new annoucement : gazonor reserve upgrade

NEWS RELEASE
24 JULY 2008

RESERVE UPGRADE STATEMENT
GAZONOR FRANCE
HIGHLIGHTS
¾ A 50% increase in 1P reserves at Gazonor to 49 Petajoules.
¾ Inaugural 2P reserves of 140 Petajoules and 3P reserves of 380 Petajoules.
¾ Estimates are based on current production facilities only, hence reserve increases are
likely with further development.
¾ Coal bed methane resource calculations in progress.
RESERVES
European Gas Limited (“European Gas”) is pleased to announce proven, probable and possible reserves
have increased substantially at it’s wholly owned Gazonor project in northern France.
The estimates have been carried out by independent Deutsche Montan Technologie GmbH of Essen,
Germany (“DMT”) on behalf of European Gas.
The estimates confirm 1P (Proved) reserves at 49 Petajoules (PJ), 2P (Proved and Probable) reserves at
140 PJ, and 3P (Proved, Probable and Possible) reserves at 380 PJ.
The updated 1P reserves represent an increase of 50% to the previous estimates. The 2P and 3P reserve
estimates are inaugural.
Billions of Cubic Metres
(Bm3)
Billions of Cubic Feet
(Bcf)
Petajoules
(PJ)
1P Reserves 1.3 46 49
2P Reserves 3.7 131 140
3P Reserves 10.1 357 380
Both deterministic and probabilistic methodology has been used to derive reserve estimates. The 2P figure
is based on a lognormal relationship being in force and using the deterministic 1P and 3P estimates for
control.
This reserve estimates assume that current commercial production will continue using the existing
infrastructure. No account has been taken of the enhanced production which will result from the installation
of additional pumping stations and development drilling. Similarly the company is re-evaluating the
recoverable desorbable gas volume based on a more detailed model for sub-surface pressure distribution
in the de-stressed coal. When complete this will likely to result in the re-rating of the coal mine methane
based reserves.
In addition, the Company is in the process of the determination of coal bed methane resources at Gazonor.

ABOUT EUROPEAN GAS LIMITED
European Gas Limited is a hydrocarbon producer/developer/explorer with projects in western Europe.
The strategy of the company is to develop Coal Bed Methane and Coal Mine Methane projects, in
particular, in France where the company having major holdings under licence holds a significant
competitive advantage.
The western European natural gas market is substantial with advanced infrastructure, including
extensive pipeline networks and a free and open market.
The company also holds hydrocarbon royalties in the Canning Basin of Western Australia.
For further information please contact:
Anthony McClure (Managing Director) Alan Flavelle (Executive Director)
Corporate Technical
(+33) 1 47 42 14 00 (+33 ) 6 74 22 48 73
or refer to the European Gas Limited web-site: www.europeangas.fr.
COMPLIANCE STATEMENT
The technical information quoted in this announcement has been compiled by Mr. Alan Flavelle and
Mr Rodney Bresnehan and geoscientists under their supervision.
Mr Flavelle is a Fellow of the Australasian Institute of Mining and Metallurgy and is a member of the
Society of Petroleum Engineers.
Mr Bresnehan is Technical Advisor to EGL and is a member of the Society of Petroleum Engineers.
The estimates undertaken by DMT comply with the SPE published Reserve Estimation Standards (revision
2007) and the Petroleum Resource Management System (SPE/AAPG/ WPC/SPEE).
Mr Flavelle and Mr Bresnehan have consented to the inclusion in this report of the matters based on
the information in the form and context in which it appears.