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Europa Oil & Gas (Holdings) Plc - Board Reorganisation and Grant of Options

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

(‘Europa’ or ‘the Company’)Europa Oil & Gas (Holdings) plc

Board Reorganisation and Grant of Options

, the , and focused oil and gas exploration, development and production company, is pleased to announce that Mr has agreed to take on the role of Chief Executive Officer of the Company on a permanent basis.  Concurrently, is stepping down from his position as non-executive Chairman of Europa and will be replaced by senior non-executive Director, Mr Brian O’Cathain.  The above changes are effective immediately.Europa Oil & Gas (Holdings) plcUKIrelandMoroccoSimon OddieMr Oddie

Background onSimon Oddie

, who joined the Board as non-executive Chairman in , was appointed Interim CEO in .  Simon, an engineer, has more than 40 years of relevant experience as a petroleum engineer, technical consultant, manager and investment adviser in upstream oil and gas. He has worked with Schlumberger, , Enterprise Oil and .Mr OddieJanuary 2018November 2019ERC Energy Resource ConsultantsGemini Oil and Gas Advisors LLP

He was CEO of Enterprise Italy during its first operated exploration drilling both on and offshore. Simon more recently was the architect of the royalty funds where he established a solid track record in fundraising, investor relations, and origination, evaluation and execution of oil and gas deals.Gemini Oil and Gas

Background on Brian O’Cathain

Mr O’Cathain, who joined the Board as non-executive Director in , is a geologist and petroleum engineer with over thirty years’ experience in senior technical and commercial roles in upstream oil and gas exploration and production companies, including , Enterprise Oil and Tullow Oil.January 2018Shell International

He has experience in working in , , onshore and the . He was the Chief Executive of from 2007 to 2016. During this period Petroceltic discovered the Ain Tsila gas condensate field in , and concluded a nil-premium merger with Melrose Energy. Prior to this he served as Chief Executive of from 2005 to 2007. He served as the Managing Director of Enterprise Oil Ireland at the sanction of the Corrib Gas Field development.West AfricaNorth AfricaEuropeNorth SeaAlgeriaPetroceltic International plcAfren plc

Grant of Options

The Board of Directors has agreed to issue options over a total of 15,950,000 ordinary shares of each in the capital of the Company ('Share Options') to certain Directors and employees of the Company in recognition of the salary cuts that the Board and staff have taken in response to the COVID-19 pandemic and market volatility (see announcement of for further details). For the Board, grants were based on 50% of salary with an assumed exercise price. Grants to other employees and consultants were determined by a mix of salary percentage and fixed amounts.1 pence20 July 2020

The Share Options, which have an exercise price of per Ordinary Share, vest in three equal tranches after each of 12, 24 and 36 months and are valid until .  Exercise of the Share Options is conditional on the closing average mid-market price of an Ordinary Share exceeding the exercise price by two times for 30 consecutive trading days.1.23 pence4 August 2026

The details of the Share Options to be granted are set out below:

“I had no hesitation in taking on the role of CEO on a permanent basis as I believe Europa is entering an exciting period in its development, starting with first oil at the Wressle field which is expected later this year, together with advancing our industry-leading exploration position in the proven gas play of the offshore , and de-risking the 30 targets we have identified on our large Inzegane permit offshore ., CEO of Europa, said:Simon OddieSlyne BasinIrelandMorocco

“Furthermore, once we see an improvement in market conditions I intend to resume our efforts to add a third leg to our business by securing a late stage appraisal project.    I look forward to working with Brian in his new capacity as non-executive Chairman as well as the rest of the Board and management team, as we look to realise the huge potential of our asset base.”

* * ENDS * *

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

Notes

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. In terms of production, in 2019 Europa produced 91 boepd. Production is set to increase to over 200 boepd in H2 2020 once the Wressle field in the , which is currently under development, comes on stream at a gross rate of 500 bopd.Europa Oil & Gas (Holdings) plcUK

