Update on Dead Sea and Wadi Araba Project, Jordan

ENEGI OIL PLC

AIM ticker: 'ENEG'

OTC ticker: 'EOLPF'

4 March 2013

Enegi Oil Plc

('Enegi' or 'the Company')

Update on Dead Sea and Wadi Araba Project, Jordan

Enegi, the independent oil and gas company, is pleased to announce that yesterday, at a meeting which was chaired by Prime Minister Abdullah Ensour, the Cabinet approved a co-production agreement with Korea Global Energy Corporation ("KGEC") for oil exploration in the Dead Sea and Wadi Araba areas.

KGEC will carry out its exploration works over a 6,819-square-kilometre area in three phases.

Under the agreement, KGEC will implement its contractual obligations for the four-year exploration phase, during which it will conduct geological studies of the area, including a seismic survey, and drill three wells for oil exploration. The Company will provide further updates in the coming weeks.

As announced on 13 December 2013, Enegi has a 5% carried interest in the project.

Alan Minty, CEO of Enegi, commented:

"We are delighted that the Cabinet and the Prime Minister have approved this agreement. This is a further step forward in finalising the Ratification of this project. We are very excited about this asset and look forward to working with KGEC and the Jordanian authorities in progressing this project."

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About Enegi

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, 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 KGEC

Korea Global Energy Corporation ("KGEC"), is a company duly incorporated and registered in the Republic of Korea under number 4567694 and represented by Mr Cheongsig Park (Chairman). KGEC is an established vehicle designed to acquire, promote and sponsor hydrocarbon exploration, appraisal, development and production projects outside the Republic of Korea, through establishing affiliates, joint ventures and partnerships with reputable, esteemed and experienced technical companies in the oil and gas fields.