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ENEGI OIL PLC

AIM ticker: 'ENEG'

OTC ticker: 'EOLPF'

15 January 2013

Enegi Oil Plc

("Enegi" or "the Company")

EL1070 update

Enegi, the independent Oil and Gas Company, notes the positive announcement by Shoal Point Energy ("SPE") on 14 January 2013 regarding its Farm Out Agreement (the "Agreement") with Black Spruce Exploration ("Black Spruce") and the programme under that Agreement for EL1070 in which Enegi holds a 100% interest in the 'deep rights' as described in its announcement of 20 November 2009.

Under the Agreement Black Spruce will re-enter and sidetrack SPE's 3K39 well by 15 June 2013; from surface casing to drill, stimulate, complete and evaluate prospective oil-bearing zones within the Green Point shale formation. Earning depth of the well will be 1800 metres below sea level.

SPE's announcement also states that SPE and Black Spruce will apply to the Canada-Newfoundland and Labrador Offshore Petroleum Board for a Significant Discovery Licence, upon the successful testing and recovery of petroleum from any exploration well covered by the Agreement, which includes the 3K39 well on EL1070. The Board believes that the activities contemplated by the Agreement for EL1070 optimise the chances of Enegi being able to secure a Significant Discovery Licence for the 'deep rights' of EL1070.

Alan Minty, CEO of Enegi Commented:

"We welcome the news by SPE and Black Spruce. This is a very a positive step towards achieving a Significant Discovery Licence over EL1070 and we will continue to monitor their work programme going forward."

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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 Shoal Point Energy

Shoal Point Energy Ltd is a Canadian-listed public company (SHP:CNSX) with a large working interest position in a regionally-extensive "tight" oil play within the Cambro-Ordovician Green Point Formation ("Shale") of western Newfoundland.