Europa Oil & Gas Regulatory News (EOG)

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector:

Oil & Gas

26 April 2013

Europa Oil & Gas (Holdings) plc (`Europa' or `the Company')

Interim Results

Europa Oil & Gas (Holdings) plc, the AIM listed oil and gasexploration and production company with a combination of producing, appraisaland exploration assets in Europe, announces its interim results for the sixmonth period ended 31 January 2013.

Highlights

- Over 2 billion barrels of oil (total mean un-risked indicativeresources) identified in Irish Atlantic Margin (`IAM') Licensing Options

- 4 new leads identified in North East Lincolnshire (PEDL181)

- Commenced review of unconventional resource potential in NorthEast Lincolnshire (PEDL181)

- 177 boepd recovered from UK onshore producing fields - expectingto achieve full year target of 180 boepd

Financial performance

- Revenues of £2.2m (H1 2012: £2.4m)

- Pre tax profit of £0.2m (H1 2012: loss £5.6m)

- 25% increase in cash generated from operations to £1.0m (H1 2012:£0.8m)

- Cash balance at 31 January 2013 of £0.8m (31 July 2012: £0.2m)

Post reporting date events

- Farm-in secured with Kosmos Energy Ltd for two licences offshoreIreland

- Completed 2-D seismic acquisition in North East Lincolnshire(PEDL181)

- UK Holmwood planning appeal hearing expected to take place at theend of July 2013

Europa's CEO Hugh Mackay said, "The year to date has illustratedthe benefits of having a multi-asset, multi-stage portfolio of licences. OurUK production has generated increased cash flow over the period that hasallowed us to fund in-house technical work on our highly prospectiveexploration licences in Ireland, the UK and France. As a result, several newprospects have been identified. "The key event is the announcement post-period end that we havesuccessfully farmed out our two Irish licences to Kosmos Energy, a leading USindependent oil and gas exploration and production company. They are the idealpartner with whom we can mature, de-risk and drill the potentially very largeprospects mapped in our licences. The farm-in provides recognition of thesubstantial potential value lying in these prospects. The work programmeassociated with the farm-in has the potential to deliver significant valuerealisation. Europa's retained 15% interest exposes the Company to substantialupside in the event of drilling success and at a much reduced risk and cost toour shareholders. "As a result, the next six months promise to be an exciting periodfor the Company. We expect the renewal of our French onshore permits shortlyand as soon as this has been confirmed, we will reactivate our farm-outprogramme with a view to drilling a well on the permit in 2014. We will alsobe participating in drilling the Wressle prospect onshore UK. ExxonMobil hasspudded a potentially high impact well on the Dunquin prospect located on ablock near to our Irish acreage, and we will be working with Kosmos onplanning a 3-D acquisition over the Mullen and Kiernan prospects.

"We are delivering on our objective to advance all our projectsalong the development curve, as we look to generate value for allshareholders."

* * ENDS * *

For further information please visit www.europaoil.com or contact:

Hugh Mackay Europa Oil & Gas (Holdings) plc +44 (0) 20 7224 3770Phil Greenhalgh Europa Oil & Gas (Holdings) plc +44 (0) 20 7224 3770Matt Goode finnCap Ltd +44 (0) 20 7600 1658Henrik Persson finnCap Ltd +44 (0) 20 7600 1658Frank Buhagiar St Brides Media and Finance Ltd +44 (0) 20 7236 1177Lottie Brocklehurst St Brides Media and Finance Ltd +44 (0) 20 7236 1177

Qualified Person Review

This release has been reviewed by Hugh Mackay, Chief Executive ofEuropa, who is a petroleum geologist with 30 years' experience in petroleumexploration and a member of the Petroleum Exploration Society of GreatBritain, American Association of Petroleum Geologists and Fellow of theGeological Society. Mr Mackay has consented to the inclusion of the technicalinformation in this release in the form and context in which it appears.

Chairman's Statement

Europa has a well balanced portfolio of licences covering all themajor stages associated with oil and gas operations including production,appraisal and exploration. Our licences in the UK and France hold net meanrisked and diluted resources of 10 million barrels of oil equivalent (CPR andEuropa estimates, taking anticipated dilution and geological risk intoaccount), rising to 39 million barrels of oil equivalent including Ireland,which provides material asset backing to our current market valuation.

