EUROPA OIL & GAS (HOLDINGS) PLC: Interim Results

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


                                  Oil & Gas

26 April 2013
         Europa Oil & Gas (Holdings) plc (`Europa' or `the Company')
                               Interim Results

Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas
exploration and production company with a combination of producing, appraisal
and exploration assets in Europe, announces its interim results for the six
month period ended 31 January 2013.

Highlights

- Over 2 billion barrels of oil (total mean un-risked indicative
resources) identified in Irish Atlantic Margin (`IAM') Licensing Options

- 4 new leads identified in North East Lincolnshire (PEDL181)

- Commenced review of unconventional resource potential in North
East Lincolnshire (PEDL181)

- 177 boepd recovered from UK onshore producing fields - expecting
to achieve full year target of 180 boepd

Financial performance

- Revenues of £2.2m (H1 2012: £2.4m)

- Pre tax profit of £0.2m (H1 2012: loss £5.6m)

- 25% increase in cash generated from operations to £1.0m (H1 2012:
£0.8m)

- Cash balance at 31 January 2013 of £0.8m (31 July 2012: £0.2m)

Post reporting date events

- Farm-in secured with Kosmos Energy Ltd for two licences offshore
Ireland

- Completed 2-D seismic acquisition in North East Lincolnshire
(PEDL181)

- UK Holmwood planning appeal hearing expected to take place at the
end of July 2013

Europa's CEO Hugh Mackay said, "The year to date has illustrated
the benefits of having a multi-asset, multi-stage portfolio of licences. Our
UK production has generated increased cash flow over the period that has
allowed us to fund in-house technical work on our highly prospective
exploration licences in Ireland, the UK and France. As a result, several new
prospects have been identified.

"The key event is the announcement post-period end that we have
successfully farmed out our two Irish licences to Kosmos Energy, a leading US
independent oil and gas exploration and production company. They are the ideal
partner with whom we can mature, de-risk and drill the potentially very large
prospects mapped in our licences. The farm-in provides recognition of the
substantial potential value lying in these prospects. The work programme
associated with the farm-in has the potential to deliver significant value
realisation. Europa's retained 15% interest exposes the Company to substantial
upside in the event of drilling success and at a much reduced risk and cost to
our shareholders.

"As a result, the next six months promise to be an exciting period
for the Company. We expect the renewal of our French onshore permits shortly
and as soon as this has been confirmed, we will reactivate our farm-out
programme with a view to drilling a well on the permit in 2014. We will also
be participating in drilling the Wressle prospect onshore UK. ExxonMobil has
spudded a potentially high impact well on the Dunquin prospect located on a
block near to our Irish acreage, and we will be working with Kosmos on
planning a 3-D acquisition over the Mullen and Kiernan prospects.

"We are delivering on our objective to advance all our projects
along the development curve, as we look to generate value for all
shareholders."
                                 * * ENDS * *

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

Hugh Mackay             Europa Oil & Gas (Holdings) plc     +44 (0) 20 7224 
3770
Phil Greenhalgh         Europa Oil & Gas (Holdings) plc     +44 (0) 20 7224 
3770
Matt Goode              finnCap Ltd                         +44 (0) 20 7600 
1658
Henrik Persson          finnCap Ltd                         +44 (0) 20 7600 
1658
Frank Buhagiar          St Brides Media and Finance Ltd     +44 (0) 20 7236 
1177
Lottie Brocklehurst     St Brides Media and Finance Ltd     +44 (0) 20 7236 
1177

Qualified Person Review

This release has been reviewed by Hugh Mackay, Chief Executive of
Europa, who is a petroleum geologist with 30 years' experience in petroleum
exploration and a member of the Petroleum Exploration Society of Great
Britain, American Association of Petroleum Geologists and Fellow of the
Geological Society. Mr Mackay has consented to the inclusion of the technical
information in this release in the form and context in which it appears.

Chairman's Statement

Europa has a well balanced portfolio of licences covering all the
major stages associated with oil and gas operations including production,
appraisal and exploration. Our licences in the UK and France hold net mean
risked and diluted resources of 10 million barrels of oil equivalent (CPR and
Europa estimates, taking anticipated dilution and geological risk into
account), rising to 39 million barrels of oil equivalent including Ireland,
which provides material asset backing to our current market valuation.

Our objective is to build Europa into a top quartile company on AIM
within five years. For an oil and gas company such as Europa to achieve this
milestone, we need to have a large and growing portfolio of prospects and
leads that can be progressively proved up through drilling.

