Update on Timing of Wressle-1 Well Testing

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

4 December 2014

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

                  Update on Timing of Wressle-1 Well Testing                   

Europa Oil & Gas (Holdings) plc, the AIM quoted oil and gas exploration and
development company with a combination of producing and exploration assets in
Europe, is pleased to note the announcement of Egdon Resources (`Egdon') today
regarding the timing of operations to test potential hydrocarbon bearing zones
in three separate reservoir intervals identified at the Wressle-1 exploration
well. Wressle is located on the PEDL 180 licence in East Lincolnshire in which
Europa has a 33.3% working interest, alongside its partners Egdon Resources
(operator, 25%), Celtique Energie Petroleum Ltd (33.3%), Union Jack Oil (8.3%).

Egdon advises that the Environment Agency (`EA') permit variation for testing
operations was issued on 1 December 2014. The permit includes additional
monitoring requirements to those originally envisaged under Egdon's own risk
assessment process. Egdon will submit the revised method statement this week.
The EA requires a notice period of four weeks to approve the proposed
monitoring methodology proposed by Egdon and the partners to meet these
additional requirements. As a result, Egdon expects to begin mobilisation to
the Wressle-1 site during the week beginning 5 January 2015 with testing
operations to start shortly thereafter.

Wressle is a conventional hydrocarbon prospect located in the East Midlands
Petroleum Province, 5 km southeast of and along the same structural trend as
the Europa operated Crosby Warren field which has been producing oil for almost
28 years. As previously reported, petrophysical evaluation of log data acquired
in the Wressle-1 well and elevated gas readings recorded whilst drilling
indicate the presence of potential hydrocarbon bearing zones in three separate
reservoir intervals, and the well has been completed with a 4 ½" liner to
enable selective and sequential testing of these intervals. The test operations
are designed to determine the hydrocarbon type and potential flow rates and
hence commerciality of the Wressle-1 discovery.

Europa's CEO, Hugh Mackay said, "With over 30 metres of potential hydrocarbon
pay due to be tested at Wressle at the turn of the year, operations at the Kiln
Lane site on the neighbouring licence expected to commence shortly, and a new
prospect inventory for our two Irish licences due in the near term, this is a
highly exciting period for Europa. I look forward to providing further updates
on our progress as we look to deliver on our objective to monetise our highly
prospective asset base and generate value for our shareholders."

                                 * * 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 165 boepd in the UK
during the 2013/2014 financial year, generating sufficient revenues to cover
corporate overheads and some exploration expenditure. Its highly prospective
exploration projects include the Wressle (recently drilled and scheduled for
testing) and Kiln Lane prospects (due to be drilled this year) in the UK; 100%
owned gas exploration prospect (107 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 had previously identified two
prospects with estimated gross mean un-risked indicative resources of 482
million barrels oil and 1.6 billion barrels oil respectively.

Qualified Person Review

This release has been reviewed by Hugh Mackay, Chief Executive of Europa, who
is a petroleum geologist with 30 years' experience in petroleum exploration and
a member of the Petroleum Exploration Society of Great Britain, American
Association of Petroleum Geologists and Fellow of the Geological Society. Mr
Mackay has consented to the inclusion of the technical information in this
release in the form and context in which it appears.