23 August 2021

i3 Energy plc

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

Closing of Previously Announced Strategic Central Alberta Asset Acquisition

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 that its wholly owned Canadian subsidiary has closed i3's previously announced (7 July 2021) strategic Central Alberta asset acquisition from Cenovus Energy Inc., a senior Canadian oil and gas producer, for a total consideration of CA$65 million (US$53.7 million) (the "Acquisition"). The strategic Acquisition, within i3's Central Alberta core area, is expected to provide strong free cash flow and delivers extensive operational synergies, predictable low-decline production, and a large reserve base with multi-year development opportunities as described further in the Company's announcement on 7 July 2021.

Majid Shafiq, CEO of i3 Energy plc, commented:

"The Company is very pleased to have closed this strategic acquisition, following an intense period of preparatory work to ensure a seamless integration of the new assets into our existing business. We are delighted that all incumbent field operations staff have joined the i3 team which will allow us to rapidly progress initiatives to extract incremental value from new projects and operational synergies from this extensive portfolio"

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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. 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.