Interim Results

Europa Oil & Gas (Holdings) PLC
18 April 2005



For immediate release


                        EUROPA OIL & GAS (HOLDINGS) PLC

                                   ('EUROPA')


                              2005 INTERIM RESULTS

                      ON TRACK TO MEET PRODUCTION TARGETS

                                                                   18 APRIL 2005


Europa Oil & Gas (Holdings) plc, the independent oil & gas exploration and
production group with assets in the UK and continental Europe today announces
its interim results for the six months ended 31 January 2005.


Financial Highlights

•      Turnover of £1.178m (18 months to 31 July 2004 £1.952m)

•      Operating profit of £0.415m (18 months to 31 July 2004 £0.694m)

•      Profit after tax of £0.162m (18 months to 31 July 2004 £0.298m)

•      Net cash of £3.35 million at 31 January 2005

•      Net assets of £8.09 million

•      Earnings per share of 0.33p



Operational Highlights

•      Production from the UK and Ukraine during the period averaged 308 barrels
       of oil equivalent per day (boepd)

•      Successful drilling of Bilca-2 in Romania to prove up additional reserves
       to the west of the Bilca-1 well

•      Secured approval for two development wells on the West Firsby Field, UK


Placing & Admission to AIM

•      During November 2004 Europa successfully floated on AIM and completed a
       placing of 20,000,000 shares at 25p each that raised £4.29m after 
       expenses. At the time of the placing, one warrant for every two shares 
       placed was also issued



Recent Events & Current Outlook

•      Drilling of the West Firsby-8 well, UK

•      Favourably revised terms on a loan from Gemini Oil & Gas to reflect the
       100% funding by Europa on the West Firsby 8 well.

•      Costisa-1 well in Romania spudded in early February 2005

•      Fratauti-1 well in Romania spudded in late March 2005

•      Geochemical survey on licence PEDL150 near the Whisby field, UK

•      Development planning for the Bilca and Bilca West gas discoveries
       underway

•      Quad 41 preliminary engineering studies in progress

•      Exercise of 1,065,000 warrants raising an additional £319,500 and
       increasing the total ordinary shares in issue to 61,065,000



Chairman's Statement

The six months to 31 January 2005 have been an eventful and exciting period for
the Company. In November 2004, the Company was admitted to AIM and completed a
£5 million fundraising. This provided the Company with the funds to begin to
realise the value of its existing projects and secure additional opportunities
for future growth. Against this backdrop, the operating environment for Europa
has improved with the benefit of continued high commodity prices from its UK
onshore oil production, positive political changes in Ukraine and signs of a
more market orientated gas-pricing regime in Romania.



Romania

The Bilca-1 and Bilca-2 gas discoveries in the EIII-1 Brodina concession have
added 4bcf of net proven reserves and moved to the detailed development-planning
phase. The partners have identified a number of similar sized prospects close to
Bilca.  One of these, Fratauti-1, has been drilled and is currently undergoing
testing. Results are expected shortly and, if successful, the well will be
included in the ongoing Bilca gas project. The development concept for Bilca
will allow for any future discoveries in the area to be tied into the proposed
facilities. The operator, Falcon, has indicated that full project consent will
be sought by late Summer 2005 with first production anticipated in early 2006.

Currently, Romanian domestic gas production is sold at a 20% discount to the
previous year's import price resulting in a 2006 price of $4.30 per thousand
cubic feet (mcf). There are strong signals that the 20% discount will reduce
substantially with Romanian entry into the European Union in 2007 resulting in
an improved gas price.



Seismic acquisition is planned to the south of the Bilca/ Fratauti area to
evaluate this low risk play further.



On the EPI-3 Brates concession, the Costisa-1 well is currently being drilled.
This is a deep well with an expected total depth of 4,100 metres and will take
some time to complete. This is an exciting large potential prospect, targeting
multiple reservoirs in the Carpathian sub thrust.



Additional seismic acquisition on EIII-3 Cuejdui and EIII-4 Bacau is expected in
late 2005.