The six month period under review has seen considerable progress
made with regards to identifying and advancing prospects across our licences,
most notably Mullen and Kiernan, our two Irish prospects, which we estimate
have gross mean un-risked indicative resources of 482 million barrels of oil
and 1.612 billion barrels of oil equivalent respectively. While in the UK,
four new leads on PEDL181 onshore UK have been identified. As a result of all
this activity, the value of our portfolio of prospects and leads has
substantially increased in recent months.

Identifying prospectivity is only half the job. Drilling is
required to realise value, book reserves and deliver production. Importantly,
the mid-year will see us drill the first of what we believe will be a
succession of wells over the next 24 months, which we hope will lead to a step
change in Europa's net production and reserve base.

Later this year we will be participating in the drilling of the
Wressle prospect on PEDL180 onshore UK which has mean gross un-risked
recoverable resources of 2.41 million barrels of oil, as estimated in our
independent Competent Person's Report (CPR) last year. Whilst small when
compared to our prospects in Ireland and France, the economics of drilling UK
onshore prospects of this size are very attractive. Importantly, onshore
discoveries can be moved onto production quickly, allowing the cash generated
to be recycled into growing the Company further.

Last year we hit our target of recovering 200 boepd from our three
UK onshore fields, which generated £5 million in revenues for the year. For
the current year our target is 180 boepd, a lower figure due to the expected
natural decline in production. In the first six months of the current year,
production of 177 boepd generated £2.2 million in revenues. The 177 boepd was
slightly below target due to two workovers on the West Firsby wells. With
these successfully completed in January, we expect full year production to be
on target for the year. Costs were higher, predominantly being additional
spend on the workovers, and exaggerated by administrative costs in the prior
period having benefitted from a credit from the disposal of the Ukraine
business. We report a profit before tax of £190,000 for the six months and
ended the period with cash balances of £761,000 compared with £230,000 as at
31 July 2012.

Our existing production plays a key role in our business. This year
for example it funds our corporate overheads and some exploration activity:
developing the prospects in Ireland and France; paying our share of the costs
for drilling Wressle; and our share of seismic acquisition on PEDL181. For a
number of our high impact licences, a partner will be required to help fund
further exploration. This is particularly relevant to our Irish prospects,
where the potential prize of hundreds of millions of barrels of oil will
require a seismic acquisition programme followed by drilling, the costs for
which we anticipate to be in the range of US$70 million to US$90 million per
well. Having opened a data room for our IAM Licensing Options in January 2013,
we are delighted to have recently completed a farm-in agreement with Kosmos, a
leading independent oil and gas company with proven expertise in the
Cretaceous stratigraphic play that has resulted in significant exploration
success in the Atlantic margin basins. We look forward to working with Kosmos,
as we further explore the prospectivity of these blocks.

In the case of our Béarn des Gaves permit in France, we are twelve
months into a 15 month renewal process and expect to receive notification from
the French authorities shortly. Subject to a positive outcome, we will restart
the farm-out process which was put on hold in the second half of last year
until the renewal of the permit had been confirmed. Much has changed since we
originally embarked on farming out this 100% owned permit including the
identification of shallow gas prospectivity at Berenx. Drilling the shallow
prospectivity before the Berenx deep gas prospect provides a low cost route to
developing Béarn des Gaves and will therefore form an integral part of the
renewed farm-out process.

In the UK, the government's recent commitment to encourage shale
gas exploration, as evidenced by the Chancellor's pledge to provide generous
tax breaks for companies and financial incentives for local communities, could
provide the necessary foundations and framework from which the industry can
move forward. As detailed in the 2013 Budget, companies engaged in fracture
stimulation will get a tax allowance for developing gas fields and will now be
able to offset exploration expenditure against tax for a period of ten years.
With this in mind, our in-house technical team will commence an evaluation of
the potential to recover gas in commercial quantities from tight shale
formations on the PEDL 181 licence. Europa remains a conventional oil and gas
company and should the results of this work be positive, we would look to find
a suitable joint venture partner with appropriate expertise in shale gas
development and exploitation in order to move forward.

Outlook

The farm-out of our Irish licences to Kosmos was announced post
period end; however it represents the culmination of considerable technical
work and effort that took place during the six months under review. This
involved the identification of the Mullen and Kiernan prospects with combined
mean un-risked indicative resources in excess of 2 billion barrels of oil, the
establishment of a data room to accommodate partners and Europa's attendance
at several trade events around the world. The progression of our Irish
licences to date, from ground floor entry to farm-out, highlights not only the
considerable value we can generate in-house but also the model by which we can
effectively progress our asset base.

We are constantly looking to add to our asset base both via
in-house technical work to identify new prospects on our existing licences,
and also by acquiring new projects. New ventures in our area of interest will
be targeted but we will only look to secure those that complement our existing
portfolio, offer an attractive risk reward trade off and wherever possible can
be secured without paying a premium, as we did with our IAM licensing options.
Corporate activity through mergers and acquisitions has the potential to help
achieve our strategy. We continue to seek out such options and will take
action on suitable opportunities. Our existing asset base and the combined
skillset of our technical, operations and management teams are in my view, an
excellent match and one that should see Europa generate considerable value for
shareholders in the years to come.

