Europa Oil & Gas(Holdings) plc

2006 AGM

• Timelines– Established 1995– First well drilled 1999– First UK Production 2003– Floated on AIM 2004– First Romania production 2006

• Focus on Europe and North Africa

• Currently producing c.600 BOEPD (240 BOPD in the UK, 360 BOEPD (2 mmscf/d) in Romania/Ukraine

• Anticipate up to 6 wells in 2007:– 2 in the UK– 4 in Romania (possibly as many as 5 if supported by technical work)

Synopsis

Current Portfolio Europe and North Africa

Financial ResultsTo 31 July 2006

• Turnover £2.83 million, up 18%

• Operating Profit £1.09 million, up 29%

• Profit before tax £0.91 million, up 157%

• Profit after tax on 2006 activity £0.51 million, up 43%

• Provision for £1.08 million Deferred Tax which may come due in over one year’s time

• Loss after total tax provision of £0.57 million

Historic Performance and Projections

Turnover

0

1

2

3

4

5

2003 2004 2005 2006 2007

Year

£ m

illio

n

Pre-Tax Profit

0

0.5

1

1.5

2

2003 2004 2005 2006 2007

Year

£ m

illio

n

Production

0

250

500

750

2003 2004 2005 2006 2007

Year

BO

EP

D

Note:2004 Accounts covered an 18 month period and figures have been rebased to 12 months.

2006 Achievements

• Production Start-up at Bilca (Romania)

• Acquired Crosby Warren Oilfield (UK Onshore)

• Diversity of production streams allowed for first debt financing for Crosby Warren acquisition

• Successful Licence Round Applications:– Egypt – West Darag Concession– Western Sahara – Bir Lehlou and Hagounia Concessions– France – Bearn des Gaves Concession

• 3 Seismic surveys undertaken in Romania

• Secured extension to EPI-3 Concession (Romania)

2006 Achievements

2007 Capital Programme

• Drilling Programme– Romania

• Arbore-1 Firm Exploration Q1• Costisa-1Y Firm Appraisal Q1• E Radauti-1 Firm Exploration Q1• Boistea-1 Firm Exploration Q2• Voitinel Contingent (S) Exploration Q2• Siretu-1 Contingent (S) Exploration Q2

– UK• Holmwood-1 Contingent (P) Exploration H2• PEDL150 Contingent (S) Exploration H2

• Seismic Programme– UK

• PEDL150 Firm 50km 2D Feb

(P) Planning Permission (S) Outcome of Seismic Evaluation

2007 Planned Activity

2007 Drilling Programme Details

Bilca Play ExplorationPlenty of potential

Bilca 2 Bilca 1EW

Extending the Miocene AVO gas play

Large area between Fratauti and Todiresti totally unexplored, 260km data acquired in 2006 –

Initial results confirms Arbore and E Radauti Prospects for 2007 drilling.

ArboreNE Codru

NE Radauti

Voitinel – up to 300 bcf gross potentialWork in progress - Drilling ?2007

Area of 2006 Seismic

Infill

Bilca Play ExplorationBoistea-1 well

Extending the Miocene AVO gas play southwards

Seismic anomalies developed in area to north of Roman (600bcf) Gasfield.

Costisa-1 Re-entryTesting a potential gas reservoir

Costisa well encountered a 25 metre gas column, well to be tested early 2007

Delays have been due to access issues

Costisa feature difficult to map

Currently up to 100 bcf potential – will need new 3D for development

Weald ExplorationHigh Quality Prospect – Holmwood-1

Low risk exploration prospect 1:2 chance of success

Reserve size on prospect of 10 – 20mmbo gross. Combined net risked valuation of $28mm, unrisked $90mm

Holmwood ready to drill subject to planning permission

East Midlands ExplorationPEDL150

Seismic programme planned for Q1/07 to choose well location

Whisby-4 well encountered new reservoir zone – Loxley edge

Reservoir performance to date is very encouraging for large volumes in Loxley

2006 Seismic reprocessing developed 4 leads

Production Forecasts

Near TermRevenue Potential

Existing Production Assets

Near -ter m Monthl y Revenue St r eam - no new wel l s

0

0.2

0.4

0.6

0.8

1

1.2

Nov

-06

Feb

-07

May

-07

Aug

-07

Nov

-07

Feb

-08

May

-08

$ m

illi

on

Horodok

Crosby Warren

Bilca

West Firsby

Whisby

Assumes $50/bbl, Romania gas price on ramp to $220/mcm

Crosby Warren

Immediate Upside Realised

Peer Group analysisSustainability & Value

Summary

• Ending 2006 with c.600 boepd production, • Rising to c.700 boepd in Q2 07.• Current Monthly wellhead revenues c.$560k per month.• Equates to £3.7 mm per annum,• Set to rise in the next 6 months.• £8 mm net assets and only £200k debt.• Strong Drilling programme to bring exploration into Appraisal• And Appraisal into development in 2007• Portfolio contains:

bankable production, Appraisal projects to increase reserves,low risk step-out exploration andCompany-making exploration projects (up to 100 bcf net potential to be tested in 2007 alone).

Europa Oil & Gas(Holdings) plc

2006 AGM