Europa Oil & Gas Brings Bilca Gasfield Onstream

Europa Oil & Gas reports that the Romanian authorities have issued the production license for the Bilca Gasfield facility, northern Romania, where Europa has a 28.75% working interest.

Production at the Bilca Gasfield facility commenced on September 27, 2006, only 28 months after discovery of the field. The Bilca-1 discovery well was drilled by Europa and its partners (see below) in May 2004 and flowed at a rate of 6.3 MMscf/d (c.1050 boepd). This was closely followed by the successful Bilca-2 appraisal well in February 2005 and the Fratauti-1 discovery well in April 2005. The Fratauti well flowed at 12.7 MMscf/d (c.2120 boepd) on test and the Bilca-2 well was tested in July 2006 at a comparable rate to the Bilca-1 well. The Bilca Gasfield facilities are designed to produce gas from the Bilca and Fratauti gas fields.

The October 2006 contract for gas sales is set at 7 MMscf/d, approximately 1030 boepd. The Bilca and Fratauti gas fields will be monitored for the first six months at this rate for reservoir performance. The Bilca Gasfield facility is capable of producing at a rate of 10 MMscf/d. Gas production will be increased at the end of the monitoring period if this planned production rate is achievable.

The net production to Europa is 1.78 MMscf/d, approximately 300 boepd. This will bring Europa's daily production to over 500 boepd, an increase of 130%.

Paul Barrett, Managing Director of Europa Oil & Gas said:

`This marks a significant increase in the Company's production and the increase in revenue will flow through to the 2007 drilling program where we have several wells scheduled for Romania. Romania has one of the most prolific onshore petroleum provinces in Western Europe and we anticipate that further successes will be forthcoming in this region. In addition, the country has just been approved to join the EU in January 2007 which we expect to have a strong positive effect on gas prices in the near future.'

Europa's partners in the Bilca Development are:

Falcon Oil & Gas srl (a subsidiary of Aurelian Oil & Gas), Romgaz SA Millennium IRL (a subsidiary of Ascent Resources).


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