Result of Open Offer

Europa Oil & Gas plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 20 January 2014 Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') Result of Open Offer On 16 December 2013, the Board of Europa Oil & Gas (Holdings) plc announceddetails of a Placing to raise up to £2.86 million through the issue of47,694,665 new Ordinary Shares and an Open Offer to raise up to a further £1.16million through the issue of up to 19,332,855 new Ordinary Shares, all at anIssue Price of 6 pence per Ordinary Share. The Open Offer closed for acceptances at 11.00 a.m. on 17 January 2014. TheCompany is pleased to announce that it has received valid acceptances fromQualifying Shareholders in respect of 37,105,040 Open Offer Shares, includingapplications for 27,088,183 Open Offer Shares under the Excess ApplicationFacility. This represents 192 per cent of the maximum Open Offer Sharesavailable under the Open Offer and as such the Open Offer has beenover-subscribed. Qualifying Shareholders who have validly applied for Open Offer Shares willreceive their full Basic Entitlement and, following a pro-rata scaling back,34.4 per cent of any Open Offer Shares they applied for under the ExcessApplication Facility. The Company has therefore raised the maximum grossproceeds of £1.16 million through the Open Offer. It is expected that the admission of the Open Offer Shares, which amounts to19,332,855 new Ordinary Shares will become effective at 8.00 a.m. on 21 January2014. The New Ordinary Shares (in uncertificated form) are expected to be credited toCREST accounts on 21 January 2014 and definitive share certificates for the NewOrdinary Shares (in certificated form) are expected to be despatched tocertificated shareholders by 31 January 2014. Following admission of the Open Offer Shares and in accordance with Disclosureand Transparency Rules, the Company's issued voting ordinary share capital isnow comprised of 204,883,024 Ordinary Shares of 1 pence each. The above figure may be used by shareholders as a denominator for thecalculations by which they will determine if they are required to notify theirinterest in, or a change to their interest in, Europa under the FCA'sDisclosure and Transparency Rules. All defined terms in this announcement shall have the meanings ascribed to themin the announcement and/or circular published by the Company on 20 December2013. Europa's CEO Hugh Mackay said: "I am delighted by the support shown by ourexisting shareholders, which has resulted in the Open Offer beingoversubscribed and the full £1.16 million being raised. Since revenuesgenerated from our existing production cover our corporate overheads, themajority of the proceeds of the Placing and the Open Offer, totalling £4.02million, will be invested in exploration activity across our portfolio which webelieve has the potential to generate significant value for shareholders in thenear term. "In the UK we are now funded to drill and test the 2.9 mmbo Kiln Lane-1prospect in H2 2014, a potential playmaker well that in the event of successwould de-risk the large and undrilled PEDL 181 licence. Onshore France, we havecommenced the farm-out process for the 416 bcf Berenx Shallow gas prospect inour 100% owned Bearn des Gaves permit. Well planning and permitting is ongoingand our objective is to be drill ready by Q4 2014. Offshore Ireland, we expectto announce the results of the recently completed 3D seismic survey in thesummer of 2014, at which time a drilling decision will be made. Ahead of allthis, in Q1 2014 we will be participating with a 33% interest in the drillingof the 2.1 mmbo Wressle prospect in PEDL180 onshore UK." **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 182 boepd in the UKduring the 2012/2013 financial year, generating sufficient revenues to covercorporate overheads. Its highly prospective exploration projects include theWressle prospect in the UK where a well is due to be drilled later in the nearterm; 100% owned gas exploration prospect (416 bcf) and appraisal project (CPR277 bcf) in onshore France; and a joint venture with leading independent Kosmosto explore two licences in offshore Ireland in which Europa has identified twoprospects with estimated gross mean un-risked indicative resources of 482million barrels oil and 1.6 billion barrels oil respectively.