Our objective is to build Europa into a top quartile company on AIMwithin five years. For an oil and gas company such as Europa to achieve thismilestone, we need to have a large and growing portfolio of prospects andleads that can be progressively proved up through drilling.

The six month period under review has seen considerable progressmade with regards to identifying and advancing prospects across our licences,most notably Mullen and Kiernan, our two Irish prospects, which we estimatehave gross mean un-risked indicative resources of 482 million barrels of oiland 1.612 billion barrels of oil equivalent respectively. While in the UK,four new leads on PEDL181 onshore UK have been identified. As a result of allthis activity, the value of our portfolio of prospects and leads hassubstantially increased in recent months. Identifying prospectivity is only half the job. Drilling isrequired to realise value, book reserves and deliver production. Importantly,the mid-year will see us drill the first of what we believe will be asuccession of wells over the next 24 months, which we hope will lead to a stepchange in Europa's net production and reserve base. Later this year we will be participating in the drilling of theWressle prospect on PEDL180 onshore UK which has mean gross un-riskedrecoverable resources of 2.41 million barrels of oil, as estimated in ourindependent Competent Person's Report (CPR) last year. Whilst small whencompared to our prospects in Ireland and France, the economics of drilling UKonshore prospects of this size are very attractive. Importantly, onshorediscoveries can be moved onto production quickly, allowing the cash generatedto be recycled into growing the Company further. Last year we hit our target of recovering 200 boepd from our threeUK onshore fields, which generated £5 million in revenues for the year. Forthe current year our target is 180 boepd, a lower figure due to the expectednatural decline in production. In the first six months of the current year,production of 177 boepd generated £2.2 million in revenues. The 177 boepd wasslightly below target due to two workovers on the West Firsby wells. Withthese successfully completed in January, we expect full year production to beon target for the year. Costs were higher, predominantly being additionalspend on the workovers, and exaggerated by administrative costs in the priorperiod having benefitted from a credit from the disposal of the Ukrainebusiness. We report a profit before tax of £190,000 for the six months andended the period with cash balances of £761,000 compared with £230,000 as at31 July 2012. Our existing production plays a key role in our business. This yearfor example it funds our corporate overheads and some exploration activity:developing the prospects in Ireland and France; paying our share of the costsfor drilling Wressle; and our share of seismic acquisition on PEDL181. For anumber of our high impact licences, a partner will be required to help fundfurther exploration. This is particularly relevant to our Irish prospects,where the potential prize of hundreds of millions of barrels of oil willrequire a seismic acquisition programme followed by drilling, the costs forwhich we anticipate to be in the range of US$70 million to US$90 million perwell. Having opened a data room for our IAM Licensing Options in January 2013,we are delighted to have recently completed a farm-in agreement with Kosmos, aleading independent oil and gas company with proven expertise in theCretaceous stratigraphic play that has resulted in significant explorationsuccess in the Atlantic margin basins. We look forward to working with Kosmos,as we further explore the prospectivity of these blocks. In the case of our Béarn des Gaves permit in France, we are twelvemonths into a 15 month renewal process and expect to receive notification fromthe French authorities shortly. Subject to a positive outcome, we will restartthe farm-out process which was put on hold in the second half of last yearuntil the renewal of the permit had been confirmed. Much has changed since weoriginally embarked on farming out this 100% owned permit including theidentification of shallow gas prospectivity at Berenx. Drilling the shallowprospectivity before the Berenx deep gas prospect provides a low cost route todeveloping Béarn des Gaves and will therefore form an integral part of therenewed farm-out process. In the UK, the government's recent commitment to encourage shalegas exploration, as evidenced by the Chancellor's pledge to provide generoustax breaks for companies and financial incentives for local communities, couldprovide the necessary foundations and framework from which the industry canmove forward. As detailed in the 2013 Budget, companies engaged in fracturestimulation will get a tax allowance for developing gas fields and will now beable to offset exploration expenditure against tax for a period of ten years.With this in mind, our in-house technical team will commence an evaluation ofthe potential to recover gas in commercial quantities from tight shaleformations on the PEDL 181 licence. Europa remains a conventional oil and gascompany and should the results of this work be positive, we would look to finda suitable joint venture partner with appropriate expertise in shale gasdevelopment and exploitation in order to move forward.

