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

31 August 2023

Europa Oil & Gas (Holdings) plc

("Europa" or the "Company")

Wressle Update

Europa Oil & Gas (Holdings) plc, the AIM traded UK and Ireland focused oil and gas exploration, development, and production company, is pleased to announce that operations to install artificial lift on the Wressle 1 well ("W1") (in which Europa has a 30% interest) have commenced.

The operations began with a slickline programme where downhole pressure and temperature gradients were acquired. Slickline operations have now been completed and the ongoing work programme includes recompleting the well for installation of a downhole jet pump and installing the associated surface equipment. It is expected that these operations will last around three weeks and that production from the W1 well will be reinstated in late September 2023.

The downhole data obtained from these activities is being incorporated into the ongoing work by ERC Equipoise Ltd and the impact of the artificial lift will be included in the independent Competent Person's Report which will be announced once this additional work is completed.

Will Holland, Chief Executive Officer of Europa, said:

"We have been working closely with our partners at Wressle to identify ways of maximising the field's performance and the installation of a jet pump to provide artificial lift has been under consideration as a potential production enhancement programme for some time. In addition, planning for the Wressle development drilling programme continues, which will access the Penistone reserves and utilise the existing infrastructure. I am very pleased that work is under way and look forward to updating shareholders on our further progress in due course."

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For further information, please visit www.europaoil.com or contact:

Notes to Editors

Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage hydrocarbon assets which includes production, development and exploration interests, in countries that are politically stable, have transparent licensing processes, and offer attractive terms. Average production for the 6-month period ending 31 January 2023 was 268 bopd. In April 2022, Europa farmed into P.2358, Block 13/23c ("Serenity") in the Outer Moray Firth area of the North Sea. The licence contains the 2019 Serenity oil discovery, in which Europa has a 25% interest. The Company holds one exploration licence offshore Ireland, which has two principal prospects, the largest of which has the potential to host gross mean un-risked prospective resources of 1.5 trillion cubic feet ("tcf") gas. Inishkea is a near field gas prospect in the Slyne Basin which the Company classifies as lower risk due to its close proximity to the producing Corrib gas field and associated gas processing infrastructure.