GENERAL TEXT AMENDMENT

The following amendment has been made to the ' LTIP Share Option and Cash Pool Awards ' announcement released on 10 November 2023 at 07:00 under RNS No 0724T.

The vesting conditions for the UK options have been updated.

All other details remain unchanged.

The full amended text is shown below.

10 November 2023

i3 Energy plc

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

LTIP Share Option and Cash Pool Awards - Correction

i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, announces that it has issued LTIP awards, in accordance with the rules of the Company's Share Option Plan, which include option and cash pool awards ("collectively the LTIP Awards").  The LTIP Awards includes options over 18,594,470 ordinary shares to i3 staff and executive board members and an approximate cash pool reward of £1,836,826.  The exercise price of the options is £0.1130 per share, being the closing price of the Company's shares on AIM on 9 November 2023.

The LTIP Awards issued to the executive directors and a PDMR are as follows:

The LTIP Awards will vest over a three-year period, subject to accelerated vesting on the following performance targets being met:

a)   For employees of i3 Energy Canada Ltd. and i3 Energy plc:

·    1/3 on achieving production of 26,000 boepd (this target to be adjusted downwards by the production volume associated with any i3 divestment in the period)

·    1/3 on the acquisition of 5,000 boepd

·    1/3 on the addition of 25 mmbbls of 2P reserves

Or 1/3 vesting each year, on the anniversary of the grant, if not vested in accordance to the conditions above.

b)   For employees of i3 Energy North Sea Limited and i3 Energy plc:

·    1/3 on FDP of Serenity

·    1/3 on acquisition of 2,500 boepd

·    1/3 on addition of 10 mmbbls of 2P reserves

Or 1/3 vesting each year, on the anniversary of the grant, if not vested in accordance to the conditions above.

Regardless of the above, 100% of the LTIP Awards will vest if there is a change of control of the Company or sale of 75% of the PDP reserves.

Immediately following this announcement, the Company has in issue 1,202,447,663 Ordinary Shares of £0.0001 each, 5,000 deferred shares of £10.00 each, 18,594,470 options at an exercise price of £0.1130 each, 550,000 options at an exercise price of £0.1278 each, 3,000,000 options at an exercise price of £0.20 each, 1,350,000 options at an exercise price of £0.2155 each, 425,000 options at an exercise price of £0.294 each, 425,000 options at an exercise price of £0.2775 each, 21,149,731 options at an exercise price of £0.11 each, 4,962,546 share options at an exercise price of £0.05 each and 853,652 options at an exercise price of £0.0001

ENDS

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 for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSICIATED WITH THEM