Europa Oil & Gas Regulatory News (EOG)

2 May 2007 07:00

Europa Oil & Gas (Holdings) plc Radauti East-1 to be completed as water injector well

The Radauti East-1 well has reached a TD of 926 metres, having failed to encounter gas in the Sarmatian sands. Subject to injection performance testing, the well will be completed as a water disposal well for the nearby Bilca-Fratauti development.

Whilst it is disappointing that the well did not encounter hydrocarbons, the well penetrated reservoir sands that may be suitable for water disposal, as required for the Bilca-Fratauti Development. Fratauti-1, which has been flowing modest amounts of formation water entrained with the gas since being brought onstream, is currently being choked back because of the logistical difficulties in water disposal. Having a water disposal well could enable gas production to be increased at Fratauti and allow the development to manage any future water production.

Paul Barrett, Managing Director, said "As well as facilitating production increases at Bilca-Fratauti, the results of this well also serve to calibrate the Sarmatian seismic response and reduce risk in future exploration in the play. Following completion of the well, the rig will move on to drill Arbore-1, which is unaffected by this result."

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