United Kingdom

In the UK North Sea, the Company is moving forward with the 100% operated gas
condensate discoveries in blocks 41/24 and 41/25 offshore Scarborough and
presently undertaking engineering studies. The Company is tendering for a vessel
to acquire 3D seismic in the second half of 2005 that will be used to identify
development well locations.



The Company has also been active on the recently awarded acreage from the 12th
onshore licensing round completing the acquisition of a geochemical survey on
PEDL 150 over the exploration area adjacent to the Whisby Field. The results of
this survey are expected shortly and will aid in investigating the extent of the
Loxley Edge oil accumulation discovered in the 2003 Whisby 4 well. The Holmwood
prospect, on PEDL 143, also awarded in the 12th round, is ready to drill. The
Company is currently progressing various planning issues and has identified a
suitable drilling location for testing Holmwood. Each of these prospects has the
potential to more than double the existing proven reserve base of the Company.



The excellent number 4 well on the Whisby field produced an average net 136
barrels of oil per day (bopd) during the six month period. Europa recently
completed a sidetrack of the West Firsby 8 well. It is too early to quantify the
results of the new well, but 330ft of net reservoir sands were penetrated and we
expect the new well to contribute to field production from April.



Ukraine

The pilot production on the Horodok gas field averaged a net 38 boepd during the
six months and the Company is currently awaiting the transition to a full
production licence. Further low risk but high reward opportunities are being
pursued to take advantage of our experience and operating capability in the
region.



Future prospects

The Company is well on the way to its targeted production of 1,000 boepd in 2006
and the exploration programme is also moving forward. The Directors feel
confident about the Company's future prospects.


Sir Michael Oliver

Chairman

18 April 2005


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/Rachel Lankester



Westhouse Securities LLP (020 7601 6100)

Tim Feather



Also see www.europaoil.com




CONSOLIDATED PROFIT AND LOSS ACCOUNT

For the period ended 31 January 2005


                                                                                              18
                                                                            6            Months Ended
                                                                    Months Ended 31        31 July
                                                                        January              2004
                                                                          2005
                                                                           £                  £

Turnover                                                                  1,177,682        1,952,051

Cost of sales
-         Operating costs                                                  (249,580)        (476,745)
-         Depletion and amortisation                                       (323,778)        (665,722)


Gross profit                                                                604,324          809,584

Administrative expenses                                                    (189,278)        (115,900)


Operating profit                                                            415,046          693,684

Interest receivable                                                         120,742              493
Interest payable and similar charges                                       (372,375)        (375,594)


Profit on ordinary activities before taxation                               163,413          318,583

Tax on profit on ordinary activities                                         (1,416)         (20,539)


Retained profit for the financial year                                      161,997          298,044


Basic Earnings per share                                                      0.33p            0.75p

Diluted Earnings per share                                                    0.33p            0.75p




CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

For the period ended 31 January 2005


                                                                                                    18
                                                                                  6           Months Ended
                                                                            Months Ended         31 July
                                                                             31 January           2004
                                                                                2005
                                                                                 £                  £

Profit on ordinary activities after taxation                                      161,997          298,044


Currency translation difference on foreign currency net investment                  8,005           (2,462)


Total recognised gains and losses relating to the period                          170,002          295,582



CONSOLIDATED BALANCE SHEET as at 31 January 2005

                                                                                               18
                                                                             6            Months Ended 31
                                                                     Months Ended 31         July
                                                                         January              2004
                                                                          2005
                                                                            £                   £

Fixed assets
Intangible assets                                                         3,329,177           2,958,861
Tangible assets                                                           2,823,699           3,019,071

                                                                          6,152,876           5,977,932

Current assets
Debtors                                                                     347,475             284,433
Cash at bank and in hand                                                  3,347,651              48,789

                                                                          3,695,126             333,222

Creditors: amounts falling due within one year                             (287,736)         (3,792,621)


Net current assets/  (liabilities)                                        3,407,390          (3,459,399)


Total assets less current liabilities                                     9,560,266           2,518,533

Creditors: amounts falling due after more than one year                  (1,203,513)         (1,191,158)


Provision for liabilities and charges                                      (263,286)           (300,000)


Net assets                                                                8,093,467           1,027,375

