EL1116 Update

ENEGI OIL PLC

AIM ticker: 'ENEG'

OTC ticker: 'EOLPF'

17 January 2014

Enegi Oil Plc

("Enegi" or "the Company")

EL1116 Update

Enegi, the independent Oil and Gas Company with a portfolio of projects located in the UK North Sea, Newfoundland Canada, Ireland, and Jordan is pleased to announce that it has extended Period I of Exploration Licence EL1116, western Newfoundland for a period of 12 months.

As per the announcement of 23 December 2013 a drilling deposit of $250,000 has been paid by Black Spruce Exploration ("BSE") to the Canada-Newfoundland Offshore Petroleum Board ("C-NLOPB"). This has extended the initial five year licence period (Period I) for EL1116 by a further 12 months. This is in advance of the drilling programme which is planned to take place on the licence this year targeting the St George's Bay prospect. On completion of the well, under the terms of the licence, EL1116 will enter Period II and will then be valid for a further three years following the end of this extended 12 month period.

The well on EL1116 will be drilled, by BSE, following the anticipated successful drilling at the Garden Hill Field ("GHF") which is expected to commence in April. The St George's Bay prospect is expected to be drilled from onshore to offshore to delineate the offshore extent of the Garden Hill hydrothermal dolomite trend.

As announced on 11 April 2013, Enegi received the results of a Competent Person's Report ("CPR"), which was performed by Deloitte of Calgary and reaffirmed the Company's belief of the potential of the St George's Bay prospect.

The material conclusions drawn from the CPR were as follows:

· The St. George's Bay prospect offers clear potential which:

o possesses a combination trap configuration of both structure and stratigraphic elements within a gentle roll over anticline bounded by two thrust faults;

o possesses a mature source rock with migration and reservoir fully confirmed; and

o makes it viable for an exploration campaign and appraisal efforts.

· The prospect is estimated by Deloitte to contain:

Alan Minty, CEO of Enegi, commented:

"We are delighted to have gained this extension. With our partner BSE we are about to commence an extensive drilling programme across all our assets which we believe will demonstrate the full potential of the region."

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 Panel of Enegi. Mr. Rajgopaul has over 30 years' experience in the petroleum industry.

About Enegi Oil

Enegi Oil Plc is an independent oil and gas company whose strategy is to build a diverse portfolio of assets with a strong emphasis on acquiring interests in marginal fields. These marginal fields are low risk highly-appraised projects and consequently the Company's entry cost will be low. Enegi will look to develop these assets utilising ABTechnology's buoy technology which is an appropriate solution and changes the development economics of the project. This is also expected to enable the early booking of reserves. 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 have discovered hydrocarbons on them 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.

About Black Spruce Exploration Corp.

Black Spruce Exploration Corp., ("BSE"), with offices in Calgary, Alberta and St. John's and Corner Brook in Newfoundland, is an exploration and production company with property rights, licenses and interests in the province of Newfoundland and is a wholly-owned subsidiary of Foothills Capital Corp. (www.foothillscapcorp.com)

Black Spruce Exploration Corp. is making arrangements with its affiliated companies to bring a drilling rig, drill pipe, casing pipe, tubing pipe, heavy picker truck, hauling trucks and a skidding unit, machine lathes and other field support equipment from various affiliates of Foothills Capital Corp. in order to ensure that Black Spruce Exploration has the necessary equipment to safely and effectively properly drill and develop hydrocarbon energy reserves on the west coast of Newfoundland.

The board of directors of Black Spruce Exploration Corp. has over 100 years combined experience directly or indirectly in the energy sector, engaging in transactions that have ranged from $1 million to over $15.3 billion in value. Board members have worked for or with junior companies or large international players such as Conwest Exploration Inc., Alberta Natural Gas, Bayridge Resources Limited, HESS Corporation, Burlington Resources, Gulf Oil, EnCana, Exxon, Helmrich & Payne, Nabors Drilling, CNRL, UPRI, British Petroleum America, Shell, Southwest Energy, Chesapeake Energy, Talisman and Statoil.

Foothills Capital, under TRP Holdings, Corp., presently operates in the Bakken shale-oil formation through its subsidiary entity Bakken ND Pipe & Supply, LLC, which is located in Ross, North Dakota. The officers and directors have worked in other oil and gas shale formation plays throughout the United States, as well as in conventional oil and gas fields in the United States and Canada.