The Company holds four exploration licences offshore which have the potential to host gross mean un-risked prospective resources of 3.9 billion barrels oil equivalent and 2.7* trillion cubic feet (‘tcf’) gas (*subject to regulatory approval for the transfer of FEL 3/19). The Company’s flagship projects offshore are Inishkea and Edge, two near field gas prospects in the which the Company classifies as lower risk infrastructure-led exploration due to their close proximity to the producing Corrib gas field and associated gas processing infrastructure. In , Europa was awarded a 75% interest in the Inezgane permit offshore . which contains a number of high-impact prospects and leads, any one of which could be transformation to the Company if it were to be successful on drilling.IrelandIrelandSlyne BasinMoroccoSeptember 2019

   

   

Option Holder                   No of Options Issued

                     8,000,000

Brian O’Cathain                 1,750,000

                1,300,000

Other employees and consultants 4,900,000Simon OddieStephen Williams
Simon Oddie         Europa                 + 44 (0) 20 7224 3770

Phil Greenhalgh     Europa                 + 44 (0) 20 7224 3770

Christopher Raggett finnCap Ltd            + 44 (0) 20 7220 0500

Simon Hicks         finnCap Ltd            + 44 (0) 20 7220 0500

Frank Buhagiar      St Brides Partners Ltd + 44 (0) 20 7236 1177

Megan Dennison      St Brides Partners Ltd + 44 (0) 20 7236 1177
Details of the person discharging managerial responsibilities / person
   closely associated

a)                                      

   Reason for the Notification

a) Position/status                          Chief Executive Officer

b) Initial notification/Amendment           Initial notification

   Details of the issuer, emission allowance market participant, auction
   platform, auctioneer or auction monitor

a)                                      

b) LEI                                      213800JWTCW7TN3WRC06

   Details of the transaction(s): section to be repeated for (i) each type of
   instrument; (ii) each type of transaction; (iii) each date; and (iv) each
   place where transactions have been conducted

a) Description of the Financial instrument, Options over Ordinary shares of 1p
   type of instrument

   Identification code                      GB00B03CJS30

b) Nature of the transaction                Grant of Options

c) Price(s) and volume(s)
                                            Price(s) Volume(s)

                                            1.23p    8,000,000


d) Aggregated information:                  n/a

e) Date of the transaction                  

f) Place of the transaction                 Off market transactionNameNameEuropa Oil & Gas (Holdings) plcSimon Oddie3 August 2020
Details of the person discharging managerial responsibilities / person
   closely associated

a)                                      Brian O’Cathain

   Reason for the Notification

a) Position/status                          Non-Executive Chairman

b) Initial notification/Amendment           Initial notification

   Details of the issuer, emission allowance market participant, auction
   platform, auctioneer or auction monitor

a)                                      

b) LEI                                      213800JWTCW7TN3WRC06

   Details of the transaction(s): section to be repeated for (i) each type of
   instrument; (ii) each type of transaction; (iii) each date; and (iv) each
   place where transactions have been conducted

a) Description of the Financial instrument, Options over Ordinary shares of 1p
   type of instrument

   Identification code                      GB00B03CJS30

b) Nature of the transaction                Grant of Options

c) Price(s) and volume(s)
                                            Price(s) Volume(s)

                                            1.23p    1,750,000


d) Aggregated information:                  n/a

e) Date of the transaction                  

f) Place of the transaction                 Off market transactionNameNameEuropa Oil & Gas (Holdings) plc3 August 2020
Details of the person discharging managerial responsibilities / person
   closely associated

a)                                      

   Reason for the Notification

a) Position/status                          Non-Executive Director

b) Initial notification/Amendment           Initial notification

   Details of the issuer, emission allowance market participant, auction
   platform, auctioneer or auction monitor

a)                                      

b) LEI                                      213800JWTCW7TN3WRC06

   Details of the transaction(s): section to be repeated for (i) each type of
   instrument; (ii) each type of transaction; (iii) each date; and (iv) each
   place where transactions have been conducted

a) Description of the Financial instrument, Options over Ordinary shares of 1p
   type of instrument

   Identification code                      GB00B03CJS30

b) Nature of the transaction                Grant of Options

c) Price(s) and volume(s)
                                            Price(s) Volume(s)

                                            1.23p    1,300,000


d) Aggregated information:                  n/a

e) Date of the transaction                  

f) Place of the transaction                 Off market transactionNameNameEuropa Oil & Gas (Holdings) plcStephen Williams3 August 2020

Quick facts: Europa Oil & Gas Holdings PLC

Price: 1.1

Market: AIM
Market Cap: £4.89 m
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