Outlook

The farm-out of our Irish licences to Kosmos was announced postperiod end; however it represents the culmination of considerable technicalwork and effort that took place during the six months under review. Thisinvolved the identification of the Mullen and Kiernan prospects with combinedmean un-risked indicative resources in excess of 2 billion barrels of oil, theestablishment of a data room to accommodate partners and Europa's attendanceat several trade events around the world. The progression of our Irishlicences to date, from ground floor entry to farm-out, highlights not only theconsiderable value we can generate in-house but also the model by which we caneffectively progress our asset base. We are constantly looking to add to our asset base both viain-house technical work to identify new prospects on our existing licences,and also by acquiring new projects. New ventures in our area of interest willbe targeted but we will only look to secure those that complement our existingportfolio, offer an attractive risk reward trade off and wherever possible canbe secured without paying a premium, as we did with our IAM licensing options.Corporate activity through mergers and acquisitions has the potential to helpachieve our strategy. We continue to seek out such options and will takeaction on suitable opportunities. Our existing asset base and the combinedskillset of our technical, operations and management teams are in my view, anexcellent match and one that should see Europa generate considerable value forshareholders in the years to come.

Finally, I would like to thank the management team, directors andadvisers for their hard work during the year and also to our shareholders fortheir continued support over this six month period.

WH AdamsonChairman, 25 April 2013 Chief Executive's Review Operations Report

Europa operates exploration, production and appraisal assets acrossthree core EU countries.

Ireland Exploration

Porcupine Basin LO 11/7 and LO 11/8 - Europa (15%); Kosmos EnergyLtd (85% and operator - subject to approval of the farm-in by the Irishgovernment)

In October 2011, Europa was awarded two exploration LicensingOptions 11/7 and 11/8 in the South Porcupine Basin in the Irish AtlanticMargin both approximately 1,000 km2 in size. The plays in both blocks involvethe presence of Early Cretaceous turbidite sandstone reservoirs, charged bymature Late Jurassic and Early Cretaceous source rocks and contained instratigraphic traps. Seismic interpretation over both the Mullen and Kiernanprospects has been completed and Europa has identified two large prospects:Mullen within LO 11/7 and Kiernan within LO 11/8. Both of these prospects arestratigraphic traps, reliant upon up-dip pinch-out of the turbidite reservoiron to a mud-dominated slope succession. The trapping configurations areanalogous to the Jubilee and Mahogany oil fields in the equatorial AtlanticMargin province.

The water depth at the Mullen prospect location is approximately1,000m, and is therefore feasible for a fixed platform development. Depth totop reservoir is approximately 3,750m below the mudline. Mean indicativeresources at Mullen are estimated to be 482 mmbo.

Licence Option 11/8 is located on the east flank of the SouthPorcupine basin 145 km offshore southwest Ireland. The licence contains theCretaceous Kiernan prospect as well as additional prospectivity elsewhere inthe licence area in the Paleocene and in the pre-rift Jurassic and Triassic.The Kiernan prospect is a stack of three stratigraphic traps at various levelswithin the Cretaceous section: Barremian, Valanginian A and Valanginian B.Reservoir at the Barremian and Valanginian A levels are interpreted to be deepwater turbidite sandstones. The Barremian is the shallowest with a depth tocrest of 3,700 metres below the mudline (`mbml') followed by the Valanginian Aat 4,400 mbml. Reservoir in the Valanginian B is considered to be a moreproximal Brae-type fan sandstone with depth to crest estimated at 4,700 mbml.The sandstones are considered to be derived from Devonian Old Red Sandstone inthe Munster basin on the Irish mainland. The hydrocarbon type in the Barremianreservoir is predicted to be most likely oil, whereas the Valanginian A and Breservoirs are most likely gas. Europa estimates gross mean un-riskedindicative resources in all three stratigraphic levels at Kiernan to be 1.612billion barrels in the oil case and 10 tcf in the gas case.

Further indicative resource figures are presented in the tablebelow.

