Europa Oil & Gas Regulatory News (EOG)

14 Sep 2006 07:00

For immediate release: 14 September 2006 Europa Oil & Gas (Holdings) plc New Exploration Acreage - France The Directors of Europa Oil & Gas (Holdings) plc, the production andexploration company, are pleased to announce that its application for anexploration permit in the Aquitaine Basin of southwest France, the Bĩarn desGaves permit, has now passed the 90 day period allowed for competitive bids.The exclusive award of the exploration licence to Europa is now subject togovernment approval and is expected early in 2007.The application, which covers an area of 928 km2, lies immediately west of theLacq and Meillon Gasfields, the discoveries that made Elf Aquitaine over 50years ago, which contain combined estimated initial recoverable gas reserves of12 trillion cubic feet. Europa plans to investigate the western continuation ofthe Lacq play, evidence for this coming from a gas discovery in the permit areaat Berenx. In addition, there is potential for oil accumulations in thenorthern part of the permit area.The vast majority of wells drilled in the area were drilled in the 1950's and1960's and were based on now obsolete exploration concepts. Modern explorationmethods will greatly improve the chances of finding significant hydrocarbonreserves in an area close to markets and with a well-developed infrastructure.Paul Barrett, Managing Director, said "With this award, we will have thepotential for substantial gas reserves in an area of onshore western Europe.Proximity to existing processing and export infrastructure would allow a shortlag time between discovery and cashflow. We are looking forward to working thisacreage with great anticipation".About Europa Oil & Gas (Holdings) plcEuropa Oil & Gas (Holdings) plc - AIM: EOG - focuses on the production andexploration of hydrocarbons in Europe and North Africa. It currently produces210 barrels of oil per day from UK onshore fields and 25 barrels of oilequivalent from the Ukraine. Production will rise significantly after itsRomanian Bilca Gas Project comes onstream in September 2006. Operating abalanced portfolio, Europa currently has field appraisal activity on projectsin the UK Southern Gas Basin and onshore Romania and exploration activity on afurther eight licences across the Europe - North Africa region. For moreinformation please visit www.europaoil.com.Further information:Paul Barrett, Managing Director, Europa Oil & Gas (Holdings) plc +33 5 63 33 1897Jonathan Wright / Parimal Kumar, Seymour Pierce Limited +44 20 7107 8000Jade Mamarbachi / Toby Hall, GTH Media Relations +44 20 7153 8035Review by Qualified PersonThe technical information and opinions contained in this announcement have beenreviewed by Paul Barrett B.Sc. (Hons), M.Sc., Managing Director of Europa Oil &Gas (Holdings) plc, who is a geologist with 25 years mainstream oil and gasexperience.Bourrouilh, R. et al , 1995, AAPG Bulletin v.79. p.831-853EUROPA OIL & GAS (HOLDINGS) PLC