Planning Consent

Europa Oil & Gas (Holdings) PLC 30 November 2004 EUROPA OIL & GAS (HOLDINGS) PLC ('EUROPA') GRANTING OF PLANNING CONSENT 30 November 2004 Europa Oil & Gas (Holdings) plc, the independent oil & gas exploration and production group with assets in the UK and continental Europe, today announces that Lincolnshire County Council has granted planning consent for two development wells in the West Firsby oilfield. The field, in which Europa has a 100% interest, is located some 15 kilometres north of Lincoln in the East Midlands oil province. In November, the nearby Whisby-4 well, in which Europa holds a 75% interest, passed the 100,000 barrels of oil production milestone and continues to produce at approximately 200 barrels of oil per day. Paul Barrett, Managing Director of Europa, said: 'We are pleased to have received planning permissions for these wells which will lead to the continued development of the West Firsby Field. Also, the Whisby-4 well demonstrates the continued outstanding performance of the Whisby field.' For further information, contact: Europa Oil & Gas (00 33 563 33 18 97) Paul Barrett Citigate Dewe Rogerson (020 7638 9571) Martin Jackson / George Cazenove Westhouse Securities LLP (020 7601 6100) Bill Staple / Tim Feather See also see www.europaoil.com Notes to Editors Europa began trading on the AiM market on 11 November 2004. Placing Statistics Placing Price per New Ordinary Share 25 pence Number of New Ordinary Shares placed 20,000,000 Total Proceeds from the Placing (before expenses) £5 million Number of Ordinary Shares in issue immediately following Admission 60,000,000 Number of Warrants in issue immediately following Admission 10,000,000 Market Capitalisation following the Placing at the Placing Price £15 million Production Three projects are currently in production and a further two are awaiting development. The current attributable production of around 330 boepd is forecast by independent consultants, Scott Pickford, to rise to up to 6,000 boepd by 2007. Reserves Scott Pickford has undertaken a review of the oil and gas properties of Europa and concluded that the Group holds 2P reserves and contingent resources of 7 million barrels of oil equivalent ('mmboe') and estimated additional unrisked prospective resources of 28 mmboe. Summary of Principal Assets Country Block / Field Operator Interest Producing UK West Firsby Oilfield Europa 100% UK Whisby-4, Whisby Oilfield Blackland Park 75% Ukraine Horodok Field Europa 70% Development UK 41/24 & 41/25 Europa 100% UK Whisby Area (pending) Europa 100% Romania Brodina EIII-1 (Bilca Discovery) Falcon 28.75% Exploration UK TQ14 Holmwood (pending) Europa 40% UK Whisby Area Exploration (pending) Europa 100% Romania EPI-8 Valeni de Munte Tullow Oil 15% Romania Epi-3 Costisa Prospect Tullow Oil 15% Romania EIII-3 Cuejdui Falcon 28.75% Romania EIII-4 Bacau Falcon 47.5% Poland Nowy Sacz Area Medusa 2.5% ORRI Strategy Europa has embarked on a strategy to build the Group into a significant European-focused independent upstream oil and gas business. The strategy will be to continue to grow a balanced exploration and production portfolio with producing assets generating cashflow, development projects providing low risk potential and exploration opportunities offering significant upside. Also see www.europaoil.com This information is provided by RNS The company news service from the London Stock Exchange KQDBDDFDN