Update on Drilling of Wressle Prospect, Onshore UK

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 29 May 2014 Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') Update on Drilling of Wressle Prospect, Onshore UK 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 announce it has been notified by Egdon Resources(`Egdon'), the operator of Licence PEDL 180 in Lincolnshire (`PEDL 180' or the`Licence') that the Wressle-1 conventional exploration well on the Licence isexpected to spud in July 2014, once construction of the drill site and rigmobilisation has been completed. PEDL 180 covers an area of 100km2 of the East Midlands Petroleum Province southof the Europa operated Crosby Warren field. Europa has a 33.3% working interestin the Licence with its partners Egdon (operator, 25%), Celtique EnergiePetroleum Ltd (33.3%) and Union Jack Oil (8.3%). 49km2 of 3-D seismic coveringPEDL180 was acquired in 2012 and has been processed and interpreted. Egdonestimates the Wressle prospect to hold mean gross un-risked recoverableresources of 2.1mmbo. Europa's CEO, Hugh Mackay said, "Wressle is the first of two conventional wellsEuropa will be drilling onshore UK in 2014, the other being Kiln Lane on PEDL181. Combined these two wells are targeting an estimated 5mmbo of mean grossun-risked recoverable resources, and each has a one in three chance ofmaterially adding to our existing UK production. Success at either of thesewells would significantly de-risk our other prospects already identified andcould lead to follow-up drilling activity in the near term. Alongside theforthcoming drilling decision to be made by our partner, Kosmos Energy, inrelation to our two offshore Ireland blocks, which we expect this summer, thisis an exciting time for Europa, as we look to unlock the value of ourmulti-stage portfolio." * * ENDS * * For further information please visit www.europaoil.com or contact: Hugh Mackay Europa +44 (0) 20 7224 3770Phil Greenhalgh Europa +44 (0) 20 7224 3770 Matt Goode finnCap Ltd +44 (0) 20 7220 0500Henrik Persson finnCap Ltd +44 (0) 20 7220 0500 Frank Buhagiar St Brides Media and Finance Ltd +44 (0) 20 7236 1177Lottie 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 170 boepd in the UKduring the first half of the 2013/2014 financial year, generating sufficientrevenues to cover corporate overheads. Its highly prospective explorationprojects include the Wressle and Kiln Lane prospects in the UK where wells aredue to be drilled this year; 100% owned gas exploration prospect (416 bcf) andappraisal project (CPR 277 bcf) in onshore France; and a joint venture withleading independent Kosmos to explore two licences in offshore Ireland in whichEuropa has identified two prospects with estimated gross mean un-riskedindicative resources of 482 million barrels oil and 1.6 billion barrels oilrespectively.