Enegi Oil Plc : EL1070 Update

ENEGI OIL PLC AIM ticker: 'ENEG'

6 January 2012

Enegi Oil Plc ('Enegi' or 'the Company')

EL1070 Update

Further to the announcement by Enegi, dated the 6th December 2011, the Company is pleased to note the announcement issued by Shoal Point Energy ("SPE") on the 5th January 2012 that drilling operations have commenced on the 3K39z well, at Shoal Point, Port au Port Bay, Newfoundland.
According to the announcement, the borehole has been drilled to a measured depth of 1,745 metres and encountered liquid hydrocarbon shows over the entire gross section of the well below approximately 700 metres. Further operations and a number of tests are planned, with the programme expected to take between nine and twelve weeks to complete, depending on the final number of cased-hole tests conducted.

Alan Minty, CEO of Enegi Oil Plc., commented: "We are encouraged by the drilling results announced by SPE and in particular the presence of liquid hydrocarbon shows. We believe that the work currently being conducted on EL1070 by our partners provides value to our interests in terms of asset prospectivity and the licence security to implement our plans. We look forward to further announcements over the coming weeks." Enegi Oil Tel: + 44 161 817 7460

Alan Minty, CEO
David Parry, Director Tel: + 1 604 568 0733

Cenkos Securities Tel: + 44 207 397 8900

Jon Fitzpatrick
Neil McDonald

College Hill Tel: + 44 207 457 2020

Nick Elwes
www.enegioil.com

The Company

Enegi Oil Plc is an independent oil and gas company. Current operations are focused on opportunities around the Port au Port Peninsula in Newfoundland, Canada and the Clare Basin in County Clare, Ireland. The Port au Port Peninsula is located in western Newfoundland, which, although lightly explored, is in an active petroleum system with light oil having been discovered on a number of occasions. The Clare Basin is located in western Ireland and initial technical studies show that it has the potential to contain shale gas.