Finally, I would like to thank the management team, directors and
advisers for their hard work during the year and also to our shareholders for
their continued support over this six month period.

WH Adamson
Chairman, 25 April 2013



Chief Executive's Review

Operations Report

Europa operates exploration, production and appraisal assets across
three core EU countries.

Ireland

Exploration

Porcupine Basin LO 11/7 and LO 11/8 - Europa (15%); Kosmos Energy
Ltd (85% and operator - subject to approval of the farm-in by the Irish
government)

In October 2011, Europa was awarded two exploration Licensing
Options 11/7 and 11/8 in the South Porcupine Basin in the Irish Atlantic
Margin both approximately 1,000 km2 in size. The plays in both blocks involve
the presence of Early Cretaceous turbidite sandstone reservoirs, charged by
mature Late Jurassic and Early Cretaceous source rocks and contained in
stratigraphic traps. Seismic interpretation over both the Mullen and Kiernan
prospects has been completed and Europa has identified two large prospects:
Mullen within LO 11/7 and Kiernan within LO 11/8. Both of these prospects are
stratigraphic traps, reliant upon up-dip pinch-out of the turbidite reservoir
on to a mud-dominated slope succession. The trapping configurations are
analogous to the Jubilee and Mahogany oil fields in the equatorial Atlantic
Margin province.

The water depth at the Mullen prospect location is approximately
1,000m, and is therefore feasible for a fixed platform development. Depth to
top reservoir is approximately 3,750m below the mudline. Mean indicative
resources at Mullen are estimated to be 482 mmbo.

Licence Option 11/8 is located on the east flank of the South
Porcupine basin 145 km offshore southwest Ireland. The licence contains the
Cretaceous Kiernan prospect as well as additional prospectivity elsewhere in
the licence area in the Paleocene and in the pre-rift Jurassic and Triassic.
The Kiernan prospect is a stack of three stratigraphic traps at various levels
within the Cretaceous section: Barremian, Valanginian A and Valanginian B.
Reservoir at the Barremian and Valanginian A levels are interpreted to be deep
water turbidite sandstones. The Barremian is the shallowest with a depth to
crest of 3,700 metres below the mudline (`mbml') followed by the Valanginian A
at 4,400 mbml. Reservoir in the Valanginian B is considered to be a more
proximal Brae-type fan sandstone with depth to crest estimated at 4,700 mbml.
The sandstones are considered to be derived from Devonian Old Red Sandstone in
the Munster basin on the Irish mainland. The hydrocarbon type in the Barremian
reservoir is predicted to be most likely oil, whereas the Valanginian A and B
reservoirs are most likely gas. Europa estimates gross mean un-risked
indicative resources in all three stratigraphic levels at Kiernan to be 1.612
billion barrels in the oil case and 10 tcf in the gas case.

Further indicative resource figures are presented in the table
below.

Prospect Reservoir    mmbbl (oil case)   mmbbl bcf (gas case)     bcf
                      P90   P50  P10     Mean  P90   P50   P10    Mean

Mullen   Aptian       66    318  1,092   482   275   1,280 4,151  1,970

Kiernan  Barremian    78    269  746     355   600   1,800 4,600  2,300

Kiernan  Valanginian  189   712  2,063   977   1,500 4,700 11,500 5,800
         A

Kiernan  Valanginian  29    130  710     280   200   900   4,700  1,900
         B
         Total                           2,094                    11,970

The Early Cretaceous play is proven in the North Porcupine Basin by
the Burren oil discovery made by Phillips in 1978 which flowed circa 700 bopd
of 34 API oil. The South Porcupine Basin is essentially undrilled. Geological
risk is considered to be high and further technical work is required to
de-risk the prospects and mature them to drillable status. A key step is to
acquire 3-D seismic over both prospects. Technical success at the
Exxon-operated Dunquin well, which is being drilled in Q2 2013 and is located
60 km from Europa's licences, may help de-risk some source rock elements of
the play.

The option period for both licences is from 1 November 2011 to 30
October 2013. Europa has completed the technical work programme required for
the licence option period, which involves the integration and interpretation
of existing 2-D seismic and well data sets, and reprocessing of selected 2-D
seismic data. Subject to the fulfilment of this work programme, government
approval and a minimum 25% relinquishment, a 15 year Frontier Exploration
licence may be obtained.

In April 2013, Europa announced a farm-in agreement with Kosmos
Energy Ltd (NYSE:KOS) for the two Licensing Options LO 11/7 and LO 11/8.

