Alan Pardew's side finished second in Group D behind winners Bordeaux, who beat them 2-0 in the final group game, and Ameobi says the defeat was largely down to European inexperience.
"There are no excuses, we were not up to speed. It was very disappointing. Our inexperience perhaps told in the end with the boys chucked in at the deep end," he told The Sun.
|TOON TO TRIUMPH?
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"At times that has worked out well for us in Europe but this was a step too far."
But the Magpies' forward believes that result was only a blip, saying that a full-strength Newcastle squad can look forward to some special nights at St James' Park and can go far in the tournament.
"But we are through and we are delighted. We want to stamp our mark on Europe," he added.
"Hopefully we can look forward to February with a fully-fit squad and really attack with all guns blazing.
"We know how good those Europe nights are."