NUOG.L Regulatory News (NUOG)

ENEGI OIL PLC

AIM ticker: 'ENEG'

6 December 2011

Enegi Oil Plc

('Enegi' or 'the Company')

EL1070 Update

Further to the announcement by the Company on 20 November 2009 in connection with the interest swap on Exploration Licence 1070 ("EL1070") in Western Newfoundland entered into by the Company's wholly owned subsidiary, PDI Production Inc. ("PDIP"), with Shoal Point Energy ("SPE") and Canadian Imperial Venture Inc. ("CIVC"), the Company notes the announcement issued by SPE on 1st December 2011 that SPE is fully funded and has mobilized a work-over rig for deepening, testing and completion of the 3K-39 well. As reported, the work-over rig is expected to be on site by 9th December 2001.

The 3K-39 well is targeting an unconventional shale play in the Middle Cambrian to Lower Ordovician Green Point Formation ("Green Point Shale") covered in the shallower portion of EL1070.

As indicated in the Company's news release dated 17th May 2010, the Green Point Shale extends onshore to PL2002-01, in which Enegi has a 100% interest through PDIP. In light of the significant resources independently estimated for the portion of Green Point Shale in EL1070 and SPE's imminent activities, the Company is currently assessing the best way and the most appropriate timing to develop the portion of Green Point Shale in PL2002-01.

The Board believes that the significant effort and activity by SPE optimises the chance of obtaining a Significant Discovery Licence ("SDL") for the EL1070 area, in the deeper portion of which the Company, through PDIP, hold a 100% interest.

As indicated in the news release dated 16th August 2010, the Company entered into a farm-out agreement with Dragon Lance Management Corporation ("DLMC") under which DLMC will assume 100% of the total cost, risk and expense associated with a seismic programme and the drilling of a new well to develop Shoal Point. The Company is currently in talks with DLMC and will give an update on the farm-out agreement shortly.

Alan Minty, CEO of Enegi Oil Plc., commented:

"The commitment shown by SPE and their investors on EL1070, together with the significant amount of resources independently assessed to be contained by the Green Point Shale in the area, strengthens our long held belief in the potential of Shoal Point and the potential of the Green Point Shale in PL2002-01. We will further assess the potential across our licence area so as to determine the best way to develop this resource."

Enegi Oil Tel: + 44 161 817 7460

Alan Minty, CEO

David Parry, Director Tel: + 1 604 568 0733

Cenkos Securities Tel: + 44 207 397 8900

Jon Fitzpatrick

Neil McDonald

College Hill Tel: + 44 207 457 2020

Nick Elwes

www.enegioil.com

The Company

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 and the Clare Basin in County Clare, Ireland. 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.