Under the terms of the agreement, Kosmos will:

- acquire an 85% interest and be appointed as operator of both
licences

- fully fund the costs of a 3-D seismic programme on each licence

- pay 85% of costs incurred by Europa to date

Contingent upon an election of the companies to enter into a
subsequent exploration drilling phase on one or both of the blocks, Kosmos
will also incur 100% of the costs of the first exploration well on each block.
The first exploration wells on LO 11/7 and LO 11/8 have investment caps of
US$90 million and US$110 million respectively. Costs in excess of the
investment cap would be shared between Kosmos (85%) and Europa (15%).

The completion of the farm-in agreement remains subject to
customary conditions precedent including Irish governmental approvals which
the Company expects will be met. Further announcements will be made as and
when necessary.

France

Europa holds 100% interests in two permits with both appraisal and
exploration potential in the Aquitaine Basin, adjacent to the producing
Lacq-Meillon gas fields. The permit renewal process is on-going and the
Company is actively engaged with the relevant French authorities. We
understand that the Béarn des Gaves permit is at the final stage of the
process awaiting written confirmation of ministerial approval.

Béarn des Gaves 100%

The Berenx appraisal project, located in the heartland of the
French oil industry in the Aquitaine basin, has previously been explored and
drilled by EssoRep. Two wells, Berenx-1 (1969) and Berenx-2 (1972), both
encountered strong gas shows over a 500m thick gas bearing zone. In 1975
Berenx-2 was re-entered, drill stem tested and flowed gas flow to surface. The
carbonate reservoir is the same horizon that delivered 9 tcf and 2 tcf from
nearby fields at Lacq and Meillon.

Europa possesses all data connected to both wells. Good quality 2-D
seismic data exists for the licence as well as a reprocessed 3-D seismic
dataset covering the area between Berenx and Lacq. Europa's in-house technical
work indicates that the Berenx deep appraisal prospect could hold in excess of
500 bcf of recoverable gas resources. In a CPR dated 31 May 2012, ERC
Equipoise estimated gross mean un-risked resources of 277 bcf for the deep
Berenx gas play. The difference between Europa's and ERC's assessment of
resources reflects the confidence of each party in mapping in a geologically
complex terrain. Europa was able to map a larger area of closure and as a
consequence larger resources.

The project also benefits from being located only 20 km from the
Lacq Field, which potentially provides a straightforward export route,
allowing gas to be processed in an existing facility with spare capacity.

On-going, re-evaluation and interpretation of existing seismic and
well data on the permit has resulted in the identification of a shallow gas
play. Previous exploration on the concession had focused only on deep lying
gas prospects.

The Company's strategy for the Béarn des Gaves permit is to target
the shallow gas play and on the back of success, to further explore shallow
prospectivity and undertake work to de-risk the Berenx deep appraisal project.

Tarbes Val d'Adour 100%

The Tarbes Val d'Adour permit contains several oil accumulations
that were previously licensed by Elf but were abandoned in 1985 due to the
then low price of oil. Two fields, Jacque and Osmets, were drilled using
vertical wells which generated modest production. At its peak in 1982, Osmets
produced up to 50 bopd while peak production at Jacque reached almost 30 bopd
in 1981.

Europa intends to farm-out this permit and, with a partner, drill a
re-development well on one of these fields in 2014/15.

United Kingdom

NE Lincolnshire

PEDL180 33.3% (Wressle)

PEDL180 covers an area of 100 km2 of the East Midlands Petroleum
Province south of the Crosby Warren field. Europa has an equal working
interest share in the block with its partners Egdon Resources (operator) &
Celtique Energie Petroleum Ltd. The May 2012 CPR estimated the Wressle
prospect to hold mean gross un-risked recoverable resources of 2.41 mmbo. To
date, 49 km2 of 3-D seismic acquisition covering PEDL180 and PEDL182 has been
processed and interpreted. Drilling at Wressle is targeted for later this
year.

PEDL182 33.3% (Broughton)

To the north, PEDL182 is an area of 40 km2 with the same equity
structure as that of PEDL180. The Broughton prospect was previously drilled by
BP and flowed oil. The May 2012 CPR estimated the Broughton prospect to hold
mean gross un-risked recoverable resources of 1.85 mmbo.

PEDL181 50% NE Lincolnshire

Europa has a 50% interest in and is the operator of the PEDL181
licence, with Egdon Resources UK Limited and Celtique Energie Petroleum Ltd.
each holding a 25% interest. PEDL181 covers an area of over 540 km2 in the
Humber Basin that has the potential for both conventional oil and gas and also
for shale gas resources held in Carboniferous basinal black marine shales
known to be 120m thick in the region. The licence is located in a working
hydrocarbon system where a number of discoveries have been made along the
Brigg-Broughton anticline, an analogous trend to the west of Caistor
anticline. Europa's existing oil production at the Crosby Warren field lies at
the westernmost end of the Brigg-Broughton anticline.