Prospect Reservoir mmbbl (oil case) mmbbl bcf (gas case) bcf

P90 P50 P10 Mean P90 P50 P10 Mean

Mullen Aptian 66 318 1,092 482 275 1,280 4,151 1,970

Kiernan Barremian 78 269 746 355 600 1,800 4,600 2,300

Kiernan Valanginian 189 712 2,063 977 1,500 4,700 11,500 5,800

A

Kiernan Valanginian 29 130 710 280 200 900 4,700 1,900

B

Total 2,094 11,970 The Early Cretaceous play is proven in the North Porcupine Basin bythe Burren oil discovery made by Phillips in 1978 which flowed circa 700 bopdof 34 API oil. The South Porcupine Basin is essentially undrilled. Geologicalrisk is considered to be high and further technical work is required tode-risk the prospects and mature them to drillable status. A key step is toacquire 3-D seismic over both prospects. Technical success at theExxon-operated Dunquin well, which is being drilled in Q2 2013 and is located60 km from Europa's licences, may help de-risk some source rock elements ofthe play. The option period for both licences is from 1 November 2011 to 30October 2013. Europa has completed the technical work programme required forthe licence option period, which involves the integration and interpretationof existing 2-D seismic and well data sets, and reprocessing of selected 2-Dseismic data. Subject to the fulfilment of this work programme, governmentapproval and a minimum 25% relinquishment, a 15 year Frontier Explorationlicence may be obtained.

In April 2013, Europa announced a farm-in agreement with KosmosEnergy Ltd (NYSE:KOS) for the two Licensing Options LO 11/7 and LO 11/8.

Under the terms of the agreement, Kosmos will:

- acquire an 85% interest and be appointed as operator of bothlicences

- fully fund the costs of a 3-D seismic programme on each licence

- pay 85% of costs incurred by Europa to date

Contingent upon an election of the companies to enter into asubsequent exploration drilling phase on one or both of the blocks, Kosmoswill also incur 100% of the costs of the first exploration well on each block.The first exploration wells on LO 11/7 and LO 11/8 have investment caps ofUS$90 million and US$110 million respectively. Costs in excess of theinvestment cap would be shared between Kosmos (85%) and Europa (15%).

The completion of the farm-in agreement remains subject tocustomary conditions precedent including Irish governmental approvals whichthe Company expects will be met. Further announcements will be made as andwhen necessary.

France

Europa holds 100% interests in two permits with both appraisal andexploration potential in the Aquitaine Basin, adjacent to the producingLacq-Meillon gas fields. The permit renewal process is on-going and theCompany is actively engaged with the relevant French authorities. Weunderstand that the Béarn des Gaves permit is at the final stage of theprocess awaiting written confirmation of ministerial approval.

Béarn des Gaves 100%

The Berenx appraisal project, located in the heartland of theFrench oil industry in the Aquitaine basin, has previously been explored anddrilled by EssoRep. Two wells, Berenx-1 (1969) and Berenx-2 (1972), bothencountered strong gas shows over a 500m thick gas bearing zone. In 1975Berenx-2 was re-entered, drill stem tested and flowed gas flow to surface. Thecarbonate reservoir is the same horizon that delivered 9 tcf and 2 tcf fromnearby fields at Lacq and Meillon. Europa possesses all data connected to both wells. Good quality 2-Dseismic data exists for the licence as well as a reprocessed 3-D seismicdataset covering the area between Berenx and Lacq. Europa's in-house technicalwork indicates that the Berenx deep appraisal prospect could hold in excess of500 bcf of recoverable gas resources. In a CPR dated 31 May 2012, ERCEquipoise estimated gross mean un-risked resources of 277 bcf for the deepBerenx gas play. The difference between Europa's and ERC's assessment ofresources reflects the confidence of each party in mapping in a geologicallycomplex terrain. Europa was able to map a larger area of closure and as aconsequence larger resources.

The project also benefits from being located only 20 km from theLacq Field, which potentially provides a straightforward export route,allowing gas to be processed in an existing facility with spare capacity.

On-going, re-evaluation and interpretation of existing seismic andwell data on the permit has resulted in the identification of a shallow gasplay. Previous exploration on the concession had focused only on deep lyinggas prospects.

The Company's strategy for the Béarn des Gaves permit is to targetthe shallow gas play and on the back of success, to further explore shallowprospectivity and undertake work to de-risk the Berenx deep appraisal project.

Tarbes Val d'Adour 100%

The Tarbes Val d'Adour permit contains several oil accumulationsthat were previously licensed by Elf but were abandoned in 1985 due to thethen low price of oil. Two fields, Jacque and Osmets, were drilled usingvertical wells which generated modest production. At its peak in 1982, Osmetsproduced up to 50 bopd while peak production at Jacque reached almost 30 bopdin 1981.

Europa intends to farm-out this permit and, with a partner, drill are-development well on one of these fields in 2014/15.

