Europa Oil & Gas Regulatory News (EOG)

9 May 2007 07:00

Europa Oil & Gas (Holdings) plc (the `Company' or `Europa') Crosby Warren Drilling Plans

The Directors of Europa Oil & Gas (Holdings) plc, the production and exploration company, are pleased to announce that a planning application is now under consideration by North Lincolnshire County Council to drill a new production well at the Crosby Warren Field.

Europa has submitted a planning application to sidetrack the CW-2 well, currently shut-in, in order to drill a new production well to a total depth of approximately 1,700 metres. The Directors are hopeful of a mid-June spud for this well, subject to planning approval and the availability of underbalanced drilling equipment.

In advance of this drilling, Europa plans a workover of the existing production well, CW-1, including installing new artificial lift equipment and utilising gas lift to increase overall production rates.

Paul Barrett, Managing director, said "This structured programme is intended to significantly increase production levels at Crosby Warren for the second half of 2007 onwards".

Background to the Crosby Warren Project

The Crosby Warren Oilfield, situated near Scunthorpe in the East Midlands Oil Province, was producing an average of 35 boepd for the six months prior to the acquisition date in 2006. On acquisition, Europa instigated a production optimisation programme, the first phase of which has resulted in production levels at an average 70 boepd for the six months following acquisition. An evaluation of the field indicates potential to increase production further from optimising the current producer and, more significantly, from drilling a new production well.

Details of the application, which has now passed the consultation period without attracting any objections, can be found on the Council's website(1) under the reference number PA/2007/0560. The target date for a decision is the 24th May 2007.

1. http://www.northlincs.gov.uk/NorthLincs/Environment/planning/

planappsassoc.htm

About Europa Oil & Gas (Holdings) plc

Europa Oil & Gas (Holdings) plc focuses on the production and exploration of hydrocarbons in Europe and North Africa. Europa currently produces 600 barrels of oil equivalent per day from its operations in the UK, Romania and the Ukraine. Operating a balanced portfolio, Europa also has field appraisal and exploration activity on a number of projects in the UK and Romania and a strong new ventures programme across Europe and the North African region.

For more information please visit www.europaoil.com

For further information, contact:

Paul Barrett, Managing Director, Europa Oil & Gas +33 5 63 33 18 97

Jonathan Wright or Parimal Kumar, Seymour Pierce +44 20 7107 8000