Fyne Oil Field Update

ENEGI OIL PLC

AIM ticker: 'ENEG'

OTC ticker: 'EOLPF'

24 July 2013

Enegi Oil Plc

("Enegi" or "the Company")

Fyne Oil Field Update

Enegi, the independent Oil and Gas Company with a portfolio of assets located in the UK North Sea, Newfoundland Canada, Ireland, and Jordan are pleased to provide the following update on the Fyne Oil field project.

Enegi, along with its Joint Venture partner ABTechnology ("ABT"), agreed with Antrim Resources (N.I.) ("Antrim") to prepare an amended Field Development Plan for the development of the Fyne oil field using a production buoy facility. Further to that agreement, Wood Group PSN, has been contracted by ABT to commence pre-FEED and FEED studies in order to facilitate the completion of the Field Development Plan and submission of the Environmental Statement required to gain approval from DECC for this development. 

These studies will refine the generic production buoy design in order to incorporate the specific requirements that are associated with the Fyne oil field and are expected to be completed to sufficient detail in the autumn.

Antrim has previously undertaken a significant element of the FEED work on the subsea design when working on alternative production solutions. As such, a substantial proportion of the project is already well progressed and will be incorporated in to the revised Field Development Plan.

ABT and Wood Group formed a strategic partnership in May 2011 in order to commercialise unmanned production buoy technology. The commencement of this programme of work demonstrates that the partnership is working effectively and re-affirms both parties belief that buoy technology has the potential to successfully be used to develop marginal oil fields.

Alan Minty, CEO of Enegi, commented:

"We are delighted to have Wood Group PSN working with us on this project given their capability and expertise. Considerable progress has already been made on the pre-FEED and FDP since we entered this project with all the partners working together to ensure that the deliverables are completed on schedule and the final FDP is delivered to DECC in good time. 

"We look forward to providing further updates on Fyne as the project progresses."

Dave Stewart, UK Managing Director Wood Group PSN, commented:

"ABT's buoy solution offers an exceptional opportunity to develop a significant proportion of reserves in the North Sea, as well as globally, that would otherwise remain untapped. We are very excited to be working with the partners in providing an innovative development solution for the Fyne Field and look forward to working on further marginal field projects with the ABT and Enegi teams in the future."

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About Enegi

Enegi Oil Plc is an independent oil and gas company whose strategy is to create an oil and gas company with a diversified portfolio of assets across the E&P value chain. 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 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 in Jordan with its partner Korea Global Energy Corporation.

About ABT

ABTechnology is a private company that has been established to develop solutions using buoy technology for the oil and gas industry primarily in the North Sea but also internationally. Through this technology the Company can provide cost effective solutions for offshore oil and gas fields that are currently considered marginal or sub economic using conventional development methods. Due to their versatile nature buoys can generate significant capital and operational cost savings over traditional offshore structures such as vessels, semi-submersibles and fixed platforms. This means that the buoys can significantly improve the returns of a project, whether they are used independently or as part of a larger project, radically changing the economics of the project.

www.abtechnology.com

About Wood Group:

Wood Group is an international energy services company with around $7bn sales, employing about 43,000 people worldwide and operating in 50 countries. The Group has three businesses - Wood Group Engineering, Wood Group PSN and Wood Group GTS providing a range of engineering, production support, maintenance management and industrial gas turbine overhaul and repair services to the oil & gas, and power generation industries worldwide. www.woodgroup.com

Wood Group PSN is a global provider of pre-operations, hook up & commissioning, operations & maintenance, engineering, construction, project management, training and decommissioning services to the energy industry. Employing over 30,000 people in more than 35 countries, Wood Group PSN offers high integrity, brownfield services that support customers to optimise performance, maintain production, reduce operating costs and provide integrity assurance. www.woodgroup-psn.com