Crosby Warren Oilfield Acquisition

Date: 1st December 2006

                          Europa Oil & Gas (Holdings)                          

                      Crosby Warren Oilfield Acquisition                       

Europa Oil & Gas, the AIM-listed production and exploration company (AIM: EOG)
is pleased to announce that the acquisition of the Crosby Warren oil field
located in the East Midlands Oil & Gas Province was completed on the 30th
November 2006.

The acquisition has been undertaken with the support of The Royal Bank of
Scotland plc (RBS) which has provided a loan for the majority of the purchase
consideration.

Paul Barrett, Managing Director, said `We are pleased to announce the
successful acquisition of the Crosby Warren oil field which in conjunction with
existing production in the UK, Romania and the Ukraine will add significantly
to achieving our near term production target of 1,000 barrels of oil equivalent
per day. The support of RBS is greatly appreciated and provides additional
financial capability in executing our business plan.'

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Europa Oil & Gas (Holdings) plc

Europa Oil & Gas (Holdings) plc focuses on the production and exploration of
hydrocarbons in Europe and North Africa. Europa currently produces over 500
barrels of oil equivalent per day from its operations in the UK, Romania and
the Ukraine. Operating a balanced portfolio, 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.

For more information please visit www.europaoil.com

Contact Information:

Paul Barrett, Managing Director, Europa Oil & Gas (Holdings) plc [phone]

Ewen Ainsworth Finance Director                        [phone]        

Jonathan Wright / Parimal Kumar, Seymour Pierce Limited [phone]

Derek Busby, The Royal Bank of Scotland, Corporate Banking, [phone]
Aberdeen

Jade Mamarbachi, GTH Media Relations [phone]