27 September 2022

i3 Energy plc

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

September 2022 Production 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 production update.

i3 recently reached a production rate of 22,000 barrels of oil equivalent per day ("boepd"), comprised of field estimate sales equalling 69 million standard cubic feet of gas per day, 6,470 barrels per day of natural gas liquids and 4,030 barrels per day of oil & condensate, inclusive of royalty production.

The Company has drilled 20 gross wells as part of its expanded 2022 drilling programme. Of these wells 13 are on production, 5 are being cleaned up following tie in and 2 await completion. The latter 7 wells are expected to be fully cleaned up and on production in late October.

With continued performance of the Company's low-decline base production and success achieved through its initial capital budget, i3 is positioned to execute on the balance of its 2022 drilling programme and remains on track to reach 24,000 boepd by year end.

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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 has a Masters Degree in Petroleum Engineering from Heriot-Watt University 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

This announcement contains inside information.