Newfoundland Update

ENEGI OIL PLC

AIM ticker: 'ENEG'

OTC ticker: 'EOLPF'

12 June 2013

Enegi Oil Plc

("Enegi" or "the Company")

Multi-Well Programme Secured to Accelerate Development of Newfoundland Assets

Enegi, the independent Oil and Gas Company with a portfolio of assets located in the UK North Sea, Newfoundland Canada, Ireland, and Jordan is pleased to announce that it has signed a Letter of Intent ("LOI") with Black Spruce Exploration Corp. ("BSE") for the development of Enegi's lease and licence portfolio in Western Newfoundland.

Highlights:

·; LOI secures a multi-well programme to accelerate development of Company's Newfoundland assets;

·; Enegi and BSE intends to enter into a definitive Farm-in Agreement ("the Farm-In") by 12 July 2013;

·; BSE will be able to earn a maximum working interest of 60% by paying 100% of the costs of drilling and completing a maximum of 12 wells on the Company's Newfoundland assets (as outlined below);

·; The Farm-In will be completed in two phases:

o Phase 1: BSE will be required to drill three appraisal and development wells, and two exploration wells. The three appraisal and development wells will consist of two wells on PL2002-01(A) and a rework of the existing Garden Hill Field PaP#1‑ST‑#3 well. The two exploration wells will consist of one well on EL1070 'deep rights' and one well on EL1116. Once all five wells have been drilled, BSE will earn a 50% working interest in all the lease and licences held by Enegi.

o Phase 2: BSE will be required to drill seven further wells to increase its interest by a further 10%, to earn a 60.0% working interest in all the lease and licences held by Enegi. Three of these well locations will be identified by Enegi and the remaining four by BSE.

·; Enegi and BSE will also agree an area of mutual interest ("AMI") covering certain onshore and offshore play types that have been identified by both parties;

·; In the event the Farm-In is executed, BSE and Enegi have agreed that BSE will participate in a private placement under which BSE will purchase a number of shares at the average price for the previous 10 trading days from the date of the LOI, investing a total of GBP1,200,000;

·; Under the terms of the Farm-In, BSE will take over operatorship of Enegi's Newfoundland assets.

Through its wholly owned subsidiary, Enegi Oil Inc., the Company currently holds a 100% working interest in onshore production lease PL2002-01(A) covering an area of 18km2 (approximately 4,400 acres) which contains the discovered Garden Hill Field ("GHF"), as well as a 100% working interest in exploration licences EL1116 covering 2,120km2 (approximately 524,000 acres) and 100% of the 'deep rights' on EL1070 covering 1,030km2 (approximately 255,000 acres) (together the 'Licences'). Under the terms of the proposed farm-in agreement BSE would have the right to earn a maximum interest of 60% in each of the Licences by paying 100% of the costs of a 12 well programme, as well as assuming operatorship of the Licences.

Under the terms of the Farm-In, the multi-well programme will consist of drilling three appraisal and development wells in PL2002-01(A), including a rework of the existing Garden Hill Field PaP#1-ST-#3 well, and drilling one exploration well into EL1070 'deep rights' and one exploration well into EL1116. The remaining seven targets will be determined at a later date.

In addition, BSE and Enegi have agreed to an AMI covering co-operation in certain onshore and offshore targets in Newfoundland that have been identified

Upon entering the Farm-In, BSE will also purchase £1,200,000 of shares in the Company.

Alan Minty, CEO of Enegi, commented:

"We are very pleased to sign this deal with Black Spruce. This multi-well programme accelerates the development of the region and provides the opportunity to unlock the full potential, which we have always believed is inherent, of our Newfoundland assets.

While we continue to maintain a strong presence and have invested considerable sums in the region, given the frontier nature of the area, we have always recognised that it requires strong collaboration with other operators, as well as service providers, to ensure the successful development of these projects.

The multi-well nature of the transaction is also consistent with our strategy of avoiding risk concentration where there is an over reliance on the outcome of any one single event. We look forward to working with our new partner to take these projects forward."

W. T. David Murray, CEO of Black Spruce Exploration Corp., commented:

"We believe that Western Newfoundland is a highly prospective region and offers great potential. We are delighted to be partnering with Enegi whose expertise and knowledge of the region will be invaluable as we look to successfully develop these conventional assets."

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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 Black Spruce Exploration Corp.

Black Spruce Exploration Corp., ("BSE"), with offices in Calgary, Alberta and St. John's and Corner Brook in Newfoundland, is an exploration and production company with property rights, licenses and interests in the province of Newfoundland and is a wholly-owned subsidiary of Foothills Capital Corp. (www.foothillscapcorp.com)

Black Spruce Exploration Corp. is making arrangements with its affiliated companies to bring a drilling rig, drill pipe, casing pipe, tubing pipe, heavy picker truck, hauling trucks and a skidding unit, machine lathes and other field support equipment from various affiliates of Foothills Capital Corp. in order to ensure that Black Spruce Exploration has the necessary equipment to safely and effectively properly drill and develop hydrocarbon energy reserves on the west coast of Newfoundland.

The board of directors of Black Spruce Exploration Corp. has over 100 years combined experience directly or indirectly in the energy sector, engaging in transactions that have ranged from $1 million to over $15.3 billion in value. Board members have worked for or with junior companies or large international players such as Conwest Exploration Inc., Alberta Natural Gas, Bayridge Resources Limited, HESS Corporation, Burlington Resources, Gulf Oil, EnCana, Exxon, Helmrich & Payne, Nabors Drilling, CNRL, UPRI, British Petroleum America, Shell, Southwest Energy, Chesapeake Energy, Talisman and Statoil.

Foothills Capital, under TRP Holdings, Corp., presently operates in the Bakken shale-oil formation through its subsidiary entity Bakken ND Pipe & Supply, LLC, which is located in Ross, North Dakota. The officers and directors have worked in other oil and gas shale formation plays throughout the United States, as well as in conventional oil and gas fields in the United States and Canada.