22 September 2022

i3 Energy plc

("i3" or the "Company")

Serenity Appraisal Well Spud

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 spud of the Serenity appraisal well on UK Licence P.2358, Block 13/23c. i3 owns a 75% working interest in the field. The drilling programme is expected to last approximately 30 days.  The well will be plugged and abandoned after completion of all drilling operations.

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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/.

The Company deems this announcement to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.