Drilling Report

Europa Oil & Gas (Holdings) plc                        

                              Romanian Well Spuds                              

The Directors of Europa Oil & Gas (Holdings) plc, the production and
exploration company, are pleased to announce the spudding over the weekend in
Romania of both the Costisa-2 appraisal well and the Arbore-1 exploration well.

The Costisa-2 well is a re-drill of the nearby Costisa-1 well, which was
drilled in 2005. Costisa-2 will appraise the untested gas shows encountered in
Burdigalian age sandstones at 1,000 metres depth. The well, located in the
eastern part of the EPI-3 Brates Concession, is estimated to take approximately
one month to complete.

The Arbore-1 well, which is testing a Sarmatian gas prospect, is anticipated to
take less than a month to complete. It is located in the southern part of the
EIII-1 Brodina Concession, some 8km from the Comanesti Gasfield.

About Europa Oil & Gas (Holdings) plc

Europa Oil & Gas focuses on the production and exploration of hydrocarbons in
Europe and North Africa. Europa currently produces oil from three fields in the
UK. Operating over two-thirds of its portfolio with an average working interest
of 60%, 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.

Europa's current portfolio consists of:

Country     Project                    Equity    Status                        
                                                                               
                                Europa-operated                                
                                                                               
UK          Crosby Warren Oilfield     100%      Production, well planned 2007 
                                                                               
UK          West Firsby Oilfield       100%      Production, well work planned 
                                                                               
UK          Holmwood Prospect          40%       Exploration, well planned 2007
                                                                               
UK          PEDL143 (Whisby area)      50%       Exploration, seismic complete 
                                                                               
UK          UKCS 41/24a & 41/25a       100%      Potential Gas Development     
                                                                               
UK          UKCS 109/5 & 112/30        50%       Exploration, new award        
                                                                               
Romania     Brates Block East          52.75%*   Costisa-2 Appraisal drilling  
                                                                               
Ukraine     Horodok Gasfield           70%       Pilot production phase        
                                                                               
France      Béarn des Gaves            100%      Exploration, new award        
                                                                               
Egypt       West Darag Onshore         60%*      Exploration, PSA active early 
                                                 June                          
                                                                               
W. Sahara   Bir Lehlou & Hagounia      100%      Exploration                   
            Blocks                                                             
                                                                               
                               Partner-operated                                
                                                                               
UK          Whisby Oilfield            65%       Production                    
                                                                               
Romania     Brodina Block              28.75%    Exploration, Arbore-1 drilling
                                                                               
Romania     Brates Block West          20%       Exploration, seismic planned  
                                                 2007                          
                                                                               
Romania     Cuejdiu Block              17.50%*   Boistea-1 well planned 2007   
                                                                               
Romania     Bacau Block                19%*      Well planned late 2007        

* subject to various contractual arrangements

For more information please visit www.europaoil.com or contact:

Paul Barrett, Managing Director, Europa Oil & Gas [phone]

Jonathan Wright or Parimal Kumar, Seymour Pierce [phone]