Enegi Oil PLC
20 March 2008


Enegi Oil Plc ("Enegi" or the "Company")

Placing and Admission to AIM and Bourse de Luxembourg

20 March 2008


Enegi Oil Plc is an independent oil and gas group whose strategy is to identify,
develop and operate hydrocarbon opportunities initially focussed on the proven
petroleum region of western Newfoundland, Canada.  The Company is pleased to
announce its admission to trading on AIM and the Bourse de Luxembourg today 
("Admission").

Enegi will be admitted to trading at a placing price of 181p and is raising
approximately £15.0 million, including the proceeds of a subscription by an
investor into PDIP shortly before Admission (the "PDIP Subscription") gross of
expenses. On Admission the Company will be capitalised, at the placing price, at
approximately £55 million.  Cenkos Securities plc is Enegi's Nomad and joint
Broker and Fox-Davies Capital is joint Broker.



Key points:

•    The placing proceeds (including the proceeds of the PDIP subscription) will
be used to carry out the Group's work programme to acquire new or additional
working interests in oil and gas assets which have been identified and are being
evaluated by the Group and provide general working capital for the Company.

•    Enegi's management team has extensive expertise both in the oil and gas
industry as well as the Atlantic Canada arena.

•    The Group's key geographical area of focus is eastern Canada, an area of
which the management team have significant detailed knowledge and believe is
underexploited.  The Group's portfolio and area of activity is currently
focussed around the Port au Port Peninsula, western Newfoundland, originally
held through Enegi's subsidiary, PDIP, which the Company acquired immediately
prior to Admission.

•    The Group's portfolio comprises: Shoal point, a potentially sizeable play
where drilling has commenced; Garden Hill South, an oil and gas discovery where
the Group will be drilling an appraisal and production well in late 2008; and
Garden Hill Central and Garden Hill North over which the group will acquire
115km of onshore seismic data in 2008. Net resources on a P50 basis for the
group are 13.1 mmboe (Information supplied by TRACS).

•    The Group's strategy will be to:



-  focus on the appraisal and development of assets which can be managed through 
   to production;

-  look to acquire additional assets where they believe the Group's management 
   team can add value through their technical and commercial skills; and

-  focus on Canada, which has a well established petroleum industry, access to 
   the skills required to develop Enegi's assets and a stable economic and 
   political environment.


•    The Group's work programme for 2008 involves the drilling of 2 wells:
the exploration well on Shoal Point and a horizontal production well on Garden
Hill South.

•    Enegi expects to achieve commercial production and bookable reserves in
2008 and plans are being developed to ensure the oil can be exported; these
plans will be implemented using local labour and should generate significant
benefits for the region.




Alan Minty, CEO, commented:

 "We are delighted with the response that we have received during our
fund-raising roadshow.  We have an exciting portfolio of assets in an
underexploited region and our admission to AIM and the Bourse de Luxembourg will
enable us to move forward in our development and provide us with the funding
required to carry out our strategy whilst also taking full advantage of the
opportunities that we believe are inherent in a consolidating oil and gas
industry.

  We are now looking forward to delivering value to shareholders and the
communities in which we work."



                                                                   20 March 2008


Enquiries:

Enegi Oil                                  Tel: + 44 161 817 7460

Alan Minty, CEO
Kevin McNair, CFO

Cenkos                                     Tel: + 44 207 397 8900
Joe Nally
Stephen Keys

Fox-Davies Capital                         Tel: + 44 207 936 5200
Daniel Fox-Davies
Richard Hail

College Hill                               Tel: + 44 207 457 2020

Nick Elwes
Paddy Blewer





Placing statistics
Placing Price                                                                                   181p
Number of Placing Shares                                                                     7,734,807
Number of Ordinary Shares in issue immediately following the Placing                         30,394,715
Percentage of the enlarged share capital subject to the Placing                                25.5%
Estimated net proceeds of the Placing and the PDIP subscription receivable by the Group    £13.0 million
Market capitalisation upon Admission at the Placing Price                                  £55.0 million




The Company

Enegi Oil Plc (''Enegi'' or the ''Company'') is the holding company of an
independent oil and gas group whose objective is the identification, development
and operation of hydrocarbon opportunities. The Company is a newly incorporated
company with no trading history. It was incorporated to acquire PDI Production
Inc. (''PDIP'') and has, on Admission, acquired PDIP and its subsidiary, the
consideration being the issue of ordinary shares in the Company to the former
shareholders of PDIP.

