Drilling plans update

Update on Hykeham-1 drilling

The Directors of Europa Oil & Gas (Holdings) plc are pleased to provide an
update on the drilling plans for the main section of the Hykeham-1 exploration
well, located in the PEDL150 licence in Lincolnshire.

Europa has signed a contract agreement with British Drilling and Freezing (BDF)
for Rig 28 to drill the main section of Hykeham-1. It is anticipated that the
well will commence drilling in late 2009 after the rig's next drilling
campaign.

Hykeham is a well-defined prospect with clear four-way dip closure and a common
spillpoint with the Whisby Oilfield, 1.5km to the northwest. The nearby
Caledonian Farm well encountered good oil shows in a 10m thick channel
sandstone reservoir, significantly thicker than that seen in the Whisby
Oilfield. The target is at a depth of c.1000m and the well is anticipated to
take 15-20 days to drill. The well is targeting 10 million barrels of oil in
place and is given an in-house risk assessment of a 1 in 3 chance of success.
Europa holds a 75% interest in the PEDL 150 licence, which also includes the
West Whisby Prospect.

Paul Barrett, Managing director of Europa, said `We are very excited about
drilling this well and regard it as having a very good chance of containing
commercial hydrocarbons If successful, this well will double our reserves base
and can be in production and generating revenue in a very short time.'

For further information, please contact:

Paul Barrett Europa Oil & Gas [phone]
Jonathan Wright Seymour Pierce [phone]

The technical information and opinions contained in this announcement have been
reviewed by Dr. Erika Syba, Europa's Operations Director, who has 25 years of
experience in the oil exploration and production industry. She has consented to
the inclusion herein of such technical information and opinions.