United Kingdom NE Lincolnshire PEDL180 33.3% (Wressle) PEDL180 covers an area of 100 km2 of the East Midlands PetroleumProvince south of the Crosby Warren field. Europa has an equal workinginterest share in the block with its partners Egdon Resources (operator) &Celtique Energie Petroleum Ltd. The May 2012 CPR estimated the Wressleprospect to hold mean gross un-risked recoverable resources of 2.41 mmbo. Todate, 49 km2 of 3-D seismic acquisition covering PEDL180 and PEDL182 has beenprocessed and interpreted. Drilling at Wressle is targeted for later thisyear.

PEDL182 33.3% (Broughton)

To the north, PEDL182 is an area of 40 km2 with the same equitystructure as that of PEDL180. The Broughton prospect was previously drilled byBP and flowed oil. The May 2012 CPR estimated the Broughton prospect to holdmean gross un-risked recoverable resources of 1.85 mmbo.

PEDL181 50% NE Lincolnshire

Europa has a 50% interest in and is the operator of the PEDL181licence, with Egdon Resources UK Limited and Celtique Energie Petroleum Ltd.each holding a 25% interest. PEDL181 covers an area of over 540 km2 in theHumber Basin that has the potential for both conventional oil and gas and alsofor shale gas resources held in Carboniferous basinal black marine shalesknown to be 120m thick in the region. The licence is located in a workinghydrocarbon system where a number of discoveries have been made along theBrigg-Broughton anticline, an analogous trend to the west of Caistoranticline. Europa's existing oil production at the Crosby Warren field lies atthe westernmost end of the Brigg-Broughton anticline. Technical evaluation has confirmed several conventionalprospects/leads on PEDL181. Four of these in the southern part of the licenceall with reservoirs of Carboniferous age were the focus of a 78 line km 2-Dseismic acquisition programme that was completed in April 2013. Along with thereprocessing of 150 km2 of existing 3-D seismic data, the new data will beintegrated into the existing dataset with the objective of evaluating the fourleads, maturing them into prospects, and defining a future drilling programme. Dorking area PEDL143 40% (Holmwood) The PEDL143 licence covers an area of 92 km2 of the Weald Basin,Surrey. Europa is the operator and has a 40% working interest in the licencewith partners Egdon Resources 38.4%, Altwood Petroleum 1.6%, and WarwickEnergy 20%. The Holmwood prospect is a Jurassic sandstone project with a lowgeological risk. The May 2012 CPR estimated Holmwood to hold gross meanrecoverable resources of 5.64 mmbo. Europa considers Holmwood to be one of thebest undrilled exploration prospects in the UK onshore. The prospect lies south of Dorking within the Surrey Hills Area ofOutstanding Natural Beauty and an application to construct a temporaryexploration well on the site was originally made in 2008. This application wasrefused in 2011 by Surrey County Council contrary to their planning officer'srecommendation to approve. An appeal to overturn the decision was heard at apublic inquiry in July 2012. The appeal was dismissed on 26 September 2012.Europa believes that this decision was based on a misapplication of planninglaw and therefore in November 2012, Europa, along with its partners, announcedit had submitted an application to the High Court for an order quashing thedecision of the Secretary of State for Communities and Local Government todismiss the appeal. The Company has received notification that the hearing isexpected to take place at the end of July 2013.

United Kingdom - Production (West Firsby 100%; Crosby Warren 100%;Whisby W4 well 65%)

The three UK fields produced an average of 177 boepd net to Europain the period which includes the equivalent of 6 boepd earned as commission onoil deliveries Europa made on behalf of another oil company. The commissionarrangement ceased in December 2012. During the period, workovers weresuccessfully completed on two West Firsby wells and both wells are now back onproduction. The Company is on course to achieve its full year productiontarget of 180 boepd.

Proven and probable (`2P') producing reserves of the threeproducing fields was estimated at 0.65 mmbo by the CPR (as at 31 December2011).

United Kingdom - Unconventional resources

Underground Coal Gasification (UCG) 90%

In August 2010, Europa was awarded two licences by the UK CoalAuthority to investigate the potential for underground coal gasification('UCG') of virgin coals located near offshore, along the eastern coast ofEngland. Europa has a 90% interest in the licence with Oxford EnergyConsulting Limited holding the remaining 10%.

Shale Gas

As previously noted PEDL181 has some potential for shale gas.Europa is in discussions with companies specialising in shale gas who haveexpressed interest in the licence.

