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ENEGI OIL PLC

AIM ticker: 'ENEG'

OTC ticker: 'EOLPF'

31 March 2014

Enegi Oil Plc

("Enegi" or "the Company")

Board Changes

Enegi, the independent Oil and Gas Company, today announces the following Board Changes.

Professor Mike Bowman has been appointed to the Board as a Non-Executive Director. Mike has over 30 years' experience in the field of development and production geology. For most of his career, he was employed with BP, where his final position was Vice President of Geoscience and Subsurface. He is now Professor of Development and Production Geology at the University of Manchester; in addition, he is an advisor to Dana Petroleum, Sonardyne PLC and First Reserve Investment Bank. 

As required under paragraph (g) of Schedule 2 of the AIM Rules, Michael Byron John Bowman (aged 61) is currently a Director and co-owner of M&P Bowman Consulting Ltd which provides specialist/expert consultancy and teaching services to the oil and gas industry. He also holds 500,000 warrants in the Company as a result of advisory work carried out between 2012 - 2014 which have an exercise price of £0.25. His wife and daughter also hold 6,011 and 6,944 ordinary shares in the Company respectively.

Alex Lamb, Chairman of BEL Valves has resigned as a Non-Executive Director having been appointed to the Board when Enegi was listed on the AIM. 

These changes take place with immediate effect. 

Alan Minty, CEO of Enegi, commented:

"The Board would like to thank Alex for his very significant contribution to the Company over the past 6 years or so. He has been involved with the Enegi since its IPO and provided invaluable advice and support during that time; he also played a major part in the period leading up to the IPO. We wish him every success in the future.

I am delighted to welcome Mike Bowman to the Board. He has been involved with the Company as Chairman of the Advisory Panel for the last 2 years; his extensive industry knowledge, particularly in the UKCS, will be important to the Company as we increase our marginal field activities"

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About Enegi Oil

Enegi Oil Plc is an independent oil and gas company whose strategy is to build a diverse portfolio of assets with a strong emphasis on acquiring interests in marginal fields. These marginal fields are low risk highly-appraised projects and consequently the Company's entry cost will be low. Enegi will look to develop these assets utilising ABTechnology's buoyant solutions, which are appropriate and change the development economics of a project. This is also expected to enable the early booking of reserves. 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 have discovered hydrocarbons on them and have been selected based on buoy technology operating criteria. The Company has also entered into the highly prospective Dead Sea and Wadi Araba Block in Jordan with its partner Korea Global Energy Corporation.