The Company was incorporated in the United Kingdom on 13 September 2007. PDIP,
which is the principal operating subsidiary of the Group, was incorporated in
the Province of Newfoundland and Labrador, Canada on 5 May 2006 in order to
acquire a portfolio of oil and gas assets on the Port au Port peninsula in
western Newfoundland and it is headquartered in St. John's, Newfoundland.

The Group's current operations are focused on one discovery and four prospects
around the Port au Port peninsula in western Newfoundland, which, although
lightly explored, is in an active petroleum system with light oil having
previously been discovered there. The Group's prospects include Garden Hill
Central, Garden Hill North, Lourdes and Shoal Point, along with a proven
discovery - Garden Hill South. Enegi intends to embark on an appraisal
and development programme for each of these prospects in early 2008 and the
Directors anticipate that this programme will be concluded during 2009. Provided
that this programme is successful, it is expected to be followed by full
development of each of the four prospects.



Background to the oil and gas sector in Newfoundland and Labrador

The Province of Newfoundland and Labrador (the "Province") is located on the
eastern edge of the North American continent in a stable political setting with
a good environmental record. Substantial amounts of oil and gas have been
discovered there and the Directors believe that there is potential for further
discoveries. Currently there are three offshore oil projects in production, a
memorandum of understanding is in place for the Hebron Project, and several
other significant discoveries and continued exploration. From 1997 to the end of
June 2007, Hibernia, one of the three existing offshore projects, has produced
more than 800 million barrels of oil from an overall discovered resource
estimate of 2.75 billion barrels.

In 2007, Newfoundland and Labrador was expected to produce almost 45 per cent.
of Canada's conventional, light crude oil and to generate 12 per cent. of
Canada's hydroelectricity. Newfoundland and Labrador is strategically positioned
on international shipping lanes, giving unique access to global petroleum
markets, and currently has a 115,000 barrels of oil per day refinery, with a
proposed second 300,000 to 600,000 barrels of oil per day facility. There is
also a three million barrel per day transhipment terminal that services the
offshore petroleum industry.

The Government of Newfoundland and Labrador obtains value from energy projects
through a variety of different sources, including royalties, corporate income
taxes and profits from Crown corporations. The revenues generated from energy
resources are determined by the price at which they are sold, the costs to
develop them and the agreements or legislation in place to secure the Government
of Newfoundland and Labrador's share of the resulting net revenues.

The recent Energy Plan presented by the Government of Newfoundland and Labrador
set out the following aims:

•  to ensure that any future fiscal regimes provide maximum returns to the
   people of the Province and are designed to respond to changing circumstances;

•  to assume an ownership interest in the development of energy resources where
   it fits strategic long-term objectives;

•  to leverage the Province's non-renewable oil and gas wealth into a renewable
   future by investing a significant portion of the Province's non-renewable
   resource revenues in renewable energy infrastructure and development; and

•  to seek resource development partners actively and to work with those
   partners, other governments and customers to develop these resources for the
   Province's mutual benefit.


Exploration efforts in Newfoundland and Labrador following the discovery of
Hibernia were focused on the Jeanne d'Arc Basin on the Grand Banks. Several
other areas hold great potential as indicated by early seismic exploration
results and the high level of exploration commitments. There have been seismic
acquisition programmes off Labrador every year since 2002 and new surveys are
planned for the next three years. The first Call for Bids in this area since the
1970s was issued in 2007 and is expected to close during 2008. Offshore eastern
and southern Newfoundland exploration is continuing in the Orphan and Laurentian
Basins. The Directors believe that onshore and offshore Western Newfoundland
holds much promise with a number of finds onshore, excellent resource potential
offshore and new seismic and drilling programmes planned in both areas.

In order to encourage exploration activity in the region, the Government of
Newfoundland and Labrador has undertaken to make an initial investment of $20
million over the next three years through a state owned company, the Energy
Corporation, to purchase existing proprietary seismic data for re-evaluation and
to acquire new data. In the onshore sector, the Government of Newfoundland and
Labrador is investing $5 million, through the Energy Corporation, in a Petroleum
Exploration Enhancement Programme to boost new petroleum exploration in Western
Newfoundland. It is expected that the Energy Corporation will use this
investment to acquire and assess seismic data potentially to be utilised in
consideration for equity interests in onshore projects.