Romania

The Company continues to hold interests in two exploration licencesin Romania: Brates (100%) and Bacau (19%). Both licences are in the process ofbeing relinquished. The assets were fully written down in the prior period.

Conclusion

During the six months under review, significant progress was madeat all three of our core areas of interest. In Ireland we have completedtechnical work, identified and provided volumetrics for two large prospects,and most importantly post period end announced a farm-out of both blocks withKosmos Energy. In France, the renewal process for our onshore permits is enteringthe final stages and we hope to hear confirmation of renewal shortly. Subjectto the permit being renewed, we will step up our farm-out agenda with a viewto drilling Berenx shallow in 2014.

In the UK, the three producing fields have performed close toexpectations, the revenues from which will fund Europa's share of costs ofdrilling Wressle this year. Elsewhere in the UK, a seismic acquisitionprogramme in PEDL181 focussing on maturing four identified leads on thelicence to drillable status has been completed on schedule and on budget.Europa is operator of the licence with a 50% interest and, subject to theresults we would look to drill a well in 2014.

Following extensive in house technical work across our asset basewhich has resulted in a number of leads/prospects being identified, managementare looking forward to re-commencing drilling operations, starting withWressle later this year. At the same time, we are looking to build ourportfolio and continue to evaluate new projects to which we can apply ourexpertise and progress the growth of the Company.

HGD MackayCEO, 25 April 2013 Licence Interests Table Field/ Country Area Licence Prospect Operator Equity Status UK East Midlands DL003 West Firsby Europa 100% Production DL001 Crosby Warren Europa 100% Production PL199/215 Whisby-4 BPEL 65% Production PEDL150 West Whisby Europa 75% Exploration PEDL180 Wressle Egdon 33% Exploration PEDL181 Caistor Europa 50% Exploration PEDL182 Broughton Egdon 33% Exploration Weald PEDL143 Holmwood Europa 40% Exploration North Sea Holderness Offshore UCG Europa 90% Exploration Humber South Offshore UCG Europa 90% Exploration Ireland Porcupine LO 11/7 Mullen Kosmos (*) 15% (*) Exploration LO 11/8 Kiernan Kosmos (*) 15% (*) Exploration France Aquitaine Béarn des Gaves Berenx (deep) Europa 100%

Exploration/Appraisal

Béarn des Gaves Berenx (shallow) Europa 100%

Exploration/Appraisal

Tarbes val d'Adour Osmets/Jacque Europa 100%

Exploration/Appraisal

Romania Carpathians EIII-4 Bacau Raffles 19% Being relinquished EPI-3 Brates Europa 100% Being relinquished Western Sahara Tindouf Bir Lehlou Europa 100% Exploration Aaiun Hagounia Europa 100% Exploration

(*) Subject to approval of the farm in by the Irish government

Financials

Unaudited consolidated statement of comprehensive income

Year to 31 July 6 months to 31 6 months to 31 2012 January 2013 January 2012 (audited) £000 £000 £000 Revenue 2,202 2,362 5,080Other cost of sales (1,452) (1,214) (2,692)Exploration write-off - (5,335) (12,451) Impairment of producing fields - (785) (785)Total cost of sales (1,452) (7,334) (15,928) -------------- -------------- --------------Gross profit/ (loss) 750 (4,972) (10,848) Administrative expenses (413) (279) (755)Finance income - 69 -Finance expense (147) (393) (452) -------------- -------------- -------------- Profit / (loss) before taxation 190 (5,575) (12,055)Taxation (137) (35) 739 -------------- -------------- -------------- Profit/ (loss) for the period attributed 53 (5,610)

(11,316)

to the equity holders of the parent

Other comprehensive income

Exchange gains/(losses) arising on 73 89

(36)

translation of foreign operations

-------------- --------------

--------------

Total comprehensive profit/ (loss) for 126 (5,521)

(11,352)

the period attributable to the equityshareholders of the parent ============== ============== ============== Pence per Pence per Pence per share share shareEarnings/ (loss) per share (EPS/LPS)Basic and diluted EPS/LPS (note 4) 0.04p (4.19)p

