Update on Timing of Wressle-1 Well Testing

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 4 December 2014 Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') Update on Timing of Wressle-1 Well Testing 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 note the announcement of Egdon Resources (`Egdon') todayregarding the timing of operations to test potential hydrocarbon bearing zonesin three separate reservoir intervals identified at the Wressle-1 explorationwell. Wressle is located on the PEDL 180 licence in East Lincolnshire in whichEuropa has a 33.3% working interest, alongside its partners Egdon Resources(operator, 25%), Celtique Energie Petroleum Ltd (33.3%), Union Jack Oil (8.3%). Egdon advises that the Environment Agency (`EA') permit variation for testingoperations was issued on 1 December 2014. The permit includes additionalmonitoring requirements to those originally envisaged under Egdon's own riskassessment process. Egdon will submit the revised method statement this week.The EA requires a notice period of four weeks to approve the proposedmonitoring methodology proposed by Egdon and the partners to meet theseadditional requirements. As a result, Egdon expects to begin mobilisation tothe Wressle-1 site during the week beginning 5 January 2015 with testingoperations to start shortly thereafter. Wressle is a conventional hydrocarbon prospect located in the East MidlandsPetroleum Province, 5 km southeast of and along the same structural trend asthe Europa operated Crosby Warren field which has been producing oil for almost28 years. As previously reported, petrophysical evaluation of log data acquiredin the Wressle-1 well and elevated gas readings recorded whilst drillingindicate the presence of potential hydrocarbon bearing zones in three separatereservoir intervals, and the well has been completed with a 4 ½" liner toenable selective and sequential testing of these intervals. The test operationsare designed to determine the hydrocarbon type and potential flow rates andhence commerciality of the Wressle-1 discovery. Europa's CEO, Hugh Mackay said, "With over 30 metres of potential hydrocarbonpay due to be tested at Wressle at the turn of the year, operations at the KilnLane site on the neighbouring licence expected to commence shortly, and a newprospect inventory for our two Irish licences due in the near term, this is ahighly exciting period for Europa. I look forward to providing further updateson our progress as we look to deliver on our objective to monetise our highlyprospective asset base and generate value for our shareholders." * * 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 in which Europa had previously identified twoprospects with estimated gross mean un-risked indicative resources of 482million barrels oil and 1.6 billion barrels oil respectively. 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.