Drilling Report

1 November 2010

Drilling Update - Barchiz

The Directors of Europa Oil & Gas (Holdings) plc would like to update the
market on progress at Barchiz, the Romanian exploration well, spudded in
mid-October.

Currently, the well is drilling the top-hole section at 406m. Minor oil shows
and mud gas indications were encountered in sandstones over the interval 268 -
275m, providing evidence for an active petroleum system in the Barchiz area.

It is anticipated that the well will reach the target horizon at a depth of
approximately 1,400m in 2-3 weeks time.

Further information:

Europa Oil & Gas

Paul Barrett / Philip Greenhalgh Tel: [phone]

finnCap

Sarah Wharry / Henrik Persson, Corporate Finance Tel: [phone]
Joanna Weaving, Corporate Broking Tel: [phone]