Financing Facility

For Release: 2nd June - 7am                        

                           Europa Oil & Gas (Holdings) plc                        

                                  (`Europa')                                   

                              Financing Facility                               

The Board of Europa Oil & Gas (Holdings) plc - AIM: EOG - the hydrocarbon
production and exploration company, announces that Europa has entered into an
agreement with the Headstart Group of funds under which a share finance
facility of up to £1.5 million will be made available. Any draw down of the
facility is at the sole discretion of Europa.

The facility can be drawn down in monthly increments of up to £100,000 in
exchange for the issue of new ordinary shares and is available at any time up
to 1 December 2008.

In consideration for making the facility available Europa has agreed to pay
Headstart a one-off fee of £42,500. In addition, Europa has issued 300,000
warrants to Headstart granting the right to subscribe for ordinary shares at
31.20p per share. These warrants are exercisable at any time up to 31 May 2009.

The cost of the Headstart financing compares extremely well with the cost of
the IPO, being almost half the cost in percentage terms. The £5mm raised at the
IPO was at a cost of 14.05% of the proceeds, along with one warrant given for
every two shares issued. The £1.5mm Headstart facility cost is 8.2% of the
proceeds, at an equivalent share price, with one warrant for every twenty
shares.

Revenues are set to increase significantly in the next quarter when the Bilca
Gas Development comes onstream. The share finance facility gives Europa the
flexibility to pursue additional acquisition opportunities and the increased
ability to maintain the pace of development of existing projects.

Ewen Ainsworth, Finance Director, commented

"With the pace of Europa's commercial progress accelerating, particularly in
the light of planned testing of the gas shows encountered in the Costisa-1 well
and positive results from the recent seismic acquisition in Romania, the Board
decided it was prudent to secure funding in order to maintain this progress.
The facility has the added benefit of being discretionary, and will only be
used as required."

About Europa Oil & Gas (Holdings) plc

Europa Oil & Gas (Holdings) plc - AIM: EOG - focuses on the production and
exploration of hydrocarbons in Europe and North Africa. It currently produces
210 barrels of oil per day from UK onshore fields and 25 barrels of oil
equivalent from the Ukraine. Production is expected to rise significantly after
its Romanian Bilca Gas Project is on stream later this year. Operating a
balanced portfolio, Europa currently has field appraisal activity on projects
in the UK Southern Gas Basin and onshore Romania and exploration activity on a
further eight licences across the Europe - North Africa region. For more
information please visit www.europaoil.com.

Further information:

Ewen Ainsworth, Finance Director, Europa Oil & Gas (Holdings) plc [phone]
7227

Jonathan Wright / Parimal Kumar, Seymour Pierce Limited [phone]

Jade Mamarbachi / Toby Hall, gth media relations [phone]