(8.33)p

Unaudited consolidated statement of financial position

31 July 31 January 31 January 2012 2013 2012 (audited) £000 £000 £000AssetsNon-current assetsIntangible assets 2,408 8,129 2,127 Property, plant and equipment 4,712 5,780 4,959Deferred tax asset - 305 14 -------------- -------------- --------------Total non-current assets 7,120 14,214 7,100 -------------- -------------- --------------Current assetsInventories 53 37 56Trade and other receivables 550 713 1,250Cash and cash equivalents 761 293 230 -------------- -------------- -------------- 1,364 1,043 1,536 -------------- -------------- --------------Other current assets Assets classified as held for sale 334 - 338 Total assets 8,818 15,257 8,974 ============== ============== ============== LiabilitiesCurrent liabilitiesTrade and other payables (1,357) (1,544) (1,880)Current tax liability (309) - (87)Derivative (57) (64) (64)Short-term borrowings (217) (86) (230) -------------- -------------- --------------Total current liabilities (1,940) (1,694) (2,261) -------------- -------------- --------------Non-current liabilitiesLong-term borrowings - (219) -Deferred tax liabilities (2,847) (4,098) (2,948)Long-term provisions (2,027) (1,635) (1,950) -------------- -------------- -------------- Total non-current liabilities (4,874) (5,952) (4,898) -------------- -------------- --------------Total liabilities (6,814) (7,646) (7,159) -------------- -------------- --------------Net assets 2,004 7,611 1,815 ============== ============== ==============Capital and reserves attributable toequity holders of the parentShare capital 1,379 1,379 1,379Share premium 13,160 13,160 13,160Merger reserve 2,868 2,868 2,868Foreign exchange reserve 453 505 380Retained deficit (15,856) (10,301) (15,972) -------------- -------------- --------------Total equity 2,004 7,611 1,815 ============== ============== ==============

Unaudited consolidated statement of changes in equity

Foreign Share Share Merger exchange Retained capital premium reserve reserve deficit Total equity £000 £000 £000 £000 £000 £000 UnauditedBalance at 1 August2011 1,301 12,573 2,868 416 (4,719) 12,439Total comprehensiveincome / (loss) forthe period - - - 89 (5,610) (5,521)Share based payments - - - - 28 28Issue of share capital(net of issue costs) 78 587 - - - 665 -------------- -------------- -------------- -------------- -------------- --------------Balance at 31 January2012 1,379 13,160 2,868

505 (10,301) 7,611

============== ============== ==============

============== ============== ==============

AuditedBalance at 1 August2011 1,301 12,573 2,868 416 (4,719) 12,439Total comprehensiveloss for the year - - - (36) (11,316) (11,352)Share based payments - - - - 63 63Issue of share capital(net of issue costs) 78 587 - - - 665 -------------- -------------- -------------- -------------- -------------- --------------Balance at 31 July2012 1,379 13,160 2,868

380 (15,972) 1,815

============== ============== ==============

============== ============== ==============

UnauditedBalance at 1 August2012 1,379 13,160 2,868 380 (15,972) 1,815Total comprehensiveincome for the period - - - 73 53 126Share based payments - - - - 63 63 -------------- -------------- -------------- -------------- -------------- --------------Balance at 31 January2013 1,379 13,160 2,868

453 (15,856) 2,004

============== ============== ==============

============== ============== ==============

Unaudited consolidated statement of cash flows

6 months to 31 6 months to 31 Year to 31 January 2013 January 2012 July 2012 (audited) £000 £000 £000Cash flows from operating activitiesProfit / (loss) after taxation 53 (5,610) (11,316)Adjustments for:Share based payments 63 28 63Depreciation 247 179 673Exploration write-off - 5,335 12,451Impairment of property, plant andequipment - 785 785Finance income - (69) -Finance expense 147 393 452Taxation expense 137 35 (739)Decrease/(increase) in trade and otherreceivables 700 (104)

(647)

Decrease / (increase) in inventories 3 6

(13)

(Decrease)/increase in trade and otherpayables (336) (187)

350

-------------- --------------

--------------

Net cash from operating activities 1,014 791

2,059

============== ==============

==============

Cash flows used in investing activitiesPurchase of property, plant & equipment - (64)

(78)

Purchase of intangible assets (433) (1,899)

(2,955)

-------------- --------------

--------------

Net cash used in investing activities (433) (1,963)

(3,033)

============== ==============

==============

Cash flows from financing activitiesProceeds from issue of share capital (netof issue costs) - 665

665

Decrease in payables related to issue ofshare capital - (115) (115)Repayment of borrowings (13) (951) (1,025)Finance costs (14) (101) (289) -------------- -------------- -------------- Net cash used in financing activities (27) (502)

(764)

============== ==============

==============

Net increase / (decrease) in cash and cashequivalents 554 (1,674)

(1,738)

Exchange (loss) / gain on cash and cashequivalents (23) 91

92

Cash and cash equivalents at beginning ofperiod 230 1,876

1,876

-------------- --------------

--------------

Cash and cash equivalents at end of period 761 293

230

============== ==============

==============

Notes to the consolidated interim statement

1 Nature of operations and general information

Europa Oil & Gas (Holdings) plc ("Europa Oil & Gas") andsubsidiaries' ("the Group") principal activities consist of investment in oiland gas exploration, development and production.

