Europa Oil & Gas Regulatory News (EOG)

24 Jul 2008 07:00

Operational Update

New licence in the UK, Progress on Ukraine disposal

The Directors of Europa Oil & Gas (Holdings) plc (`Europa') are pleased to announce that the DBERR has confirmed a further award (PEDL222) has been made to Valhalla and Europa in the UK 13th Round of Licensing. This award is of an exploration area in the East Midlands to the north of the Whisby Field and includes the Torksey oil discovery and associated leads.

In a second development, Europa has entered into a Letter of Intent with an undisclosed Swedish oil and gas company covering the proposed sale of Europa's remaining assets in Ukraine. The Letter of Intent is designed to provide a sufficient period of time to finalise title and other arrangements prior to the sale. Europa wrote its Ukraine investments off its balance sheet in 2006.

Paul Barrett, Managing Director of Europa, said "We are pleased to be able to report further strengthening of our East Midlands core asset base. Europa's portfolio in the East Midlands now comprises three producing oilfields and 4 exploration licences, covering a gross area of approximately 900 square kilometres and containing numerous leads and prospects. It is also satisfying that the sale process for Ukraine is progressing."

For further information, please contact;

Paul Barrett Europa Oil & Gas (Holdings) plc 01235 553 266 Jonathan Wright Seymour Pierce 0207 107 8050

www.europaoil.com