Bilca-2 Well Successful

Europa Oil & Gas (Holdings) PLC
01 February 2005



                    EUROPA OIL & GAS (HOLDINGS) PLC
                             ('EUROPA')

                       BILCA-2 WELL SUCCESSFUL
                                                                01 February 2005


Further to the announcement of 24 January 2005 concerning the spudding of the
Bilca-2 appraisal well, the Directors of Europa are pleased to announce that
this well, in Block EIII-1, northern Romania, was successful and is being
completed as a gas producer.

Bilca-2 is located some 2.5 km west of the 2004 discovery well, Bilca-1.  The
same reservoir sand was encountered in Bilca-2 at a depth of 598 metres and was
found to have similar electric log characteristics to those in Bilca-1, which
flowed 99.4% methane gas at rates up to 6.4 mmcfd.

The area of Bilca-1 & -2 is located approximately 15km north of the city of
Radauti which is connected to the Transgaz regional gas transmission system.
Transgaz is currently extending the pipeline towards Bilca and it is expected
that the two Bilca wells will be tied in via central production facilities later
this year.

Following completion of the Bilca-2 well, the Dafora F100 rig will be moved to
the Fratauti location, also on Block EIII-1, to drill a well on a similar
seismic feature to that which identified the Bilca Field.  Fratauti is located
approximately 7 km south of the Bilca wells and lies close to the extension of
the pipeline from Radauti.

Paul Barrett, Managing Director of Europa, commented:

'The successful result of the second Bilca well allows us to press ahead with
the development of this field and also provides us with the impetus for further
exploration'.


For further information, contact:

Europa Oil & Gas (00 33 563 33 18 97)
Paul Barrett

Citigate Dewe Rogerson (020 7638 9571)
Martin Jackson

Westhouse Securities LLP (020 7601 6100)
Bill Staple / Tim Feather

See also see www.europaoil.com


Notes to Editors

Europa began trading on the AiM market on 11 November 2004.


Placing Statistics

Placing Price per New Ordinary Share                                 25 pence
Number of New Ordinary Shares placed                                 20,000,000
Total Proceeds from the Placing (before expenses)                    £5 million
Number of Ordinary Shares in issue immediately following Admission   60,000,000
Number of Warrants in issue immediately following Admission          10,000,000
Market Capitalisation following the Placing at the Placing Price     £15 million


Production

Three projects are currently in production and a further two are awaiting
development.  The current attributable production of around 330 boepd is
forecast by independent consultants, Scott Pickford, to rise to up to 6,000
boepd by 2007.


Reserves

Scott Pickford has undertaken a review of the oil and gas properties of Europa
and concluded that the Group holds 2P reserves and contingent resources of 7
million barrels of oil equivalent ('mmboe') and estimated additional unrisked
prospective resources of 28 mmboe.

                                       Summary of Principal Assets
               Country    Block / Field                        Operator         Interest

Producing      UK         West Firsby Oilfield                 Europa           100%
               UK         Whisby-4, Whisby Oilfield            Blackland Park   75%
               Ukraine    Horodok Field                        Europa           70%

Development    UK         41/24 & 41/25                        Europa           100%
               UK         Whisby Area (pending)                Europa           100%
               Romania    Brodina EIII-1 (Bilca Discovery)     Falcon           28.75%

Exploration    UK         TQ14 Holmwood (pending)              Europa           40%
               UK         Whisby Area Exploration (pending)    Europa           100%
               Romania    EPI-8 Valeni de Munte                Tullow Oil       15%
               Romania    Epi-3 Costisa Prospect               Tullow Oil       15%
               Romania    EIII-3 Cuejdui                       Falcon           28.75%
               Romania    EIII-4 Bacau                         Falcon           47.5%
               Poland     Nowy Sacz Area                       Medusa           2.5% ORRI


Strategy

Europa has embarked on a strategy to build the Group into a significant
European-focused independent upstream oil and gas business.  The strategy will
be to continue to grow a balanced exploration and production portfolio with
producing assets generating cashflow, development projects providing low risk
potential and exploration opportunities offering significant upside.



Also see www.europaoil.com




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