Phoenix Block Update, UK North Sea

ENEGI OIL PLC

AIM ticker: 'ENEG'

OTC ticker: 'EOLPF'

22 March 2013

Enegi Oil Plc

('Enegi' or 'the Company')

Phoenix Block Update, UK North Sea

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 provide the following update on the Phoenix Block, UK North Sea (the "Block"), which contains the Phoenix oil discovery. Under the work programme, the Company is required to obtain 250km2 of 3D data processed to PSTM and PostSTM and Enegi is pleased to announce that it has secured this data over the Block.

The Company will now carry out in-house interpretation, subsurface analysis and reservoir modelling to determine the full range of recoverable reserves for the Phoenix discovery. This will incorporate the analysis currently being carried out by Azimuth Limited ("Azimuth") under the terms of the farm in agreement announced on 11 February 2013 and will allow the Company to determine the viability of further appraisal and development.

Independently, Azimuth will be considering the additional exploration potential of the Block under the farm in agreement which may lead to further development activity, such potential being in addition to the assessment of the Phoenix discovery.

The Phoenix oil discovery was discovered in 2004 by the Shell operated well 22/12a-10. Geologically, the discovery is a low - relief dip closed structure that lies on the Forties-Montrose High, located between the Nelson Field 16km to the northwest and the Montrose Field 12km to the southeast. The Phoenix reservoir is on trend with the Forties, Montrose and Nelson fields and has been proven to contain many similar properties to these fields, as well as the Arbroath and Arkwright fields which have been also identified as analogous to the Phoenix discovery. All of these analogues share the same Palaeocene sandstone formation and have produced light sweet crude with an API range of 38 - 42°. Recovery factors across the fields have ranged from 57% for the Forties field to 34% to the Arkwright field. Permeability and porosity levels across these fields are also considered to be very good leading to significant flow rates being achieved from these fields.

The remaining acreage in the Block is also believed to contain a lead and a prospect known as "Lead A" and the "Manx Prospect", respectively which are in the area covered by the agreement with Azimuth. A review of the Phoenix discovery by the Company prior to securing this data, has produced a preliminary minimum STOIIP estimate of 15MMBBL, based on a defined structural closure and the oil-water-contact (OWC) encountered by well 22/12a-10. The previous operator of the Block, indicated a STOIIP of up to 93.5MMBBL.

Alan Minty, CEO of Enegi, commented:

"Securing this data provides the foundation from which further geotechnical analysis will be undertaken. Coupled with the analysis that Azimuth will do on this Block, we believe we are in a strong position to determine the feasibility of drilling an appraisal well in the Block.

We look forward to advancing our portfolio and to providing further updates on our progress."

Enquiries:

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Qualified Persons

The information in this release has been reviewed by Barath Rajgopaul MSc (Mech. Eng.) C. Eng, a member of the Advisory Panel of Enegi. Mr Rajgopaul has 30 years' experience in the petroleum industry.

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.

Glossary of terms:

PSTM - Pre-stack time migration is when seismic data is adjusted before the stacking sequence occurs

PostSTM - Post-stack time migration is the process of migration in which the data is stacked after it has been migrated.

Migration is a tool used in seismic processing to get an accurate picture of underground layers. It involves geometric repositioning of return signals to show an event (layer boundary or other structure) where it is being hit by the seismic wave rather than where it is picked up.