Large Prospects Identified on Offshore Ireland Blocks

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 8 December 2014 Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') New Prospects Identified on Irish Atlantic Margin Licences Europa Oil & Gas (Holdings) plc, the AIM quoted oil and gas exploration anddevelopment company with a combination of producing and exploration assets inEurope, is pleased to update shareholders with respect to its FEL 2/13 and FEL3/13 licences in the South Porcupine Basin, offshore Ireland. Europa has now received a new prospect inventory from the operator of thelicences, Kosmos Energy Ltd (`Kosmos'). The inventory is based on state of theart 3D seismic acquired in 2013 and includes the identification of a number ofnew, large prospects and leads on both licences. As a result, material changeshave been made to the prospectivity previously mapped on the licences usinghistoric 2D seismic data. Europa is currently preparing relevant data toinitiate work on a Competent Persons Report for completion in H1 2015. Licence FEL 3/13 * Two prospects, named Beckett and Wilde, and one lead, Shaw, have been identified * The new prospects have gross mean unrisked prospective resources of: * + 760 million barrels of oil (`mmbo') for Beckett + 493 mmbo for Wilde * These new prospects and leads replace the Kiernan prospect previously identified by Europa (see announcement dated 16 January 2013) Licence FEL 2/13 * Two new prospects, Doyle A and Doyle B, have been identified * Gross mean unrisked prospective resources of: * + 123 mmbo for Doyle A + 69 mmbo for Doyle B * These new prospects replace the Mullen prospect previously identified by Europa (see announcement dated 6 November 2012) Further seismic analysis work is now being conducted to provide a definitiveprospect risking and ranking. It is expected that this work will be completedin H1 2015 and will enable a decision to be made regarding next steps on thelicences. This includes the possibility of detailed drilling planning andpreparatory work to enable an exploration well to be drilled as early as 2016. Europa's CEO, Hugh Mackay said, "This is a significant step forward for ourexploration in Ireland. The prospect inventory has been completed by Kosmos andthe early promise shown on historic 2D seismic data has been vindicated by theprospects identified on the new 3D seismic. Geophysical studies are now beingperformed to clarify prospect risk and ranking with a view to inform a drillingdecision, expected to be in H1 2015. If positive this could lead to what couldbe a company-making well for Europa being drilled in 2016. More informationwill become available over the coming months as our plans mature and we lookforward to updating the markets in due course. These are very exciting timesfor Europa." * * 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 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 produced 165 boepd in the UKduring the 2013/2014 financial year, generating sufficient revenues to covercorporate overheads and some exploration expenditure. Its highly prospectiveexploration projects include the Wressle (recently drilled and scheduled fortesting) and Kiln Lane prospects (due to be drilled this year) in the UK; 100%owned gas exploration prospect (107 bcf) and appraisal project (CPR 277 bcf) inonshore France; and a joint venture with leading independent Kosmos to exploretwo licences in offshore Ireland with the potential to host large oilresources. Qualified Person Review This release has been reviewed by Hugh Mackay, Chief Executive of Europa, whois a petroleum geologist with 30 years' experience in petroleum exploration anda member of the Petroleum Exploration Society of Great Britain, AmericanAssociation of Petroleum Geologists and Fellow of the Geological Society. MrMackay has consented to the inclusion of the technical information in thisrelease in the form and context in which it appears.