Issue of Warrants

ENEGI OIL PLC

AIM ticker: 'ENEG'

OTC ticker: 'EOLPF'

29 February 2012

Enegi Oil Plc

('Enegi' or 'the Company')

Issue of Warrants

The Company announces that it has issued warrants in respect of 2,500,000 ordinary shares in the Company (the "Warrants") to individual staff of Risk Management Research Institute (RMRI) Limited ("RMRI").The Warrants, which have a strike price of 25 pence per ordinary share, will vest over a period of two years beginning September 2012 and will be exercisable at any time prior to the expiry of 36 months after they have vested.

Enegi entered into a consultancy agreement with RMRI on 1 October 2007 (the "Consultancy Agreement") pursuant to which RMRI and its associate companies, some of which are controlled by Alan Minty, Chairman and Chief Executive of the Company, have provided services to Enegi, including geological, financial, legal and administrative services. The terms of the Consultancy Agreement were outlined in paragraph 11.11.13 of Part V of the Company's Admission Document. The rates charged by RMRI for these services have been consistently lower than their normal consultancy rate. Accordingly, in order to incentivise RMRI staff for the loss of partnership earnings within the RMRI Group, the Company has decided to issue the Warrants to the staff providing these services. The Warrants are not being issued to the shareholders in RMRI.