Technical evaluation has confirmed several conventional
prospects/leads on PEDL181. Four of these in the southern part of the licence
all with reservoirs of Carboniferous age were the focus of a 78 line km 2-D
seismic acquisition programme that was completed in April 2013. Along with the
reprocessing of 150 km2 of existing 3-D seismic data, the new data will be
integrated into the existing dataset with the objective of evaluating the four
leads, maturing them into prospects, and defining a future drilling programme.

Dorking area

PEDL143 40% (Holmwood)

The PEDL143 licence covers an area of 92 km2 of the Weald Basin,
Surrey. Europa is the operator and has a 40% working interest in the licence
with partners Egdon Resources 38.4%, Altwood Petroleum 1.6%, and Warwick
Energy 20%. The Holmwood prospect is a Jurassic sandstone project with a low
geological risk. The May 2012 CPR estimated Holmwood to hold gross mean
recoverable resources of 5.64 mmbo. Europa considers Holmwood to be one of the
best undrilled exploration prospects in the UK onshore.

The prospect lies south of Dorking within the Surrey Hills Area of
Outstanding Natural Beauty and an application to construct a temporary
exploration well on the site was originally made in 2008. This application was
refused in 2011 by Surrey County Council contrary to their planning officer's
recommendation to approve. An appeal to overturn the decision was heard at a
public inquiry in July 2012. The appeal was dismissed on 26 September 2012.
Europa believes that this decision was based on a misapplication of planning
law and therefore in November 2012, Europa, along with its partners, announced
it had submitted an application to the High Court for an order quashing the
decision of the Secretary of State for Communities and Local Government to
dismiss the appeal. The Company has received notification that the hearing is
expected to take place at the end of July 2013.

United Kingdom - Production (West Firsby 100%; Crosby Warren 100%;
Whisby W4 well 65%)

The three UK fields produced an average of 177 boepd net to Europa
in the period which includes the equivalent of 6 boepd earned as commission on
oil deliveries Europa made on behalf of another oil company. The commission
arrangement ceased in December 2012. During the period, workovers were
successfully completed on two West Firsby wells and both wells are now back on
production. The Company is on course to achieve its full year production
target of 180 boepd.

Proven and probable (`2P') producing reserves of the three
producing fields was estimated at 0.65 mmbo by the CPR (as at 31 December
2011).

United Kingdom - Unconventional resources

Underground Coal Gasification (UCG) 90%

In August 2010, Europa was awarded two licences by the UK Coal
Authority to investigate the potential for underground coal gasification
('UCG') of virgin coals located near offshore, along the eastern coast of
England. Europa has a 90% interest in the licence with Oxford Energy
Consulting Limited holding the remaining 10%.

Shale Gas

As previously noted PEDL181 has some potential for shale gas.
Europa is in discussions with companies specialising in shale gas who have
expressed interest in the licence.

Romania

The Company continues to hold interests in two exploration licences
in Romania: Brates (100%) and Bacau (19%). Both licences are in the process of
being relinquished. The assets were fully written down in the prior period.

Conclusion

During the six months under review, significant progress was made
at all three of our core areas of interest. In Ireland we have completed
technical work, identified and provided volumetrics for two large prospects,
and most importantly post period end announced a farm-out of both blocks with
Kosmos Energy.

In France, the renewal process for our onshore permits is entering
the final stages and we hope to hear confirmation of renewal shortly. Subject
to the permit being renewed, we will step up our farm-out agenda with a view
to drilling Berenx shallow in 2014.

In the UK, the three producing fields have performed close to
expectations, the revenues from which will fund Europa's share of costs of
drilling Wressle this year. Elsewhere in the UK, a seismic acquisition
programme in PEDL181 focussing on maturing four identified leads on the
licence to drillable status has been completed on schedule and on budget.
Europa is operator of the licence with a 50% interest and, subject to the
results we would look to drill a well in 2014.

Following extensive in house technical work across our asset base
which has resulted in a number of leads/prospects being identified, management
are looking forward to re-commencing drilling operations, starting with
Wressle later this year. At the same time, we are looking to build our
portfolio and continue to evaluate new projects to which we can apply our
expertise and progress the growth of the Company.

