1. Europa Oil & Gas (Holdings) plc 2006 AGM

2. 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

3. Current Portfolio Europe and North Africa

4. 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 year’s time Loss after total tax provision of £0.57 million

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

6. 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)

7. 2006 Achievements

8. 2007 Capital Programme Drilling Programme –Romania Arbore-1FirmExplorationQ1 Costisa-1YFirmAppraisalQ1 E Radauti-1FirmExplorationQ1 Boistea-1FirmExplorationQ2 VoitinelContingent (S)ExplorationQ2 Siretu-1Contingent (S)ExplorationQ2 –UK Holmwood-1Contingent (P)ExplorationH2 PEDL150Contingent (S)ExplorationH2 Seismic Programme –UK PEDL150Firm50km 2DFeb (P) Planning Permission (S) Outcome of Seismic Evaluation

9. 2007 Planned Activity

10. 2007 Drilling Programme Details

11. Bilca Play Exploration Plenty of potential Bilca 2 Bilca 1 E W 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. Arbore NE Codru NE Radauti Voitinel – up to 300 bcf gross potential Work in progress - Drilling ?2007 Area of 2006 Seismic Infill

12. Bilca Play Exploration Boistea-1 well Extending the Miocene AVO gas play southwards Seismic anomalies developed in area to north of Roman (600bcf) Gasfield.

13. 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

14. Weald Exploration High 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

15. East Midlands Exploration PEDL150 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

16. Production Forecasts

17. Near Term Revenue Potential Existing Production Assets Assumes $50/bbl, Romania gas price on ramp to $220/mcm

18. Crosby Warren Immediate Upside Realised

19. Peer Group analysis Sustainability & Value

20. 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).

21. Europa Oil & Gas (Holdings) plc 2006 AGM