ABT Oil & Gas farms into Helvick and Dunmore

ENEGI OIL PLC

AIM ticker: 'ENEG'

OTC ticker: 'EOLPF'

13 November 2013

Enegi Oil Plc

('Enegi')

ABT Oil & Gas farms into the Helvick oil field and Dunmore oil discovery, North Celtic Sea Basin, offshore Ireland

Enegi is delighted to announce that ABT Oil & Gas Limited ("ABTOG" ), its joint venture ("JV") with ABTechnology Ltd. ("ABT"), has entered into an agreement to farm in to the Helvick oil field and Dunmore oil discovery (collectively the "Discoveries"), located in Standard Exploration Licence 2/07 in the North Celtic Sea Basin offshore Ireland. Under this farm in agreement, Providence Resources P.l.c ("Providence"), Atlantic Petroleum (Ireland) Limited ("Atlantic"), Sosina Exploration Limited ("Sosina") and Lansdowne Celtic Sea Limited ("Lansdowne") (in respect of Helvick only) (collectively the "Partners") have agreed to farm out an aggregate 50% interest in the Discoveries in return for ABTOG completing an agreed work programme (as set out below). This work programme is designed to prove up the commerciality of the Discoveries and advance them to first oil.

The farm-in is subject to the approval of the Minister of State at the Department of Communications, Energy and Natural Resources (the "Minister") granting a Lease Undertaking in respect of each Discovery. Providence has, on behalf of its Partners, applied to the Minister to convert the part of Standard Exploration Licence 2/07, which contains the Discoveries, into two separate Lease Undertakings.

Under the terms of the farm in, ABTOG will carry out a phased three stage work programme. The first phase requires ABTOG to determine commerciality over Dunmore and Helvick. Phase two is to prepare and apply for a Petroleum Lease, with Phase three culminating in the submission of a formal Plan of Development to first oil, using ABTOG's low cost development solutions.

Upon award of each Lease Undertaking, ABTOG will be assigned a 10% interest in each Discovery. ABTOG will then gain a further 20% interest upon award of the Petroleum Lease and following the completion of the second phase and another 20% following the approval of the Plan of Development by the Irish Government and completion of the third phase. Upon completion of the entire work programme, ABTOG will earn an aggregate 50% interest in the Discoveries. Each assignment of equity will be subject to Ministerial approval.

This will be the second such project that the JV has secured, after ABT and Enegi reached agreement with Antrim Resources earlier this year to farm into the Fyne oil field ("Fyne"). Fyne, located in the central North Sea, was the first transaction leveraging the JV's solutions to gain an interest in a marginal field project and has P2 reserves of 9.9 million barrels. Considerable progress has already been made in taking the Fyne project forward towards the required submission of a revised FDP for Fyne. Work on the Environmental Statement is continuing and Wood Group PSN are progressing the engineering studies, focussing on the process and design of the buoy system. ABT and Wood Group formed a strategic partnership in May 2011 in order to commercialise unmanned production buoy technology. ABT are looking forward to applying their experience with Fyne to the development of Helvick and Dunmore.

Helvick

The Helvick oil field is located in Block 49/9, some 36 kilometres off the south coast of Ireland. The Helvick discovery well, 49/9-2, was first drilled in 1983 and flowed at a cumulative rate of approximately 9,900 BOPD and 7.5 MMSCFGD. Three appraisal wells were subsequently drilled in the late 1980s to delineate the field. In 2000, Providence drilled the 49/9-6Z well which was tested at rates of approximately 5,200 BOPD. Further detailed analysis indicated that the Helvick reservoir is relatively small in size and, due to this small size and the low oil price at the time, the field was not deemed commercially viable. ABTOG and the Partners believe now, however, that Helvick is potentially commercial using ABTOG's new low cost development solutions.

Dunmore

The Dunmore discovery is located approximately 20 kilometres north of the Hook Head discovery in the Celtic Sea. The discovery well, 50/6-1, was drilled by the then Operator, Gulf Oil, in 1985/86 and flowed at a rate of approximately 2,100 BOPD of high quality (44º API) oil. During 2008, Providence drilled the 50/6-4 appraisal well on the Dunmore structure and, whilst the well failed to prove the lateral extent of the hydrocarbon bearing Upper Jurassic sands, a new oil bearing carbonate interval was intersected.

Stephen Baird, CEO of ABT Oil & Gas commented:

"The Celtic Sea and offshore Ireland has seen a tremendous increase in interest and activity in recent years. These projects will be our first foray into this region and as such we look forward to proving up the ability of our proprietary development solutions in the region and opening up further opportunities in the future. Our ongoing work on the Fyne oil field in the North Sea gives us confidence that our low cost development solutions can be utilised to develop Helvick and Dunmore."

Alan Minty, CEO of Enegi Oil commented:

"Dunmore and Helvick are low risk, well appraised projects which have significant potential, but couldn't, in the past, be economically developed using conventional solutions. As such, these assets are ideally suited for development using ABTOG's new proprietary solutions. Utilising ABTOG's suite of low cost development solutions, we will work towards proving up commerciality and designing a viable plan of development ensuring the full potential of these assets are realised.

We are delighted to have entered into this agreement with the Partners on Dunmore and Helvick and we look forward to working with them in taking these projects going forward."

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About ABT Oil & Gas

ABT Oil & Gas is a joint venture company owned 50/50 by Enegi and ABTechnology. ABT Oil & Gas's strategy is to build a portfolio of marginal field opportunities which can be developed using appropriate and proven technology. The application of the technology in developing marginal fields has the potential to significantly change the economics surrounding a project thus making it viable to develop. ABT Oil & Gas will only consider projects that are based upon discovered hydrocarbons, thus are deemed to be low risk, and will look to gain an interest in the project in return for providing an appropriate development solution. The Company's initial area of focus is on the UKCS.

www.abtoilandgas.com

About Enegi

Enegi Oil Plc is an independent oil and gas company whose strategy is to create an oil and gas company with a diversified portfolio of assets across the E&P value chain. The Company's current portfolio is made up of operations focused on opportunities around the Port au Port Peninsula in Newfoundland, Canada, the Clare Basin in County Clare, Ireland, the UK North Sea and Jordan. 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. The Company's licences in the UK North Sea benefit from significant previous exploration investment, and have been selected based on buoy technology operating criteria. The Company has also entered into the highly prospective Dead Sea and Wadi Araba in Jordan with its partner Korea Global Energy Corporation.