Announcement • May 20
Europa Oil & Gas Holdings plc Receives Refusal For Cloughton Gas Appraisal Well Planning Application Europa Oil & Gas (Holdings) plc announced, further to its announcement of 27 April 2026, that it has been notified by North Yorkshire Council ("NYC") that the Local Planning Authority ("LPA") has now issued its decision to refuse planning permission for the Cloughton gas appraisal well. This refusal is despite the recommendation made by the NYC's own planning officers who, after rigorously analysing the planning application and the 13 independent experts whose separate reports all supported the application, advised the LPA to approve the application. New Risk • May 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (37% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (UK£2.1m net loss in 2 years). Revenue is less than US$5m (UK£2.9m revenue, or US$3.9m). Market cap is less than US$100m (UK£20.1m market cap, or US$27.2m). Announcement • Apr 28
Europa Oil & Gas (Holdings) plc Receives North Yorkshire Council Planning Committee Decision on Cloughton Well Europa Oil & Gas (Holdings) plc, the AIM quoted West Africa, UK and Ireland focused oil and gas exploration, development and production company, notes the decision of the North Yorkshire Council ("NYC") planning committee at its meeting on 24th April that it is minded not to approve the Company's plan for a well in Burniston on its Cloughton prospect, despite the positive recommendation from the Council's planning department that the operation should proceed. A final recommendation is pending a decision by the Secretary of State over the need for an environmental screening assessment to be carried out relating to the proposal, despite the Company having already opted to voluntarily complete and submit an environmental screening assessment as part of the planning application. The Company is disappointed with the committee's decision, which directly contradicts the NYC planning officers' endorsement of its plans for the well after an exhaustive review process, and Europa intends to appeal the decision once the final recommendation has been delivered. The Company is confident that on appeal the planning permission will be approved. Following implementation of the Wressle development, which was approved on appeal, the initial local opposition and concern has disappeared and the local community is now highly supportive. This clearly demonstrates how a well-run operation can be conducted without negatively impacting local amenity and how the community can realise a material benefit. planning application for the well at Burniston was underpinned by 13 expert reports and exhaustive preparatory work. It was also recommended by the council's own planning department. The company shall appeal the decision and remain of the view that the well can be safely and efficiently delivered and is in the best interests both of the local community and the country. 
