Green Point Shale Identified

Enegi Oil Plc ('Enegi' or 'the Company')

Green Point Shale Identified in PL2002-01

As part of the review of Enegi's assets that has been continuing since December 2009, geological maps and shallow borehole data for the Company's assets have been analysed and a potential further play has been identified. Enegi is pleased to confirm that preliminary analysis suggests that "Green Point Shale" extends offshore from EL1070 to onshore PL2002‑01, and covers an area of approximately 24km2 in the north-eastern part of PL2002‑01.

During drilling activities in EL1070, hydrocarbon shows were encountered before target depths were reached, indicating an unconventional shale play in the Middle Cambrian to Lower Ordovician Green Point Formation ("Green Point Shale"). This is in addition to the deeper conventional structural play in the middle Ordovician platform carbonates of the St. Georges Group, which has produced hydrocarbons at the Garden Hill South (GHS) discovery in PL2002-01.

Consistent with the Company's stated strategy, PDI Production Inc. ("PDIP"), the Company's wholly owned operating subsidiary, swapped their interests in the unconventional shale play in EL1070 for a 100% interest in the deeper conventional structural play in November 2009. Having Green Point Shale in PL2002-01 adds the possibility of an unconventional shale play to the Company's assets, and furthermore, the play can be accessed from onshore. However, further analysis is required to determine more accurately the full areal extent, total thickness, and thermal maturity levels of the Green Point Shale in the Company's assets and its significance.

As an update, the Company continues to prepare the Garden Hill South site for the acid fracturing previously announced and will update the market in the near future.

Alan Minty, CEO of Enegi commented:

"As we continue to review and de-risk our assets, our understanding of them and their potential and how their development should be managed will continue to evolve.

Further analysis is required to assess the full significance of having the Green Point Shale in PL2002‑01, however, it adds a positive dimension to our exploration and development efforts in the area."

17th May 2010

Enquiries:

www.enegioil.com

Qualified Persons

The information in this release has been reviewed by Barath Rajgopaul MSc (Mech. Eng.) C. Eng, a director of Enegi. Mr. Rajgopaul has over 25 years experience in the petroleum industry.

The Company

Enegi Oil Plc is an independent oil and gas group whose objective is the identification, development and operation of hydrocarbon opportunities. The Group's current operations are focused on assets on and around the Port au Port Peninsula in Newfoundland, which, although lightly explored, is in an active petroleum system with light oil having previously been discovered there. The Group's assets include Garden Hill South, Shoal Point, Garden Hill Central, Garden Hill North and Lourdes.