Issue of Equity

ENEGI OIL PLC

Trading symbol:

London Stock Exchange: ENEG

24 May 2011

Enegi Oil Plc

('Enegi' or 'the Company')

Issue of Equity

Further to the announcement on 19 May 2011 that Enegi had secured an Equity Line Facility (the "ELF") of GBP7.5 million from Dutchess Opportunity Cayman Fund ("Dutchess"), the Company announces that it has issued 526,315 ordinary shares in the Company of 1 pence each to First Columbus at 14.25p per share, being the market closing price on 18 May 2011, to satisfy a Commitment Fee of £75,000 payable by Enegi on commencement of the ELF.

An application for admission of the 526,315 new ordinary shares has been made and admission is expected to occur at 8.00am on 31 May 2011.

Enquiries

Enegi Oil Tel: + 44 161 817 7460

Alan Minty, CEO

Cenkos Securities Tel: + 44 207 397 8900

Jon Fitzpatrick

Beth McKiernan

College Hill Tel: + 44 207 457 2020

Nick Elwes

www.enegioil.com

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 encountered 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.