30 May 2022

i3 Energy plc

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

Serenity Well - Award of Well Engineering Operator Contract

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 it has entered into a contract with Petrofac Facilities Management Limited ("PFML") under which PFML will provide well engineering, operations management and operator services for the drilling of the Serenity appraisal well on its UK North Sea Licence P.2358 Block 13/23c. The contract allows i3 access to PFML expertise and services for a three-year period. PFML has an existing contract with Stena Drilling Limited for the use of the Stena Don, a harsh environment, dynamically positioned fifth generation, semi-submersible drilling unit. i3 has secured a well slot with a commencement date between 15 August and 15 September 2022.

Majid Shafiq, CEO of i3 Energy plc, commented:

"We are very pleased to be working again with PFML who we contracted to drill the Serenity discovery well in 2019, where operations were completed successfully, safely, on time and on budget. Operations planning is well underway, and we are on-track to spud the Serenity appraisal well in early September."

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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 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

This announcement contains inside information.