Update on UK Onshore Licences

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

8 January 2015

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

                         Update on UK Onshore Licences                         

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, provides an update on its activities across its UK onshore licences
located in the established East Midlands Petroleum Province.

Europa produces hydrocarbons from six wells across three fields: Crosby Warren
(100% interest); Whisby (65% interest); and West Firsby (100% interest). Five
of the wells are producing in line with expectations, year to date, although
the lowest producer of the six, WF9 is currently shut-in and requires a
recompletion. WF9 was producing around 8 bopd. At current oil prices however,
the Directors have concluded it would not be economic to undertake a
recompletion of WF9, which as a result will remain shut-in for the foreseeable
future. The Directors will reconsider this course of action should the oil
price recover to a level at which the recompletion of WF9 would become
economic.

With WF9 remaining offline, the Company now expects average production for the
12 month period to 31 July 2015 to be approximately 144 boepd, compared to
previous guidance of 150 boepd. Europa's oil production is sold at a small
discount to Brent crude prices, and consequently the Company's revenues and
profitability for the current financial year will be impacted by the recent
fall in oil prices, with a revised revenue expectation for the full year of
approximately £2.1 million. As the majority of costs associated with the
Company's production are fixed, there will be a corresponding impact on full
year profitability.

Operations at Europa's 33% owned Wressle discovery in PEDL 180 and 50% owned
2.9 mmboe Kiln Lane prospect on PEDL 181 continue as previously disclosed.
Further updates will be provided as and when it is appropriate to do so.

Europa's CEO, Hugh Mackay said, "The decision not to recomplete WF9 in light of
current oil prices demonstrates our focus on ensuring capital is prioritised
for developing projects that have the potential to generate significant value
for shareholders. Thanks to having a portfolio of licences at various stages of
development, we have a number of near term opportunities to transform Europa's
production and revenues. I look forward to providing further updates on our
progress during what promises to be an exciting year for Europa."

                                 * * 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] 
                                                                          
Simon Hicks          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 with the potential to host large oil
resources.