ENEGI OIL PLC

3 July 2008

Trading symbols:

London Stock Exchange: ENEG

Bourse de Luxembourg: GB00B29T9605

Enegi Oil Plc 

('Enegi' or 'the Company')

Report on Green Point Shale formation in EL1070

Enegi, an independent oil and gas group with exploration and near term production assets in Newfoundland, Canada, notes that its partner in the Shoal Point exploration well 2K-39-Z, Canadian Imperial Venture Corporation ('CIVC') announced late yesterday the conclusions of a preliminary report on the resource potential of the Green Point Shale formation encountered during drilling. The Company has not yet had an opportunity to review this report.

During the drilling of the 2K-39-Z well, between 1,300 meters and 1,950 metres depth in the Humber Arm Allochthon, and specifically in the Green Point Shale formation, the presence of hydrocarbons was detected. Whilst this is encouraging, the economic significance of these hydrocarbons is unclear at this time. Enegi has a 32% working interest in the 2K-39-Z well.  

Alan Minty, Chief Executive Officer of Enegi, said: "We are encouraged by CIVC's announcement and look forward to reviewing the report and to further progress on the drilling programme for the 2K-39-Z well over the next few weeks."

Enegi Oil                                                             Tel: + 44 161 817 7460

Alan Minty, CEO

Kevin McNair, CFO

Cenkos Securities                                               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

Qualified Persons

The information in this release has been reviewed by Barath Rajgopaul MSc (Mech. Eng.), C. Eng, a director of Enegi. Mr. Rajgopaul has over 25 years experience as a petroleum engineer.

The Company

Enegi Oil Plc is an independent oil and gas group whose objective is the identification, development and operation of hydrocarbon opportunities. The Group's current operations are focused on assets on and 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 assets include a proven discovery, Garden Hill South, and four prospects: Shoal Point, Garden Hill Central, Garden Hill North and Lourdes.

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