HGD Mackay
CEO, 25 April 2013


Licence Interests Table


                                     Field/ 
Country     Area     Licence            Prospect         Operator   Equity  
Status 
 UK        East 
       Midlands   DL003              West Firsby      Europa      100%   
Production 
                  DL001              Crosby Warren    Europa      100%   
Production 
                  PL199/215          Whisby-4         BPEL         65%   
Production 
                  PEDL150            West Whisby      Europa       75%   
Exploration 
                  PEDL180            Wressle          Egdon        33%   
Exploration 
                  PEDL181            Caistor          Europa       50%   
Exploration 
                  PEDL182            Broughton        Egdon        33%   
Exploration 
         Weald    PEDL143            Holmwood         Europa       40%   
Exploration 
       North Sea  Holderness         Offshore UCG     Europa       90%   
Exploration 
                  Humber South       Offshore UCG     Europa       90%   
Exploration 
Ireland   Porcupine  LO 11/7            Mullen           Kosmos (*) 15% (*) 
Exploration 
                  LO 11/8            Kiernan          Kosmos (*) 15% (*) 
Exploration 
France    Aquitaine  Béarn des Gaves    Berenx (deep)    Europa      100%   
Exploration/Appraisal 
                  Béarn des Gaves    Berenx (shallow) Europa      100%   
Exploration/Appraisal 
                  Tarbes val d'Adour Osmets/Jacque    Europa      100%   
Exploration/Appraisal 
Romania   Carpathians EIII-4 Bacau                        Raffles      19%   
Being relinquished 
                  EPI-3 Brates                        Europa      100%   
Being relinquished 
Western
 Sahara     Tindouf   Bir Lehlou                          Europa      100%   
Exploration 
         Aaiun    Hagounia                            Europa      100%   
Exploration
(*) Subject to approval of the farm in by the Irish government 
Financials 
Unaudited consolidated statement of comprehensive income 
                                                                          
Year to 
                                                                            
31 July 
                                       6 months to 31 6 months to 31          
 2012 
                                       January 2013   January 2012 
                                                                        
(audited) 
                                               £000           £000         
£000 
Revenue                                           2,202          2,362          
5,080
Other cost of sales                             (1,452)        (1,214)        
(2,692)
Exploration write-off                                 -        (5,335)       
(12,451)
Impairment of producing fields                        -          (785)          
(785)
Total cost of sales                             (1,452)        (7,334)       
(15,928) 
                                     -------------- -------------- ---------
-----
Gross profit/ (loss)                                750        (4,972)       
(10,848) 
Administrative expenses                           (413)          (279)          
(755)
Finance income                                        -             69           
-
Finance expense                                   (147)          (393)          
(452) 
                                     -------------- -------------- ---------
-----
Profit / (loss) before taxation                     190        (5,575)       
(12,055)
Taxation                                          (137)           (35)          
  739 
                                     -------------- -------------- ---------
-----
Profit/ (loss) for the period attributed             53        (5,610)       
(11,316)
to the equity holders of the parent 
Other comprehensive income 
Exchange gains/(losses) arising on                   73             89          
 (36)
translation of foreign operations 
                                     -------------- -------------- ---------
-----
Total comprehensive profit/ (loss) for              126        (5,521)       
(11,352)
the period attributable to the equity
shareholders of the parent 
                                     ============== ============== 
============== 
                                            Pence per      Pence per      
Pence per 
                                              share          share          
share
Earnings/ (loss) per share (EPS/LPS)
Basic and diluted EPS/LPS (note 4)                0.04p        (4.19)p    
(8.33)p 
Unaudited consolidated statement of financial position 
                                                                          
31 July 
                                           31 January     31 January          
 2012 
                                               2013           2012 
                                                                        
(audited) 
                                               £000           £000         
£000
Assets
Non-current assets
Intangible assets                            2,408               8,129          
2,127
Property, plant and equipment                4,712               5,780          
4,959
Deferred tax asset                             -                   305           
14 
                                     -------------- -------------- ---------
-----
Total non-current assets                     7,120              14,214          
7,100 
                                     -------------- -------------- ---------
-----
Current assets
Inventories                                          53             37           
56
Trade and other receivables                         550            713          
1,250
Cash and cash equivalents                           761            293          
  230 
                                     -------------- -------------- ---------
----- 
                                              1,364          1,043          
1,536 
                                     -------------- -------------- ---------
-----
Other current assets
Assets classified as held for sale                  334              -          
  338 
Total assets                                      8,818         15,257          
8,974 
                                     ============== ============== 
============== 
Liabilities
Current liabilities
Trade and other payables                        (1,357)        (1,544)        
(1,880)
Current tax liability                             (309)              -          
 (87)
Derivative                                         (57)           (64)          
 (64)
Short-term borrowings                             (217)           (86)          
(230) 
                                     -------------- -------------- ---------
-----
Total current liabilities                       (1,940)        (1,694)        
(2,261) 
                                     -------------- -------------- ---------
-----
Non-current liabilities
Long-term borrowings                                  -          (219)           
-
Deferred tax liabilities                        (2,847)        (4,098)        
(2,948)
Long-term provisions                            (2,027)        (1,635)        
(1,950) 
                                     -------------- -------------- ---------
-----
Total non-current liabilities                   (4,874)        (5,952)        
(4,898) 
                                     -------------- -------------- ---------
-----
Total liabilities                               (6,814)        (7,646)        
(7,159) 
                                     -------------- -------------- ---------
-----
Net assets                                        2,004          7,611          
1,815 
                                     ============== ============== 
==============
Capital and reserves attributable to
equity holders of the parent
Share capital                                     1,379          1,379          
1,379
Share premium                                    13,160         13,160         
13,160
Merger reserve                                    2,868          2,868          
2,868
Foreign exchange reserve                            453            505          
  380
Retained deficit                               (15,856)       (10,301)       
(15,972) 
                                     -------------- -------------- ---------
-----
Total equity                                      2,004          7,611          
1,815 
                                     ============== ============== 
============== 
Unaudited consolidated statement of changes in equity 
                                                                       
