Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas  

    26 October 2016

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

             Publication of 1.5 billion boe CPR on Offshore Ireland Licence        

    Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration,
    development and production company focused on Europe, is pleased to announce
    that, following the conclusion of the 2015 Atlantic Ireland Licensing Round,
    the Competent Persons Report (CPR) undertaken by ERC Equipoise Ltd (`ERCE')
    covering Frontier Exploration Licence ('FEL') 3/13 in the Porcupine Basin,
    offshore West Ireland has been uploaded onto the Company's website.

    The report can be found http://www.europaoil.com/reportsandpresentations.aspx.

    A summary of the CPR was announced on 12 May 2015 and identified combined gross
    mean un-risked prospective resources of 1.5 billion boe across three Cretaceous
    fan prospects (Beckett, Shaw and Wilde) in FEL 3/13.  Further work by ERCE
    announced on 26 October 2015 indentified US$7 billion net mean un-risked NPV10
    for Europa's 100% interest in these three prospects in FEL 3/13.

    Prospect Wilde in FEL 3/13 is considered drill ready and has gross mean
    un-risked prospective resources of 428 million boe, a chance of success of 1 in
    5.3 and a drill cost of US$37 million, excluding mobilisation and
    demobilisation.  Europa's intended well location on Wilde would also penetrate
    the edge of Prospect Beckett and would therefore potentially provide critical
    information about this 728 million boe prospect.

    Europa is participating in the Atlantic Ireland conference in Dublin on 1 and 2
    November 2016 where it has a stand and will be making two presentations:

      * "Insights into the geology of the South Porcupine from 3D seismic over
        FEL's 2/13 and 3/13"; and
      * "Europa Atlantic Ireland - acreage, prospects and farm-out timeline".

    Both presentations will be posted onto Europa's website.  The Board would be
    pleased to meet interested parties in Dublin to discuss insights and
    opportunities arising from the Company's Atlantic Ireland portfolio.

                                     * * ENDS * *                                  

    For further information please visit http://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                
                                                                        
    Simon Hicks       finnCap Ltd                   + 44 (0) 20 7220    
                                                    0500                
                                                                        
    Frank Buhagiar    St Brides Partners Ltd        + 44 (0) 20 7236    
                                                    1177                
                                                                        
    Susie Geliher     St Brides Partners Ltd        + 44 (0) 20 7236    
                                                    1177                

    Notes

    Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage
    hydrocarbon assets that includes production, exploration and development
    interests, in countries that are politically stable, have transparent licensing
    processes, and offer attractive terms.  In 2016 Europa produced 123 boepd.  Its
    highly prospective exploration projects include the Wressle development
    (targeting production start-up in early 2017 at up to 500 bopd gross) in the
    UK; and seven licences offshore Ireland with the potential to host gross mean
    un-risked prospective and indicative resources of more than 4 billion barrels
    oil equivalent and 1.5 tcf gas across all seven licences.

    Qualified Person Review

    This release has been reviewed by Hugh Mackay, Chief Executive of Europa, who
    is a petroleum geologist with 30 years' experience in petroleum exploration and
    a member of the Petroleum Exploration Society of Great Britain, American
    Association of Petroleum Geologists and Fellow of the Geological Society. Mr
    Mackay has consented to the inclusion of the technical information in this
    release in the form and context in which it appears.