Mr. Majid Shafiq reports

I3 ENERGY PLC ANNOUNCES CAPITAL REDUCTION

The court order cancelling i3 Energy PLC's share premium account and the associated court-approved statement of capital have been delivered to the Registrar of Companies, and the capital reduction will become effective upon the registration of the court order by the Registrar of Companies, which is expected to occur in the next few days.

About i3 Energy PLC

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, as well as 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 Alternative Investment Market of the London Stock Exchange under the symbol I3E and on the Toronto Stock Exchange under the symbol ITE.