Wednesday 21 November 2018

Europa Oil & Gas (Holdings) plc, the UK and Ireland focussed oil and gas exploration, development and production company, announced that it has conditionally raised total gross proceeds of approximately £4.0 million by the placing of 133,333,338 New Ordinary Shares pursuant to the Placing at an issue price of 3 pence per New Ordinary Share. Furthermore, it proposes to raise up to a further approximately £1.0 million by the issue of up to a further 33,487,597 New Ordinary Shares pursuant to an Open Offer to Qualifying Shareholders, also at an issue price of 3 pence per New Ordinary Share.

Highlights:

- Placing to new and existing institutional and other investors to raise gross proceeds of £4.0 million;

- Open Offer to Qualifying Shareholders to raise gross proceeds of up to a further £1.0 million;

- Certain Directors have undertaken to subscribe for Placing Shares and Open Offer Shares, in aggregate, for at least 1,500,000 New Ordinary Shares representing a participation of at least £45,000;

- The Fundraising is being undertaken to provide funding for Europa’s near-term work programme, to fund new venture opportunities and to provide working capital to the Company;

- The net Placing Proceeds will be used to fund the ongoing planning, surveying and other pre-drilling licence development costs associated with certain of the Company’s assets offshore Atlantic Ireland to aid the Company in securing suitable farm in partners;

- In this regard, the Company is currently negotiating farm-in agreements with a major international oil and gas company in respect of LO 16/20, FEL 1/17 and FEL 3/13;

- In addition, the Company intends to use part of the net Placing Proceeds to exploit a new venture opportunity in Morocco;

- The net Open Offer Proceeds will be used, if sufficient, to fund the purchase of further 3D seismic survey data covering the Company’s Kiely East and Edgeworth prospects in FEL 2/13 and FEL 1/17;

- A circular to Shareholders in respect of the Placing and the Open Offer (the “Circular”) is expected to be posted to shareholders later today giving notice of the General Meeting of the Company to be held on 7 December 2018.

A copy of the Circular will be available on the Company’s website www.europaoil.com.