Capital and reserves
Called up share capital                                                     600,000               1,000
Share premium                                                             4,098,483             669,425
Merger Reserve                                                            2,868,032                   -
Profit and loss account                                                     526,952             356,950

Shareholders' funds                                                       8,093,467           1,027,375



CONSOLIDATED CASH FLOW STATEMENT

For the period ended 31 January 2005

                                                                                                 18
                                                                              6            Months Ended
                                                                      Months Ended 31         31 July
                                                                          January              2004
                                                                            2005
                                                                             £                   £

Net cash inflow from operating activities                                     249,201         1,005,076


Returns on investments and servicing of finance

Interest received & similar income                                            120,743               493
Interest paid & similar charges                                              (372,376)         (375,594)

Net cash outflow from returns on investments and servicing of                (251,633)         (375,101)
finance

Taxation

Tax paid                                                                       (2,023)          (29,343)


Net cash outflow from taxation                                                 (2,023)          (29,343)


Capital expenditure

Purchase of fixed assets                                                     (469,926)       (3,379,586)


Net cash outflow from capital expenditure                                    (469,926)       (3,125,576)


Net cash outflow before financing                                            (474,381)       (2,778,954)


Financing

Loans (redeemed)/ received                                                 (2,820,567)        2,511,478
Issue of share capital                                                      6,896,090                 -


Net cash inflow from financing                                              4,075,523         2,511,478


Increase/ (decrease) in cash in the year                                    3,601,142          (267,476)



CONSOLIDATED CASH FLOW STATEMENT

For the period ended 31 January 2005


      Reconciliation of operating profit to net cash outflow from operating activities

                                                                              18
                                                         6          Months Ended
                                                    Months Ended         31 July
                                                     31 January           2004
                                                        2005
                                                         £                 £

      Operating profit                                 415,046           693,684
      Depreciation                                     325,324           665,722
      (Increase)/ decrease in debtors                 (63,045)            93,391
      (Decrease) in creditors                        (391,410)         (747,721)
      Increase/ (decrease) in Provision               (36,714)           300,000


      Net cash inflow from operating activities        249,201         1,005,076



Reconciliation of net cash flow to movement in net (debt) /funds

                                                       £                  £

Increase/ (decrease) in cash in the period        3,601,142            (267,476)


Cash inflow/ (outflow) from Movement in debt      2,645,647          (2,577,362)

Change in net funds resulting from cash flows     6,245,511          (2,844,838)

Currency translation adjustment                      92,805              251,548
Net debt at 1 August 2004/ 1 February 2003      (4,237,032)          (1,643,742)


Net funds/ (debt) at 31 January 2005/ 31 July 
2004                                              2,102,562          (4,237,032)


NOTES TO THE ACCOUNTS

For the period ended 31 January 2005



1.      The results for the period are all derived from continuing operations.


2.      The unaudited results have been prepared on the basis of the accounting
        policies adopted in the annual accounts for the 18 month period ended 31 
        July 2004.


3.      The interim report for the 6 months to 31 January 2005 was approved by
        the Directors on the 15 April 2005.


4.      The calculation of basic earnings per share is based on the weighted
        average shares in issue throughout the 6 month period. The diluted 
        earnings per share include employee share options.


5.      The interim results are unaudited and do not constitute statutory
        financial statements as defined in section 240 of the Companies Act 
        1985.


6.      At the time of the placing and admission to AIM the shareholders of
        Europa Oil & Gas Limited exchanged their entire shareholding for 
        39,999,998 ordinary shares in Europa Oil & Gas (Holdings) plc. Merger
        accounting has been adopted in respect of this transaction.   
        Accordingly, the interim accounts have been prepared as if Europa Oil & 
        Gas (Holdings) plc had been in existence throughout the period.


The comparative figures for the prior 18 month period are based on those
consolidated figures published for Europa Oil & Gas Limited. The profit and loss
account for the current 6 month period reflects the result of Europa Oil & Gas
(Holdings) plc from the date of its incorporation on 31 August 2004 and those of
its subsidiaries for the 6 month period to 31 January 2005.



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