Foreign 
                            Share          Share         Merger       
exchange       Retained 
                          capital        premium        reserve        
reserve        deficit   Total equity 
                             £000           £000           £000          
 £000           £000           £000 
Unaudited
Balance at 1 August
2011                            1,301         12,573          2,868            
416        (4,719)         12,439
Total comprehensive
income / (loss) for
the period                          -              -              -             
89        (5,610)        (5,521)
Share based payments                -              -              -             
 -             28             28
Issue of share capital
(net of issue costs) 
                               78            587              -             
 -              -            665 
                   -------------- -------------- -------------- ------------
-- -------------- --------------
Balance at 31 January
2012                            1,379         13,160          2,868            
505       (10,301)          7,611 
                   ============== ============== ============== 
============== ============== ============== 
Audited
Balance at 1 August
2011                            1,301         12,573          2,868            
416        (4,719)         12,439
Total comprehensive
loss for the year 
                                -              -              -           
(36)       (11,316)       (11,352)
Share based payments                -              -              -             
 -             63             63
Issue of share capital
(net of issue costs) 
                               78            587              -             
 -              -            665 
                   -------------- -------------- -------------- ------------
-- -------------- --------------
Balance at 31 July
2012                            1,379         13,160          2,868            
380       (15,972)          1,815 
                   ============== ============== ============== 
============== ============== ============== 
Unaudited
Balance at 1 August
2012                            1,379         13,160          2,868            
380       (15,972)          1,815
Total comprehensive
income for the period               -              -              -             
73             53            126
Share based payments                -              -              -             
 -             63             63 
                   -------------- -------------- -------------- ------------
-- -------------- --------------
Balance at 31 January
2013                            1,379         13,160          2,868            
453       (15,856)          2,004 
                   ============== ============== ============== 
============== ============== ============== 
Unaudited consolidated statement of cash flows 
                                       6 months to 31 6 months to 31     
Year to 31 
                                         January 2013   January 2012      
July 2012 
                                                                          
