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ENEGI OIL PLC

AIM ticker: 'ENEG'

OTC ticker: 'EOLPF'

11 April 2012

Enegi Oil Plc

('Enegi' or 'the Company')

Placing raises £2.925m

The Company is pleased to announce that it has raised £2.925 million before expenses (the "Placing") through the issue of 19,500,000 new Ordinary Shares (the "Placing Shares") to institutional investors at a price of 15 pence per Placing Share. The Placing was organised by the Company's broker, Cenkos Securities plc.

The net proceeds of the Placing will primarily be used to facilitate the Company's immediate planned activity in western Newfoundland, which includes purchasing additional production equipment for the Garden Hill South site to enable the Company to move quickly into the production phase once regulatory approval is secured. The PaP#1-ST#3 well continues to flow on a 24 hour basis, with additional on-site personnel already hired to cope with the increase in activity level. To free up storage on site, the oil is being sold to North Atlantic Refining Ltd. at a price benchmarked to WTI. 

Other uses for the funds include:

·; participating in the 27th Seaward Licensing Round organised by the Department of Energy and Climate Change (DECC), pursuant to the strategic partnership entered into with Advanced Buoy Technology (ABTechnology) Ltd;

·; further evaluation of the portion of the Green Point oil shale play on PL2002-01 and EL1116;

·; continuing with the prospecting programme in County Clare, Ireland; and

·; assessing other oil and gas opportunities that the Company have identified.

The Placing is being carried out utilising the Company's current authority from its shareholders to issue shares for cash on a non pre-emptive basis. The Placing Shares being issued will represent approximately 15.5 per cent of the issued share capital of the Company, as enlarged by the Placing (the "Enlarged Issued Share Capital").

Application has been made to the London Stock Exchange for the Placing Shares, which will rank pari passu with the existing Ordinary Shares in issue, to be admitted to trading on AIM ("Admission"). Admission is expected to become effective at 8.00 a.m. on 25 April 2012.

The Enlarged Issued Share Capital will be 125,673,582 Ordinary Shares and the Company does not currently hold any shares in treasury. This figure of 125,673,582 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

Alan Minty, CEO of Enegi, commented:

"We are enthused at the level of support for the Company demonstrated by institutional investors through their participation in the Placing and these funds provide a solid foundation from which immediate planned activity will be implemented."

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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.

Cenkos Securities Plc, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for the Company in relation to the Placing will not be responsible to anyone other than the Company for providing the protections afforded to clients of Cenkos Securities Plc nor for providing advice in relation to the Placing or any other transaction or arrangement referred to in this document. Nothing in this paragraph shall serve to include or limit any responsibilities or liabilities Cenkos Securities Plc may have under FSMA or the regulatory regime established thereunder.

Neither this announcement, nor any part of it, constitutes an offer to sell or issue or the solicitation of an offer to buy, subscribe or acquire any new Ordinary Shares in the Company in any jurisdiction in which any such offer or solicitation would be unlawful and the information contained herein is not for publication or distribution, directly or indirectly, in or into the United States of America, Canada, Australia, the Republic of South Africa, the Republic of Ireland or Japan or any jurisdiction in which such publication or distribution would be unlawful.

This announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "plans", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this announcement and include, but are not limited to, statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Company's financial position, prospects, growth, strategies and expectations.