One issue arising from the recent Energy Plan is that the Government of
Newfoundland and Labrador is entitled to and may require a 10 per cent. equity
position in future offshore petroleum projects that require Development Plan
approval, where it fits its strategic long-term objectives. It is intended that
this equity will be held and managed by the Energy Corporation.

The regulatory regime affecting the Group's interests operates at both the
provincial and federal levels. Onshore leases are issued and regulated by the
Department of Natural Resources (DNR) in Newfoundland and Labrador and governed
by the Petroleum and Natural Gas Act. The Directors consider the Group to have
excellent relations at this level as it maintains a fully informed process with
the DNR in St. John's. Offshore petroleum resources are jointly managed by the
federal and provincial governments through the Canada-Newfoundland and Labrador
Offshore Petroleum Board (C-NLOPB). The C-NLOPB manages the regulatory regime
established by the Atlantic Accord in 1985 and the subsequent implementation
legislation.


Summary of key interests

PDIP has a working interest in a production lease where it is operator and in an
exploration licence, both of which are located on and around the Port au Port
Peninsula, Western Newfoundland. A summary of these is set out below:



Lease/licence                Enegi Interest*         Area                Comment

Production Lease 2002-01     100% (Operator)         39,227 acres        Onshore
                                                    (158.8 km2)         (PAP-1 discovery)

Exploration Licence 1070      60% (Non-operator)     254,608 acres       Offshore
                                                    (1,030.4 km2)



* (a) assumes that all amounts due under the various agreements with Creditor
Corp. and which are described in paragraph 11 of Part XII of the Company's
admission document, will be paid when due and (b) does not include the impact of
various options and farm-in agreements as described in paragraph 11 of Part XII
of the Company's admission document.



Garden Hill South

Although Garden Hill South is an identified discovery, commercial production has
not yet been established. There are plans to drill a 1,500m horizontal sidetrack
from the Garden Hill South Port au Port #1 well in spring 2008. A recent study
has indicated that a horizontal sidetrack from the existing Port au Port #1 well
is likely to provide commercial production levels. Initial production estimates
range from 400 bpd to over 5,000 bpd.


Garden Hill Central and Garden Hill North

The licence holders are committed, under the terms of the extension granted to
the term of Production Lease 2002-01, to spending C$2,500,000 on a geophysical
programme over the Garden Hill trend which includes these two prospects. The
proposed 2D seismic survey, which will acquire 115km of onshore seismic data,
should take place in 2008. Line cutting in preparation for the survey has been
completed bringing current expenditure to C$250,000 with a further C$250,000
held on deposit by the Department of Natural Resources.


Shoal Point

Exploration Licence 1070, which covers Shoal Point, requires a well to be
spudded and diligently pursued on or before 15 July 2008. SPE is the appointed
operator for Shoal Point and has commenced their drilling programme.




Work programme


The Port au Port project comprises three main elements:

•   appraisal and development of the Garden Hill South discovery;

•   exploration of the Garden Hill trend along Garden Hill North and Garden Hill 
    Central; and

•   exploration of Shoal Point.



Corporate structure

The Company, is the ultimate parent company of PDIP and Gestion which are
incorporated in Newfoundland and Labrador, Canada and the UK respectively.

The shares of PDIP are currently listed on the Luxembourg Stock Exchange
although the listing of the shares in PDIP will be cancelled in due course. The
Company has applied to have its shares admitted for trading on the Luxembourg
Stock Exchange.



Use of proceeds and reasons for Admission

The aggregate net proceeds of the Placing and the PDIP Subscription are
estimated to be £13.0 million. The Directors intend to use these proceeds to:

•    meet the Group's funding requirements as detailed in the Group's work
     programme;

•    acquire new or additional working interests in oil and gas assets which 
     have been identified and are being evaluated by the Group; and

•    provide general working capital for the Group.



