Exploration Operations Update

Exploration Operations Update

The Directors of Europa Oil & Gas (Holdings) plc, the AIM-listed production and
exploration company, are pleased to provide an operational update on some of
the Company's near-term exploration activities. The Company is currently
anticipating spudding 3 wells in the next 3 months and expecting at least
another 2 further wells in its 2007 drilling programme.

UK onshore - PEDL143 (Holmwood Prospect - Weald Basin)

Europa and its partners have submitted a Planning Application for the
Holmwood-1 exploration well. The application is supported by a full
Environmental Impact Assessment and Environmental Statement, which have taken
over six months to complete. To ensure minimal impact, the drilling location is
in isolated Forestry Commission land and the subsurface target, some 1,200
metres to the south, will be reached by directional drilling.

UK onshore - PEDL150 (East Midlands Oil & Gas Province)

Europa and partners Valhalla Oil & Gas are anticipating commencing the PEDL150
2D seismic acquisition programme on the 19th March. Surveying of the lines is
now well advanced, with a total of approximately 50km of new data planned.
There are currently 3 exploration leads over the licence and the new seismic
has been designed to identify a 2007 drilling location on one or more of these
leads.

Romania onshore - EPI-3 (Costisa test - Carpathian Oil & Gas Province)

Following a review of the proposed Costisa-1 re-entry, the decision has been
taken to drill a new vertical well, Costisa-2, located 190 metres NNE of the
original well. Drilling a new vertical borehole is anticipated to be the same
order of cost as the proposed Costisa-1 re-entry and is seen as a lower risk
alternative. Europa is now in the process of permitting the wellsite and it is
expected Costisa-2 will spud in mid May, depending on the progress of the
permitting.

Romania onshore - EIII-1 (East Radauti and Arbore Prospects - Carpathian Oil &
Gas Province)

The anticipated spud date of the East Radauti-1 well is in mid-April, followed
by the Arbore-1 well in mid-May. These wells, which will target `Bilca-style'
gas prospects, will each take one month to drill and complete. Work continues
on identifying a possible drilling location on the large Voitinel prospect for
later in 2007.

France onshore - Béarn des Gaves (Aquitaine Basin)

Europa has been advised by the French authorities that the concession has been
approved by the Conseil Général des Mines and the award will be published in
the coming weeks.

Egypt onshore - West Darag Onshore (Gulf of Suez Margin)

Europa has been advised by the Egyptian authorities that the Concession
Agreement has been ratified by the People's Assembly.

Paul Barrett, Managing Director, said `Much progress has been made on a number
of projects and it will be extremely satisfying to start our 2007 drilling
campaign next month.'

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 600 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

For further information, contact:

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

Jonathan Wright or Parimal Kumar, Seymour Pierce [phone]