Exclusive Option Agreement with Wood Group PSN

ENEGI OIL PLC

AIM ticker: 'ENEG'

OTC ticker: 'EOLPF'

9 December 2013

Enegi Oil Plc

('Enegi')

ABTOG Shareholders enter into an Exclusive Option Agreement with Wood Group PSN

Enegi and ABTechnology Ltd. ('ABT'), the owners of ABT Oil and Gas ('ABTOG') are pleased to announce that they have entered into an option agreement (the 'Option') with Wood Group PSN, the international energy services company. The Option provides Wood Group PSN with an exclusive right for a period of 90 days to conclude an agreement to expand its participation in the development of the marginal field initiative, commenced by Enegi and ABT.

The parties to the Option will now enter into a period of negotiation during which Enegi, ABT and Wood Group PSN will seek to conclude discussions with regard to the structure and terms of this expanded role as well as conduct due diligence as required.

Via a framework agreement executed in 2011, Wood Group PSN is a strategic partner of ABT in the commercial exploitation of unmanned buoy technology which allows Wood Group PSN exclusivity in the provision of a number of engineering services. The recent acceleration in the development of the marginal field initiative, in terms of industry interest, project acquisition and expansion of the technology portfolio, has encouraged the parties via the Option to reassess the relationship with a view to Wood Group PSN participating more widely in the development of the business.

Alan Minty, CEO of Enegi commented:

"The execution of the Option with Wood Group PSN is further evidence of the attractiveness of the marginal field business model and reflects the progress that has been made in developing the business. The Option represents the first step in securing independent investment into this initiative. Successful conclusion of negotiations would see stronger links with a leading, global engineering services company providing access to the engineering manpower and expertise that will be needed to deliver on the many projects that it expects to secure and fulfil the potential of the marginal field initiative.

From Enegi's perspective, successful conclusion of the discussions with Wood Group PSN would mean that both of its major initiatives, including the development of western Newfoundland after agreeing a farmout with Black Spruce Exploration ('BSE'), have sufficient resources and the appropriate expertise to provide them with the best chance of success.

In addition, shareholders can expect the successful execution of the work contemplated by the farmout agreement with BSE and the successful funding of the marginal field initiative to have a positive impact on the Company's future working capital requirement."

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About Enegi

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 ABT Oil & Gas's suite of appropriate solutions which change the development economics of a 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 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