The Directors believe that Admission will be beneficial to the Group as it will:



•    provide access to capital markets for additional fundraising should the 
     Directors consider it to be necessary;

•    provide the Group with the ability to offer shares as consideration for 
     future acquisitions;

•    enable the Group to attract and retain key personnel, by the establishment 
     of the Performance Share Plan;

•    raise the Group's profile within its chosen geographic markets; and

•    the Directors also believe that a dual listing (on the Bourse de 
     Luxembourg) will broaden and increase the benefits listed above.






Directors and senior managers

Directors

Clive Fowler, Non-executive Chairman (Age 58)

Clive joined Amoco and in 1996 was appointed Managing Director of Amoco UK, the
first British national to hold this position. Following the merger between BP
and Amoco, he became West of Shetland Business Unit Manager for BP. Clive
retired from BP in 2003 and has since held non-executive director positions in
two Aberdeen-based start-up companies. He has a BSc Hons in Geology from the
University of Birmingham.

Member of the Audit, Remuneration and Nomination Committees.

Alan Minty, Chief Executive Officer (Age 61)


Alan qualified as a Chartered Engineer in 1975. Alan was a risk advisor for the
Norwegian Petroleum Directorate in 1979. Since then he has worked on major
contracts for clients such as Mobil, BP, Amerada Hess, Shell, Texaco, and, in
Newfoundland, on the Hibernia, Terra Nova, and White Rose projects. Alan has a
BSc in Mechanical Engineering from Manchester University and an MSc in
Management Studies from Bradford Management Centre.


Kevin McNair, Chief Financial Officer, (Age 41)

Kevin started his career in 1988 as an auditor for Fremont Financial Corporation
in Chicago. Following completion of his MBA in 1993, he joined the corporate
finance team of UBS. In 1995 he joined the corporate finance team of Granville
Baird, a UK investment bank. In 2002, he joined a privately owned industrial
services group as Group Finance Director. Kevin has a degree in Finance and
Accounting from William & Mary (USA) and an MBA from London Business School
(UK).


Alex Lamb, Non-executive Director, (Age 37)

Alex is Chairman of British Engines Limited, an engineering company supplying
the oil and gas industry. Before joining British Engines, Alex trained as a
Chartered Accountant (CA) with Price Waterhouse, qualifying as a CA in 1996.
After qualifying he worked within the Audit and Transaction support department
with a number of listed and international companies. Alex has a degree in
Economics from Heriot Watt University.

Member of the Audit, Remuneration and Nomination Committees.



Atholl Turrell, Non-executive Director,  (Age 53)

Atholl is Non-executive Vice-Chairman of Arbuthnot Securities and a
Non-executive Director of, and consultant to, Arbuthnot Banking Group Plc. He
was, until 2001 Managing Director and Head of Corporate Stockbroking at Schroder
Salomon Smith Barney (now Citigroup). He qualified as a Chartered Accountant in
1984. Atholl holds a Ph.D in History from Cambridge University.

Member of the Audit, Remuneration and Nomination Committees.


Barath Rajgopaul, Executive Director, Sub-surface Manager, Enegi (Age 61)

Barath is a Chartered Engineer who began his career at Shell Chemicals, before
moving to ICI and then the British National Oil Corporation which was later
taken over by BP. He joined BG Group where he worked until 2006. Barath's
specialisation is in negotiating and managing large joint ventures such as The
North Caspian Venture (Kashagan), Elgin Franklin, Ninian, Audrey, Pickerill, and
V-Fields (North Sea UK). Barath holds an MSc in Mechanical Engineering from the
University of Strathclyde.



Senior management


Rupert Porter, Financial Controller (Age 37)

Rupert is CIMA qualified with fourteen years' experience and joined PDIP in May
2007 as Financial Controller. Prior to this, Rupert held the position of Vice
President with BlackRock in the Business Finance team providing financial and
management accounting support to the Operations Business. Rupert holds a BA
(Hons) from Leeds Metropolitan University in European Finance and Accounting.


Damian Minty, Commercial Manager (Age 33)

Damian is a Chartered Accountant with 12 years' experience. Damian began work
with PDIP in July 2006. Prior to joining PDIP, Damian held the position of
Finance Director with ENEGI Inc (a gas-to-wire technology company). He holds a
Bachelor of Science from Leeds University in Computer Science and Management
Studies. Damian is the son of the CEO, Alan Minty.




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