estimate for Barchiz is up to
94mmbo and there are five additional leads on-block in the same structural play
which will be significantly upgraded by success at Barchiz. Additionally, leads
in the same play have been identified on new seismic data in the Cuejdiu block,
immediately to the north of Brates.

It is likely that additional seismic will be acquired in the Brates block in
2011 over the Tazlaul Mare Deep feature, a large thrust structure beneath the
Tazlaul Mare Gas Condensate Field, to mature this prospect for drilling.
Pre-drill oil-in-place estimates here range up to 225mmbo.

Paul Barrett, Managing Director of Europa, said "Barchiz is Europa's first well
in the prolific Carpathian thrustbelt oil play and along with the additional
leads and prospects identified in the Brates and Cuejdiu blocks, provides a
strong conveyor belt of exciting exploration potential going forward."

Further information:

Europa Oil & Gas

Philip Greenhalgh / Paul Barrett Tel: [phone]

finnCap

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

The contents of this news release have been reviewed and approved by Paul
Barrett, MSc., a geologist with over 30 years oil and gas experience.