i3 Energy plc

("i3" or the "Company")

Exercise of Options

i3 Energy plc (AIM: I3E) (TSX: ITE), an independent oil and gas company with assets and operations in the UK and Canada confirms, announces that today it is issuing a total of 116,667 ordinary shares of 0.01 pence each ("Ordinary Shares") following the exercise of options by an employee, at an exercise price of £0.11 per Ordinary Share (the "Option Shares").

Application will be made for the 116,667 new Ordinary Shares to be admitted to trading on AIM ("Admission"), and dealings are expected to commence on or around 10 January 2023. The new Ordinary Shares will rank pari passu with the Company's existing Ordinary Shares.

Following Admission, the Company will have 1,192,848,040 ordinary shares of 0.01 pence each in issue. The Company has no shares in treasury, therefore the figure of 1,192,848,040 should be used by shareholders for the calculations by which they will determine if they are required to notify their interest in, or a change of their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

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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/ .