Europa Oil & Gas (Holdings) provide a technical update on its 100% owned Licensing Options ('LO') 11/7 and LO 11/8, covering a total area of approximately 2,000 sq km and located in the highly prospective South Porcupine Basin in the Irish Atlantic Margin ('IAM'), where two large, previously unknown prospects, Mullen and Kiernan, were identified on Europa's acreage in September 2012.

Highlights

• First pass seismic mapping over the Kiernan prospect has been completed with positive results • Primary focus has been on the Cretaceous clastic section where stratigraphic traps have been identified in three reservoirs: Barremian, Valanginian A and Valanginian B • Barremian - Mean unrisked indicative resources estimated at 355 million barrels of oil (mmbo) in the oil case or 2.3 tcf in the gas case (oil is considered to be the most likely hydrocarbon type) • Valanginian A - Mean unrisked indicative resources estimated at 5.8 tcf in the gas case or 977 mmbo in the oil case (gas is considered to be the most likely hydrocarbon type) • Valanginian B - Mean unrisked indicative resources estimated at 1.9 tcf in the gas case or 280 mmbo in the oil case (gas is considered to be the most likely hydrocarbon type) • Total mean unrisked indicative resources for the three reservoirs is estimated at 1.612 billion barrels in the oil case or 10 tcf (1.667 billion barrels of oil equivalent) in the gas case • Technical work is continuing on additional prospectivity identified elsewhere in the Licence area in the Paleocene section and pre-rift Jurassic and Triassic sections • Europa believes the South Porcupine Basin has the potential to host a new hydrocarbon province and is encouraged by the results of the initial prospect evaluation • Europa is seeking a joint venture partner or partners to undertake further technical work to de-risk the Mullen and Kiernan prospects and mature them to drillable status

Tags: Europa Oil & Gas (Holdings) plc