Exercise of Warrants

Europa Oil & Gas (Holdings) PLC
09 March 2005

9 March 2005



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


The Company announces that it has received notice of exercise in respect of
565,000 warrants to subscribe for ordinary shares of 1p each at a price of 30p
per share.  The warrants were issued at the time of the Placing and Admission to
AIM which was announced on 3 November 2004.  The shares resulting from the
exercise of the warrants have today been issued and allotted to the warrant
holders.



Following the exercise detailed above, the total number of shares in issue is
61,065,000 ordinary shares.


Application will be made for the new shares to be admitted to AIM.  It is
expected that dealings in the new shares will commence on 15 March 2005.




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