Arrowhead Business and Investment Decisions, LLC (“Arrowhead”) announced that it had published an updated Due Diligence Research and Valuation Report on European Gas Ltd ("European Gas" or "the Company”) on June 7th, 2011.

The report is available on abid.co and at: http://abid.co/documents.php?document=1476025380

About European Gas Limited (ASX:EPG)

European Gas Limited is a French-Australian exploration and development company targeting Coal Bed Methane, Coal Mine Methane and other forms of hydrocarbons in France and in other European jurisdictions. European Gas owns a 100% interest in a large scale development project in Lorraine in the North-East of France, where it plans to use a modern production system targeting minimal surface disturbance. The company owns interest in two other exploration projects in France, 50% of a JV in Belgium, and some licenses in Tuscany, all prospective in CBM or other hydrocarbons. The company plans to expand its portfolio of European gas exploration assets when opportune, hoping to benefit overall from European gas prices, which are higher than in North America, and a dense existing gas distribution infrastructure and markets for gas.

Statements contained and linked to this news release are not historical facts they are forward-looking statements. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Forward-looking statements are based on the beliefs, estimates and opinions of Arrowhead analysts on the date the statements are made. Arrowhead undertakes no obligation to update these forward-looking statements if beliefs, estimates or opinions, or other factors, should change. The information contained and linked to this news release is purely factual and does not constitute a recommendation to buy or sell securities. Arrowhead received fees in 2010 and 2011 from European Gas for the research costs and other services including publishing this report and investor relations services. Arrowhead is not responsible for any loss, financial or other, directly or indirectly linked to any price movement or absence of price movement of the securities described.

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