28 June 2021

i3 Energy plc

("i3", "i3 Energy", "i3 Canada", or the "Company")

Operational Update

i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, is pleased to announce the following update.

Noel Gas Well

Following completion of construction and tie-in operations, the A-52-G horizontal gas well located on the Company's Noel acreage in Northeast British Columbia was brought on-stream on 17 June 2021. Production from the well has averaged 650 boepd since start-up on a ¼" downhole choke, exceeding initial expectations by 30%. Reserves additions associated with this location will be booked in i3's 2021 year-end reserves update, and the Company is currently evaluating potential offsetting development locations.

Clearwater Drilling

The Marten Hills 01-12-075-26W4 well targeting the Clearwater play was spud on 15 June 2021. As of 26 June, five of eight horizontal lateral sections, averaging 1661 m in length, have been drilled in the Clearwater formation from this wellbore, and operations have progressed on time and on budget. All laterals drilled have encountered clean upper shoreface sandstone ranging from 24% to 27% porosity and all have encountered oil as evidenced by oil shows on cuttings. The well is currently being drilled, and upon finishing the eighth lateral the rig will be demobilised and relocated to spud the second well in this Marten Hills Clearwater drilling programme at 02-12-075-26W4. Production is expected to commence during July.

Majid Shafiq, CEO of i3 Energy plc, commented:

"We are very pleased with the initial production performance of the Noel well, which has exceeded expectations, will contribute to year-end reserves additions and has de-risked similar offsetting drilling locations. Operations in Marten Hills have proceeded exceptionally well and we look forward to bringing these wells onto production in late July."

END

Qualified Person's Statement

In accordance with the AIM Note for Mining and Oil and Gas Companies, i3 discloses that Majid Shafiq is the qualified person who has reviewed the technical information contained in this document.  He graduated with a Master's Degree in Petroleum Engineering from Heriot-Watt University in 1988 and is a member of the Society of Petroleum Engineers. Majid Shafiq consents to the inclusion of the information in the form and context in which it appears.

Enquiries:

Notes to Editors:

i3 Energy is an oil and gas Company with a low cost, diversified, growing production base in Canada's most prolific hydrocarbon region, the Western Canadian Sedimentary Basin and appraisal assets in the North Sea with significant upside.

The Company is well positioned to deliver future growth through the optimisation of its existing 100% owned asset base and the acquisition of long life, low decline conventional production assets.

i3 is dedicated to responsible corporate practices and the environment, and places high value on adhering to strong Environmental, Social and Governance ("ESG") practices.  i3 is proud of its performance to date as a responsible steward of the environment, people, and capital management.  The Company is committed to maintaining an ESG strategy, which has broader implications to long-term value creation, as these benefits extend beyond regulatory requirements.

i3 Energy is listed on the AIM market of the London Stock Exchange under the symbol I3E and on the Toronto Stock Exchange under the symbol ITE. For further information on i3 Energy please visit https://i3.energy/

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.