(audited) 
                                                 £000           £000       
 £000
Cash flows from operating activities
Profit / (loss) after taxation                         53        (5,610)       
(11,316)
Adjustments for:
Share based payments                                   63             28         
 63
Depreciation                                          247            179         
673
Exploration write-off                                   -          5,335        
 12,451
Impairment of property, plant and
equipment                                               -            785         
785
Finance income                                          -           (69)         
  -
Finance expense                                       147            393         
452
Taxation expense                                      137             35        
  (739)
Decrease/(increase) in trade and other
receivables                                           700          (104)        
  (647)
Decrease / (increase) in inventories                    3              6         
(13)
(Decrease)/increase in trade and other
payables                                            (336)          (187)         
350 
                                       -------------- -------------- -------
-------
Net cash from operating activities                  1,014            791        
  2,059 
                                       ============== ============== 
==============
Cash flows used in investing activities
Purchase of property, plant & equipment                 -           (64)         
(78)
Purchase of intangible assets                       (433)        (1,899)        
(2,955) 
                                       -------------- -------------- -------
-------
Net cash used in investing activities               (433)        (1,963)        
(3,033) 
                                       ============== ============== 
==============
Cash flows from financing activities
Proceeds from issue of share capital (net
of issue costs)                                         -            665         
665
Decrease in payables related to issue of
share capital                                           -          (115)        
  (115)
Repayment of borrowings                              (13)          (951)        
(1,025)
Finance costs                                        (14)          (101)        
  (289) 
                                       -------------- -------------- -------
-------
Net cash used in financing activities                (27)          (502)        
  (764) 
                                       ============== ============== 
==============
Net increase / (decrease) in cash and cash
equivalents                                           554        (1,674)        
(1,738) 
Exchange (loss) / gain on cash and cash
equivalents                                          (23)             91         
 92
Cash and cash equivalents at beginning of
period                                                230          1,876        
  1,876 
                                       -------------- -------------- -------
-------
Cash and cash equivalents at end of period            761            293         
230 
                                       ============== ============== 
============== 
Notes to the consolidated interim statement 
1 Nature of operations and general information 
Europa Oil & Gas (Holdings) plc ("Europa Oil & Gas") and
subsidiaries' ("the Group") principal activities consist of investment in oil
and gas exploration, development and production. 
Europa Oil & Gas is the Group's ultimate parent Company. It is
incorporated and domiciled in England and Wales. The address of Europa Oil &
Gas's registered office head office is 6 Porter Street, London W1U 6DD. Europa
Oil & Gas's shares are listed on the London Stock Exchange AIM market. 
The Group's consolidated interim financial information is presented
in Pounds Sterling (£), which is also the functional currency of the parent
Company. 
The consolidated interim financial information has been approved
for issue by the Board of Directors on 25 April 2013. 
The consolidated interim financial information for the period 1
August 2012 to 31 January 2013 is unaudited. In the opinion of the Directors
the condensed interim financial information for the period presents fairly the
financial position, and results from operations and cash flows for the period
in conformity with the generally accepted accounting principles consistently
applied. The condensed interim financial information incorporates unaudited
comparative figures for the interim period 1 August 2011 to 31 January 2012
and the audited financial year to 31 July 2012. 
The financial information contained in this interim report does not
constitute statutory accounts as defined by section 435 of the Companies Act
2006. The report should be read in conjunction with the consolidated financial
statements of the Group for the year ended 31 July 2012. 
The comparatives for the full year ended 31 July 2012 are not the
Company's full statutory accounts for that year. A copy of the statutory
accounts for that year has been delivered to the Registrar of Companies. The
auditors' report on those accounts was unqualified and did not contain a
statement under section 498 (2) - (3) of the Companies Act 2006 but did
include an emphasis of matter which drew attention to the outstanding renewal
of the French licences. The Group's French exploration permits are currently
in the renewal phase with the French authorities. The Group did not meet its
expenditure commitments on those permits and therefore there is a risk that
the permits will not be renewed by the French authorities. Although the
directors are confident that the permits will be renewed, there can be no
guarantee. Should the permits not be renewed, the impact on the financial
statements will be the impairment of the French intangible assets. This
financial information does not include the adjustments that would result if
the permits are not renewed. 
The information has been prepared on the going concern basis. 
2 Summary of significant accounting policies 
The condensed interim financial information has been prepared using
policies based on International Financial Reporting Standards (IFRS and IFRIC
interpretations) issued by the International Accounting Standards Board
("IASB") as adopted for use in the EU. The condensed interim financial
information has been prepared using the accounting policies which will be
applied in the Group's statutory financial information for the year ended 31
July 2013. 
This results in the adoption of various standards and
interpretations, none of which have had a material impact on the interim
report or are expected to have a material impact on the financial statements
for the full year. 
3 Share capital 
There were no shares issued in the 6 months to 31 January 2013. The
table below shows all shares issued since 31 July 2011. 
                                              £000
Date                  Shares     Price   raised net of Total shares 
                  issued                commission     in issue 
31 July 2011                                            130,077,728
31 October 2011    7,777,776    9p             665,000  137,855,504
31 January 2013                                         137,855,504 
All the authorised and allotted shares are of the same class and
rank pari passu. 
4 Earning per share (EPS) 
Basic earning per share has been calculated on the profit after
taxation divided by the weighted average number of shares in issue during the
period. 
The Company's average share price for the period was 8.51p (H1
2012: 9.89p) which was below the exercise price of all the 11,685,000
outstanding share options. The options are not considered dilutive. 
The calculation of the basic and diluted loss per share is based on
the following: 
                                       6 months to   6 months to    Year to 
31 
                                        31 January    31 January     July 
2012 
                                              2013          2012     
(audited) 
                                              £000          £000          
£000
Profits / losses
Profit/(loss) after taxation                        53       (5,610)      
(11,316) 
                                       =========== =============   
===========
Number of shares
Weighted average number of ordinary
shares for the purposes of basic and
diluted EPS/LPS                            137,855,504   134,008,887   
135,921,685 
5 Taxation 
Consistent with the year-end treatment, current and deferred tax
assets and liabilities have been calculated at tax rates that are expected to
apply to their respective period of realisation. 
END 
-0- Apr/26/2013 06:00 GMT
 
 
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