Third Interval at Wressle Flows Oil & Gas

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas  

3 March 2015

          Europa Oil & Gas (Holdings) plc (`Europa' or `the Company')          

             Third Interval at Wressle-1 Well Free Flows Oil & Gas             

Europa Oil & Gas (Holdings) plc, the AIM quoted oil and gas company with a
combination of producing and exploration assets in Europe, is pleased to note
today's announcement from Egdon Resources (`Egdon') confirming gas production
rates of up to 1.7 million cubic feet per day (`mmcfd') and up to 12 barrels of
oil per day (`bopd'), following the completion of the first of two tests in the
Penistone Flags reservoir at the Wressle-1 oil discovery (`Wressle') on Licence
PEDL 180 in East Lincolnshire (`PEDL 180'). The Penistone Flags is the third of
three hydrocarbon bearing zones tested, the first of which, Ashover Grit,
tested 80 bopd and 47mcf of gas per day, while the second, the Wingfield Flags
tested up to 182 bopd. Europa has a 33.3% working interest in PEDL 180,
alongside Egdon (operator, 25%), Celtique Energie Petroleum Ltd (33.3%), Union
Jack Oil (8.3%).

  * First test of a 9 metre perforated interval in the upper part of the
    Penistone Flags reservoir has been completed, with free flowing gas
    production rates of up to 1.7 mmcfd and 12 bopd recorded
   
  * 
      + Gas flow rates were constrained by the equipment and flaring limits
        imposed by the environmental permit
       
  * No free water was encountered and the oil is of good quality with a gravity
    of 35o API
   
  * Down-hole pressure data, recorded during testing will be analysed to
    estimate the gas flow rates that could be achieved without flare and permit
    constraints
   
  * Second test to evaluate the gas-oil and oil-water contacts in the lower
    part of the Penistone Flags reservoir will commence shortly
   
  * Following completion of the second Penistone test the Wingfield Flags and
    Penistone Flags intervals will be isolated with a bridge-plug to enable a
    longer term pumped production test to determine potential pumped production
    rates from the Ashover Grit and to further `clean-up' the formation
   
  * All data gathered from the test operations will be used to fully evaluate
    the Wressle discovery which will allow an updated resource assessment to be
    carried out and to inform field development options
   
Europa's CEO, Hugh Mackay said, "We are delighted that all three payzones
tested at Wressle have now produced hydrocarbons. Operations are currently
focused on identifying the expected oil leg of the Penistone Flags reservoir.
Once these have been completed and the Wressle model updated with all the data
and results obtained, the Ashover Grit will be put on an Extended Well Test to
determine what production rates can be achieved using a pump. With drilling
underway on the neighbouring licence targeting the conventional 2.9mmboe Kiln
Lane prospect, this is an exciting period for Europa, one that will not be
short of high impact news flow. I look forward to providing further updates on
our progress as we focus on monetising our asset base and in the process
generating substantial value for our shareholders."

                                 * * ENDS * *                                  

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

Hugh Mackay         Europa                          + 44 (0) 20 7224 3770
                                                                         
Phil Greenhalgh     Europa                          + 44 (0) 20 7224 3770
                                                                         
Matt Goode          finnCap Ltd                     + 44 (0) 20 7220 0500
                                                                         
Simon Hicks         finnCap Ltd                     + 44 (0) 20 7220 0500
                                                                         
Frank Buhagiar      St Brides Partners Ltd          + 44 (0) 20 7236 1177
                                                                         
Lottie Brocklehurst St Brides Partners Ltd          + 44 (0) 20 7236 1177

Notes

Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage
hydrocarbon assets that includes production, exploration and development
interests, in countries that are politically stable, have transparent licensing
processes, and offer attractive terms. The Company produced 165 boepd in the UK
during the 2013/2014 financial year, generating sufficient revenues to cover
corporate overheads and some exploration expenditure. Its highly prospective
exploration projects include the Wressle (recently drilled and undergoing
testing) and Kiln Lane prospects (due to be drilled Q1 2015) in the UK; 100%
owned gas exploration prospect (107 bcf) and appraisal project (CPR 277 bcf) on
the Bearn des Gaves permit and a joint venture with Vermillion Energy in the
Tarbes Val d'Adour permit onshore France; and a joint venture with leading
independent Kosmos to explore two licences in offshore Ireland with the
potential to host gross mean unrisked prospective resources of 1.5 billion
barrels.

Qualified Person Review

This release has been reviewed by Hugh Mackay, Chief Executive of Europa, who
is a petroleum geologist with 30 years' experience in petroleum exploration and
a member of the Petroleum Exploration Society of Great Britain, American
Association of Petroleum Geologists and Fellow of the Geological Society. Mr
Mackay has consented to the inclusion of the technical information in this
release in the form and context in which it appears.