OilVoice - Enegi Oil Announces Placing of New Shares

Enegi Oil Announces Placing of New Shares

Saturday, August 29, 2009

Enegi Oil Plc, the Newfoundland focused oil and gas company, today announces that it has conditionally placed 30,000,000 new ordinary shares at 5 pence each to raise approximately £1.5 million to fund the continued development of the Company. The Placing is not being underwritten.

A circular (“Circular”) containing details of the placing is being posted to shareholders today and will be available on the Group's website:

Highlights

• Placing of 30,000,000 ordinary shares at 5 pence raising approximately £1.5 million
• Monies raised will be used to fund the continued development of the Company
• Heads of agreement farm in signed with a third party for Port au Port (“PAP”) No. 1 well, Garden Hill South
• Under the terms of the farm in the third party will gain a 30% interest in PAP No.1 well for a maximum expenditure of C$2.5 million
• A General Meeting will be held on 15 September 2009 in order to gain shareholder approval for the Placing

Alan Minty, CEO, commented:
"We are delighted with the support that we have received during this Placing. These transactions allow us to resolve the issues of the past few months and refocus on developing our oil and gas assets. I would like to thank all our staff who have worked tirelessly to achieve this and now look forward to moving the company ahead and developing our portfolio."