Gas Discovery in Romania

Europa Oil & Gas (Holdings) PLC
20 April 2005



20 April 2005

                        EUROPA OIL & GAS (HOLDINGS) PLC
                          ('Europa' or the 'Company')


                 GAS DISCOVERY IN ROMANIA FLOWS AT 12.7 mmscf/d


Europa Oil & Gas (Holdings) plc, the independent oil & gas exploration and
production group with assets in the UK and continental Europe, announced today
the successful testing of the Fratauti-1 exploration well in northern Romania
(28.75% net working interest).  The discovery well, flowed at an aggregate rate
of 12.7 mmscfpd (2,117 boepd) from three tests of gas-bearing sandstones between
500 and 600 metres depth.


The well is situated in Block EIII-1, seven kilometres south of the Company's
Bilca gasfield.  Falcon Oil & Gas, the operator, plans to complete the well as a
gas producer, initially from the middle zone, for incorporation into the
development of the Bilca Field, due onstream in early 2006.


The group intends to acquire further seismic data later in 2005 to evaluate the
block to the south of the Fratauti well.


Paul Barrett, Managing Director of Europa, said:


'This well, our first discovery since joining AIM, is a very significant
addition to the production of the Bilca development and an important step
towards the 1,000 boepd target the Board has set for 2006.'


For further information, contact:


Europa Oil & Gas (00 33 563 33 18 97)

Paul Barrett



Citigate Dewe Rogerson (020 7638 9571)

Martin Jackson / George Cazenove


Westhouse Securities LLP (020 7601 6100)

Bill Staple / Tim Feather



Notes to Editors


Europa began trading on the AiM market on 11 November 2004.


Placing Statistics


Placing Price per New Ordinary Share                                    25 pence
Number of New Ordinary Shares placed                                  20,000,000
Total Proceeds from the Placing (before expenses)                     £5 million
Number of Ordinary Shares in issue immediately following Admission    60,000,000
Number of Warrants in issue immediately following Admission           10,000,000
Market Capitalisation following the Placing at the Placing Price     £15 million


Production



Three projects are currently in production and a further two are awaiting
development.  The current attributable production of around 330 boepd is
forecast by independent consultants, Scott Pickford, to rise to up to 6,000
boepd by 2007.



Reserves



Scott Pickford has undertaken a review of the oil and gas properties of Europa
and concluded that the Group holds 2P reserves and contingent resources of 7
million barrels of oil equivalent ('mmboe') and estimated additional unrisked
prospective resources of 28 mmboe.


                                          Summary of Principal Assets

                  Country      Block / Field                              Operator             Interest

Producing         UK           West Firsby Oilfield                       Europa               100%
                  UK           Whisby-4, Whisby Oilfield                  Blackland Park       75%
                  Ukraine      Horodok Field                              Europa               70%

Development       UK           41/24 & 41/25                              Europa               100%
                  UK           Whisby Area (pending)                      Europa               100%
                  Romania      Brodina EIII-1 (Bilca Discovery)           Falcon               28.75%

Exploration       UK           TQ14 Holmwood (pending)                    Europa               40%
                  UK           Whisby Area Exploration (pending)          Europa               100%
                  Romania      EPI-8 Valeni de Munte                      Tullow Oil           15%
                  Romania      Epi-3 Costisa Prospect                     Tullow Oil           15%
                  Romania      EIII-3 Cuejdui                             Falcon               28.75%
                  Romania      EIII-4 Bacau                               Falcon               47.5%
                  Poland       Nowy Sacz Area                             Medusa               2.5% ORRI


Strategy


Europa has embarked on a strategy to build the Group into a significant
European-focused independent upstream oil and gas business.  The strategy will
be to continue to grow a balanced exploration and production portfolio with
producing assets generating cashflow, development projects providing low risk
potential and exploration opportunities offering significant upside.


Also see www.europaoil.com

                      This information is provided by RNS
            The company news service from the London Stock Exchange