Drilling Report

West Firsby-9 Drilling Update

The Directors of Europa Oil & Gas (Holdings) plc are pleased to provide an
update of operations on West Firsby-9. The well has today reached section TD of
5,522 ft in the 8 ½" hole at an inclination of 74 degrees, just above the top
of the reservoir zones. The well will now be cased ahead of drilling the
reservoir section.

Operational problems with the drilling equipment have led to a total of
approximately 10 days of delay. The revised estimate for the anticipated
commencement of production from the well is mid-late February.

For further information, please contact:

Europa Oil & Gas Paul Barrett 01235 553266
finnCap Sarah Wharry 0207 600 1658