Clare Basin Update

ENEGI OIL PLC

AIM ticker: 'ENEG'

OTC ticker: 'EOLPF'

4 September 2012

Enegi Oil Plc

('Enegi' or 'the Company')

Clare Basin Update

Enegi is pleased to provide an update on the work programme relating to its Onshore Petroleum Licensing Option ("the Option") covering areas of interest within the Clare Basin in Southern Ireland. The Option was awarded to the Company by the Department of Communications, Energy and Natural Resources ("the Department") in Ireland, as announced in the news release dated 14 February 2011.

Following the award of the Option, field studies have been conducted as part of a prospecting programme to assess the Clare Shale for its shale gas potential. The results of sample analysis undertaken to date have been extremely encouraging, indicating a higher prospectivity than was previously anticipated. Specifically:

·; Total Organic Carbon ("TOC") analysis has confirmed that the shale is a rich source rock containing an abundance of preserved organic matter.

·; Vitrinite Reflectance ("VR") analysis indicates that the shale is of lower maturity than previously recorded in literature, which enhances the potential for gas preservation at depth in the basin.

Enegi has engaged Fugro Robertson Ltd. ("Fugro") to undertake further testing in order to gain a fuller understanding of the prospectivity of the region. Fugro will also prepare an independent estimate of the in-place resources within the acreage covered by the Option.

Studies and analysis undertaken will be summarised in a report for the Petroleum Affairs Division of the Department, which is required, under the terms of the Option, to be submitted by 30th November 2012.

Further updates will be provided as the prospecting programme progresses.

Alan Minty, CEO of Enegi, commented:

"The latest results strengthen our belief in the potential of the Clare Basin. We look forward to the results from Fugro, which will not only shape our plans for the area, but also give us an indication of the magnitude of resources that we could potentially book in future."

Enegi Oil

Alan Minty, CEO Tel: + 44 161 817 7460

Cenkos Securities

Jon Fitzpatrick Tel: + 44 207 397 8900

Neil McDonald Tel: + 44 131 220 9771

College Hill

Nick Elwes Tel: + 44 207 457 2020

Alexandra Roper

www.enegioil.com

Facebook (Enegi Oil PLC)

Twitter (@enegioil)

Qualified Persons

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

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.