Mr. Majid Shafiq reports

I3 ENERGY PLC ANNOUNCES LTIP SHARE OPTION AND CASH POOL AWARDS

i3 Energy PLC has issued LTIP (long-term incentive plan) awards, in accordance with the rules of the company's share option plan, which include option and cash pool awards. The LTIP awards include options over 18,594,470 ordinary shares to i3 staff and executive board members and an approximate cash pool reward of 1,836,826 British pounds. The exercise price of the options is 11.3 pence per share, being the closing price of the company's shares on AIM (Alternative Investment Market) on Nov. 9, 2023.

The LTIP awards issued to the executive directors and a PDMR (person discharging managerial responsibilities) are as shown in an attached table.

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

• For employees of i3 Energy Canada Ltd. and i3 Energy:
  • One-third on achieving production of 26,000 net smelter returns royalty (this target to be adjusted downward by the production volume associated with any i3 divestment in the period);
  • One-third on the acquisition of 5,000 barrels of oil equivalent per day;
  • One-third on the addition of 25 million barrels of 2P reserves;
• Or one-third vesting each year, on the anniversary of the grant, if not vested in accordance to the aforementioned conditions;
• For employees of i3 Energy North Sea Ltd. and i3 Energy:
  • One-third on FDP (field development plan) of Serenity;
  • One-third on acquisition of 2,500 barrels of oil equivalent per day;
  • One-third on addition of 10 million barrels of 2P reserves;
• Or one-third vesting each year, on the anniversary of the grant, if not vested in accordance to the aforementioned conditions.

Regardless of the aforementioned, 100 per cent of the LTIP awards will vest if there is a change of control of the company or sale of 75 per cent of the PDP (proved developed producing) reserves.

Immediately following this announcement, the company has in issue 1,202,447,663 ordinary shares of 0.01 pence each, 5,000 deferred shares of 10 British pounds each, 18,594,470 options at an exercise price of 11.30 pence each, 550,000 options at an exercise price of 12.78 pence each, three million options at an exercise price of 20 pence each, 1.35 million options at an exercise price of 21.55 pence each, 425,000 options at an exercise price of 29.4 pence each, 425,000 options at an exercise price of 27.75 pence each, 21,149,731 options at an exercise price of 11 pence each, 4,962,546 share options at an exercise price of five pence each and 853,652 options at an exercise price of 0.01 pence.

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 optimization of its existing 100-per-cent-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 of the London Stock Exchange under the symbol I3E and on the Toronto Stock Exchange under the symbol ITE.