ABT Option

20 September 2011

Enegi Oil Plc

('Enegi' or 'the Company')

ABT Option

Enegi announced on 19th May 2011 that it had secured an exclusive option (the "Option") to acquire the entire share capital of Advanced Buoy Technology (ABTechnology) Ltd ("ABT"). This option expired on 19th September 2011 and the opportunity to renew the Option for a further 4-month period at a cost of £250,000 has not been exercised.

Nevertheless, the Company remains excited about the prospect of a strategic partnership with ABT and, in particular, the opportunity to facilitate the expansion of the Company's existing asset portfolio and provide an alternative revenue source independent of the Company's existing assets.

Accordingly, the Company is currently focussed on reviewing the outputs from the considerable legal, financial, technical and commercial due diligence exercise undertaken in respect of ABT during the period of the Option and on exploring, in conjunction with its advisers (and the proposed directors to be appointed to the Company with effect from 1 October 2011), alternative structures which allow Enegi to both benefit from the strategic opportunity presented by ABT and maximise shareholder value.

In the interim, the Company is pleased to confirm that ABT has agreed to continue to work exclusively with the Company.

A further announcement will follow in due course.

Enquiries:

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.