Reserves Upgrade

Europa Oil & Gas (Holdings) PLC
24 November 2005



                        EUROPA OIL & GAS (HOLDINGS) PLC

                                RESERVES UPGRADE

Following a review of projects coinciding with the finalisation of the annual
report and accounts for the year ended 31 July 2005, the Directors of Europa Oil
& Gas (Holdings) plc ('Europa' or the 'Company') are pleased to announce a
reserves upgrade.

1P (Proven) Reserves

On 28 September 2004, Scott Pickford Limited ('SPL'), the independent
consultants, assessed Europa's net 1P reserves at 0.369 million barrels of oil
equivalent ('mmboe'), primarily from the UK producing properties.

Since that evaluation, an estimated 0.369 mmboe, net to Europa, has been added
to 1P reserves in respect of the Romanian government-approved Bilca Development
Plan.  Also since that assessment, Europa has produced 92,000 barrels of oil
from the UK and a further 13,000 barrels of oil equivalent of gas from Ukraine.

Taking into account the Bilca addition and other minor adjustments, the
resultant 1P net reserves figure is 0.656 mmboe, an increase of 78 per cent.

2P (Proven and Probable) Reserves

SPL estimated Europa's 2P reserves to be 1.204 mmboe as at 28 September 2004.

Since that time, an estimated 0.671 mmboe has been added to 2P reserves.  This
is based on in-house estimates from appraisal well results in Romania earlier in
2005.  The addition is, to a large extent, offset by a reduction in 2P reserves
attributable to the West Firsby field, due to the continuing uncertainties with
the WF-8 well.  The Directors are hopeful that the well can be restored to
commercial production and the reserves reinstated in the future.  2P net
reserves are estimated to be 1.242 mmboe.

3P (Proven, Probable and Possible) Reserves

SPL estimated Europa's 3P reserves to be 1.651 mmboe as at 28 September 2004.

There is a significant increase in 3P reserves, primarily as a result of the
Fratauti-1 well, which proved three gas sands compared to one at Bilca,
demonstrating significant upside in the Bilca play.  3P net reserves are
estimated at 2.99 mmboe, an increase of 81 per cent.

Contingent and Prospective Resources

SPL estimated that Europa held contingent resources of up to 12.70 mmboe on 28
September 2004.  Due to the upgrade of the Bilca volumes to reserves status,
contingent resources are now estimated to be up to 11.61 mmboe.  The potential
for 8.8 mmboe of contingent resources in the Quad 41 gas condensate project is
retained within that figure.

Work is continuing on exploring for the potential 28 mmboe net prospective
resources estimated by SPL, including the current drilling of the Costisa-1 well
in Romania and planned 2006 seismic and drilling activity in both Romania and
the UK.

Europa is also progressing its new ventures programme and has lodged six
applications for further exploration acreage in three jurisdictions.

Paul Barrett, Managing Director of Europa Oil & Gas, said 'These reserves form
the backbone of our near-term production profile and are extremely important in
giving us the ability to fund its exploration and appraisal activity going
forward.'

RESERVES AND RESOURCES SUMMARY

Reserves                           1P mmboe           2P mmboe            3P mmboe
UK                                   0.272              0.556               1.544
Romania                              0.369              0.671               1.433
Ukraine                              0.015              0.015               0.015
Total                                0.656              1.242               2.992

Contingent Resources                  Low              Medium               High
UK                                   1.380              4.202               8.818
Ukraine                              0.128              0.980               2.796
Total                                1.508              5.782              11.614

Prospective Resources                                  Unrisked
Total                                                    28.1*


* Does not include the exploration potential from Whisby Exploration Area, which
  was added after the Scott Pickford 2004 Reserves Report.


Enquiries:

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

Westhouse Securities LLP (0161 838 9140)
Tim Feather

Also see www.europaoil.com


Definitions
     
1P          Proven, having a greater than 90 per cent. chance of being produced
2P          Proven plus Probable, having a greater than 50 per cent. chance of 
            being produced
3P          Proven plus Probable plus Possible, having a greater than 10 per 
            cent. chance of being produced 

Reserves    the calculated amount of petroleum that is expected to be recovered 
            from a well or field 

Contingent 
Resources   those hydrocarbon accumulations already discovered but not yet 
            developed 

Prospective 
Resources   those potential hydrocarbon accumulations in exploration prospects



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