Clare Basin Update

ENEGI OIL PLC

AIM ticker: 'ENEG'

OTC ticker: 'EOLPF'

21 February 2013

Enegi Oil Plc

('Enegi' or 'the Company')

Clare Basin Update - Application for Exploration Licence

Following the completion of the Company's successful work programme on the Clare Basin Licensing Option (the "Option"), as outlined on 30 November 2012, Enegi has applied to the Petroleum Affairs Department of Communications, Energy and Natural Resources ("PAD") for an Exploration Licence over the areas covered previously by onshore petroleum licencing option ON11/1.

The Option was awarded to the Company on 14 February 2011. Since the award of the Option, Enegi has carried out an extensive work programme to procure and evaluate existing technical data and obtain and analyse new geological data to develop a provisional assessment of the potential of the licence. As announced on 30 November 2012, the results of that work programme indicate that, given the maturity, thickness and buried depth of the shale, the whole area under the Option remains prospective for shale gas. The studies also highlighted an area within an existing seismic grid, consisting of 130 line kilometres of 2D seismic, as being particularly high grade, based on the thickness of the shale and lack of faulting present.

As announced on 30 November 2012, Fugro Robertson Ltd, engaged by the Company to prepare an independent estimate of in place resources within the acreage covered by the Option, provided the following preliminary resource estimates:

·; 3.62 trillion cubic feet ("TCF") of free gas initially in place ("GIIP") within the seismic coverage, based on a most likely porosity of 7%, with 1.23 TCF of that being in the area identified as high grade.

·; 1.55 TCF GIIP within the seismic coverage for a minimum porosity case of 3%, of which 526.4 billion cubic feet falls within the high grade area.

·; Corresponding estimates for the entire Option area are 13.05 TCF GIIP (most likely) and 5.59 TCF (minimum case).

·; Total recoverable resource estimates for the Option area of between 1.49 TCF and 3.86 TCF.

The Company will issue an update once a response is received from PAD in due course.

Alan Minty, CEO of Enegi, commented:

"We believe the acreage covered by the Clare Basin Option is highly prospective. With this in mind and with the need to carry out further exploration work over the area, we have applied to the PAD to convert our Option into an Exploration Licence which will allow us to carry out this work and to further prove up the potential that we believe this acreage holds.

We look forward to hearing from the PAD on our application and providing further updates in due course."

Enquiries:

www.enegioil.com

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Qualified Persons

The information in this release has been reviewed by Barath Rajgopaul MSc (Mech. Eng.) C. Eng, a member of the Advisory Panel of Enegi. Mr Rajgopaul has over 29 years' experience in the petroleum industry.

About Enegi

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, 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 Block in Jordan with its partner Korea Global Energy Corporation.