AGM Statement

EUROPA OIL & GAS (HOLDINGS) PLC - AGM Statement

PR Newswire

London, December 10

11 December 2012

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

Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration,development and production company focused on Europe, is holding its AnnualGeneral Meeting (`AGM') later today. At the meeting, Chairman Bill Adamson willmake the following statement:

"The last twelve months have seen significant progress made across ourportfolio of assets which includes both high impact exploration in onshoreFrance and the topical Irish Atlantic Margin (`IAM'), as well as production inthe UK. The highlights of 2012 include the identification of two largeprospects, Mullen and Kiernan, on our permits in the IAM. On 6 November 2012 weannounced our estimate of P50 resources of 318 million barrels of oil forMullen in LO 11/7 and technical work is on-going with regards to Kiernan in LO11/8. At the same time, we have identified a number of shallow gas prospects atthe Béarn des Gaves permit in onshore France, home to Berenx, the large deepgas appraisal project to which the Competent Person's Report completed by ERCEquipoise assigned gross mean unrisked contingent resources of 277 billioncubic feet (`bcf') of gas and our in-house work assigns 524 bcf. In the UK,production at our three onshore fields increased 18% and generated revenuestotalling £5.1 million in the year to July 2012, a 34% increase on the previoustwelve month period.

The year ahead promises continued technical work on our projects with one majoraddition, drilling. We, along with our partners, are due to drill a commitmentwell onshore UK on either the Wressle prospect (PEDL180) or Broughton oildiscovery (PEDL182) in Q2 2013, each of which we rate as having a one in threechance of materially adding to our net production and reserves. In addition,subject to the permit being renewed, we will look to drill one of the shallowgas prospects identified earlier this year on the Béarn des Gaves permit areain onshore France. We estimate one of these, a shallow prospect at Berenx,holds mean contingent resources of 59 bcf of gas and, at an estimated cost ofbetween €4-5 million to drill, offers a route to begin unlocking thesignificant potential of the permit. We understand that the French authoritieshave made a recommendation with respect to renewing the Béarn des Gaves permitand we await ratification by the minister.

Our technical team continues to evaluate existing data with regards to our IAMprospects and we will be providing the market with estimated volumetrics forthe large Kiernan structure in due course. Europa is not alone in believing theSouth Porcupine Basin has the potential to host a new hydrocarbon province,with several other companies operating in this area also identifying largestructures over the course of the year. We will also not be alone in closelyfollowing developments at the ExxonMobil operated Dunquin well in the firsthalf of 2013, particularly as the prospect lies adjacent to our own permits.

The Board was disappointed to learn of the dismissal of our appeal againstSurrey County Council's decision not to grant permission to drill oneexploratory borehole, and undertake a short term test for hydrocarbons, at ourHolmwood prospect on the PEDL143 licence in the Weald Basin, Surrey. We believethe case to explore Holmwood is strong, made more so by the well documentedneed to develop the UK's own energy resources, as well as generate tax receiptsfor the government. We look forward to taking our case to the High Court nextyear.

We are encouraged by the progress made over the course of the last twelvemonths and are looking forward to the year ahead, which will not only seefurther progress made in advancing our balanced portfolio of assets along thedevelopment curve, but will also include drilling at least one well in the UKfor which we are fully funded."

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

Hugh Mackay Europa Oil & Gas (Holdings) plc +44 (0) 20 7224 3770

Phil Greenhalgh Europa Oil & Gas (Holdings) plc +44 (0) 20 7224 3770

Matt Goode finnCap Ltd +44 (0) 20 7220 0500

Henrik Persson finnCap Ltd +44 (0) 20 7220 0500

Frank Buhagiar St Brides Media and Finance Ltd +44 (0) 20 7236 1177

Lottie Brocklehurst St Brides Media and Finance Ltd +44 (0) 20 7236 1177

Notes

Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stagehydrocarbon assets that includes production, exploration and developmentinterests, in countries that are politically stable, have transparent licensingprocesses, and offer attractive terms. The Company currently producesapproximately 180 boepd in the UK, generating sufficient revenues to covercorporate overheads. In addition, it has highly prospective explorationprojects in the UK, France and Ireland.