Europa Oil & Gas Regulatory News (EOG)

29 May 2007 07:00

Europa Oil & Gas (Holdings) plc Romanian Well Spuds

The Directors of Europa Oil & Gas (Holdings) plc, the production and exploration company, are pleased to announce the spudding over the weekend in Romania of both the Costisa-2 appraisal well and the Arbore-1 exploration well.

The Costisa-2 well is a re-drill of the nearby Costisa-1 well, which was drilled in 2005. Costisa-2 will appraise the untested gas shows encountered in Burdigalian age sandstones at 1,000 metres depth. The well, located in the eastern part of the EPI-3 Brates Concession, is estimated to take approximately one month to complete.

The Arbore-1 well, which is testing a Sarmatian gas prospect, is anticipated to take less than a month to complete. It is located in the southern part of the EIII-1 Brodina Concession, some 8km from the Comanesti Gasfield.

About Europa Oil & Gas (Holdings) plc

Europa Oil & Gas focuses on the production and exploration of hydrocarbons in Europe and North Africa. Europa currently produces oil from three fields in the UK. Operating over two-thirds of its portfolio with an average working interest of 60%, 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.

Europa's current portfolio consists of:

Country Project Equity Status Europa-operated UK Crosby Warren Oilfield 100% Production, well planned 2007 UK West Firsby Oilfield 100% Production, well work planned UK Holmwood Prospect 40% Exploration, well planned 2007 UK PEDL143 (Whisby area) 50% Exploration, seismic complete UK UKCS 41/24a & 41/25a 100% Potential Gas Development UK UKCS 109/5 & 112/30 50% Exploration, new award Romania Brates Block East 52.75%* Costisa-2 Appraisal drilling Ukraine Horodok Gasfield 70% Pilot production phase France Bĩarn des Gaves 100% Exploration, new award Egypt West Darag Onshore 60%* Exploration, PSA active early June W. Sahara Bir Lehlou & Hagounia 100% Exploration Blocks Partner-operated UK Whisby Oilfield 65% Production Romania Brodina Block 28.75% Exploration, Arbore-1 drilling Romania Brates Block West 20% Exploration, seismic planned 2007 Romania Cuejdiu Block 17.50%* Boistea-1 well planned 2007 Romania Bacau Block 19%* Well planned late 2007

* subject to various contractual arrangements

For more information please visit www.europaoil.com or 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