Europa Oil & Gas is the Group's ultimate parent Company. It isincorporated and domiciled in England and Wales. The address of Europa Oil &Gas's registered office head office is 6 Porter Street, London W1U 6DD. EuropaOil & Gas's shares are listed on the London Stock Exchange AIM market.

The Group's consolidated interim financial information is presentedin Pounds Sterling (£), which is also the functional currency of the parentCompany.

The consolidated interim financial information has been approvedfor issue by the Board of Directors on 25 April 2013.

The consolidated interim financial information for the period 1August 2012 to 31 January 2013 is unaudited. In the opinion of the Directorsthe condensed interim financial information for the period presents fairly thefinancial position, and results from operations and cash flows for the periodin conformity with the generally accepted accounting principles consistentlyapplied. The condensed interim financial information incorporates unauditedcomparative figures for the interim period 1 August 2011 to 31 January 2012and the audited financial year to 31 July 2012. The financial information contained in this interim report does notconstitute statutory accounts as defined by section 435 of the Companies Act2006. The report should be read in conjunction with the consolidated financialstatements of the Group for the year ended 31 July 2012. The comparatives for the full year ended 31 July 2012 are not theCompany's full statutory accounts for that year. A copy of the statutoryaccounts for that year has been delivered to the Registrar of Companies. Theauditors' report on those accounts was unqualified and did not contain astatement under section 498 (2) - (3) of the Companies Act 2006 but didinclude an emphasis of matter which drew attention to the outstanding renewalof the French licences. The Group's French exploration permits are currentlyin the renewal phase with the French authorities. The Group did not meet itsexpenditure commitments on those permits and therefore there is a risk thatthe permits will not be renewed by the French authorities. Although thedirectors are confident that the permits will be renewed, there can be noguarantee. Should the permits not be renewed, the impact on the financialstatements will be the impairment of the French intangible assets. Thisfinancial information does not include the adjustments that would result ifthe permits are not renewed.

The information has been prepared on the going concern basis.

2 Summary of significant accounting policies

The condensed interim financial information has been prepared usingpolicies based on International Financial Reporting Standards (IFRS and IFRICinterpretations) issued by the International Accounting Standards Board("IASB") as adopted for use in the EU. The condensed interim financialinformation has been prepared using the accounting policies which will beapplied in the Group's statutory financial information for the year ended 31July 2013.

This results in the adoption of various standards andinterpretations, none of which have had a material impact on the interimreport or are expected to have a material impact on the financial statementsfor the full year.

3 Share capital

There were no shares issued in the 6 months to 31 January 2013. Thetable below shows all shares issued since 31 July 2011.

£000Date Shares Price raised net of Total shares issued commission in issue 31 July 2011 130,077,72831 October 2011 7,777,776 9p 665,000 137,855,50431 January 2013 137,855,504

All the authorised and allotted shares are of the same class andrank pari passu.

4 Earning per share (EPS)

Basic earning per share has been calculated on the profit aftertaxation divided by the weighted average number of shares in issue during theperiod.

The Company's average share price for the period was 8.51p (H12012: 9.89p) which was below the exercise price of all the 11,685,000outstanding share options. The options are not considered dilutive.

The calculation of the basic and diluted loss per share is based onthe following: 6 months to 6 months to Year to 31 31 January 31 January July 2012 2013 2012 (audited) £000 £000 £000Profits / lossesProfit/(loss) after taxation 53 (5,610) (11,316) =========== ============= ===========Number of sharesWeighted average number of ordinaryshares for the purposes of basic anddiluted EPS/LPS 137,855,504 134,008,887 135,921,685 5 Taxation

Consistent with the year-end treatment, current and deferred taxassets and liabilities have been calculated at tax rates that are expected toapply to their respective period of realisation.