Europa Oil

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Europa Oil Gas (Holdings) plc 2006 AGM
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Synopsis

• 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)

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Current Portfolio Europe and North Africa
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Financial Results To 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 years time
• Loss after total tax provision of 0.57 million

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Historic Performance and Projections
Note 2004 Accounts covered an 18 month period
and figures have been rebased to 12 months.
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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)

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2006 Achievements
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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

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2007 Planned Activity
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2007 Drilling Programme Details
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• Bilca Play Exploration
• Plenty of potential

NE Radauti
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.
Area of 2006 Seismic Infill

Arbore
NE Codru
Voitinel up to 300 bcf gross potential Work in
progress - Drilling ?2007
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• Bilca Play Exploration
• Boistea-1 well

Extending the Miocene AVO gas play
southwards Seismic anomalies developed in area
to north of Roman (600bcf) Gasfield.
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Costisa-1 Re-entry Testing 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
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Weald Exploration High Quality Prospect
Holmwood-1

• Low risk exploration prospect 12 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

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• East Midlands Exploration
• PEDL150

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

Seismic programme planned for Q1/07 to choose
well location
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Production Forecasts
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• Near Term
• Revenue Potential
• Existing Production Assets

Assumes 50/bbl, Romania gas price on ramp to
220/mcm
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• Crosby Warren
• Immediate Upside Realised

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Peer Group analysisSustainability Value
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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 and
• Company-making exploration projects (up to 100
  bcf net potential to be tested in 2007 alone).

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Europa Oil Gas (Holdings) plc 2006 AGM