Operations Update

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 9 September 2013 Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') Operations Update Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration anddevelopment company with a combination of producing and exploration assets inEurope, is pleased to provide the following unaudited trading statement andoperations update for the twelve months ending 31 July 2013. The Companycurrently has three producing assets in the UK, all located onshore in the EastMidlands: West Firsby (100% working interest); Crosby Warren (100% workinginterest); and the Whisby 4 well (65% working interest). UK Operations Overview * Full year revenues of £4.5 million in line with expectations (2012: £5.1 million) * + Average daily production including gas sales of 182 barrels of oil equivalent per day (`boepd') (2012: 200 boepd) in line with management expectations + natural decline rates led to 11% decline in oil volumes to 64,350 barrels (2012: 72,360 barrels) + 2% decrease in average oil price achieved to US$107.3 per barrel (2012: US$110.0) * Profit before tax (before exploration write-offs) around £0.6 million (2012: £1.2 million) after taking into account: * + Costs of West Firsby well work-overs in H1 2013 + Costs of reservoir studies in H2 2013 + Charges arising from a grant of share options in October 2012 * Cash as at 31 July 2013 stood at £670k (2012: £230k) with an additional £ 300k received in August 2013 in respect of Irish back costs * Drilling at Wressle expected to commence in H2 2013 Update on Frontier Exploration Licences (`FELs') 2/13, 3/13, offshore Ireland 3D seismic continues to be acquired on FEL 2/13 and 3/13, offshore Ireland. Thetwo licences combined cover approximately 1,500 sq km in the highly prospectiveSouth Porcupine Basin in the Irish Atlantic Margin and are operated by KosmosEnergy which holds an 85% interest with Europa holding the remainder. Followingcompletion of the acquisition programme the data will be processed andinterpreted to further define the prospectivity of the licence area. Update on Bearn des Gaves Permit, onshore France The Company continues to liaise with the relevant French authorities regardingthe renewal of the Bearn des Gaves permit and further announcements will bemade as appropriate. Europa's CEO, Hugh Mackay said, "Having produced an average of 182 boepd, ourUK producing assets have hit our production target for the second consecutiveyear. The three producing assets are declining, in line with our expectations,and to have hit the target is testament to the excellent performance of ourengineers on the ground as well as our in-house technical team who have beencarrying out reservoir studies to optimise recovery rates. "Thanks to revenues generated from production and the post-period receipt of £300,000 from Kosmos Energy in respect of back costs on our Irish licences, wecan fully fund our share of drilling the Wressle prospect in the UK, which werate as having a one in three chance of materially adding to our production.With drilling expected to commence at Wressle in the second half and a 3-Dseismic acquisition programme currently being carried out by our joint venturepartner Kosmos Energy offshore Ireland, this is an exciting period for theCompany and further updates will be provided in due course." Further Information Full year audited results are scheduled to be announced during the weekcommencing 7 October 2013, including further details of write-offs relating toexploration assets in France as previously announced. The Wressle well in PEDL 180 is operated by Egdon Resources who will determinethe exact timing of the spud date. It is expected that the operator willprovide further information in due course, following which Europa will alsoupdate the market, if appropriate. * * ENDS * * For further information please visit www.europaoil.com or contact: Hugh Mackay Europa + 44 (0) 20 7224 3770 Phil Greenhalgh Europa + 44 (0) 20 7224 3770 Matt Goode finnCap Ltd +44 (0) 20 7220 0500 Henrik Persson finnCap Ltd +44 (0) 20 7220 0500 Frank Buhagiar St Brides Media and Finance +44 (0) 20 7236 1177 Ltd Lottie St Brides Media and Finance +44 (0) 20 7236 1177Brocklehurst Ltd Notes Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stagehydrocarbon assets that includes production, exploration and developmentinterests, in countries that are politically stable, have transparent licensingprocesses, and offer attractive terms. The Company currently producesapproximately 180 boepd in the UK, generating sufficient revenues to covercorporate overheads. Its highly prospective exploration projects include theWressle prospect in the UK where a well is due to be drilled later in 2013; anda joint venture with leading independent Kosmos Energy to explore two licencesin offshore Ireland in which Europa has identified two prospects with estimatedgross mean un-risked indicative resources of 482 million barrels oil and 1.6billion barrels oil respectively.