Mr. Majid Shafiq reports

I3 ENERGY PLC ANNOUNCES PARTIAL SALE OF THE COMPANY'S ROYALTY ASSETS

i3 Energy PLC's subsidiary, i3 Energy Canada Ltd., has entered into a definitive agreement with a newly formed private royalty company for the sale of certain of the company's royalty assets for a total gross cash consideration of $24.81-million (U.S.) ($33.5-million) before customary closing adjustments. The proceeds of the Royalty Disposition mark the next step in transitioning i3's capital structure, enhancing the Company's financial flexibility through improved liquidity and enabling acceleration of its growth and income-based business plan.

Highlights:

Accelerating and Unlocking Value: Realization of USD 24.81 million in gross proceeds from the sale of an estimated 388 barrels of oil equivalent per day ("boe/d")(2), translates to 6.9 times 2024 forecasted cash flow and approximately USD 63,960 per flowing boe/d, which represents a significant premium to the Company's current market valuations.

Pro Forma Financial Position Upon Closing: The proceeds of the Royalty Disposition will fully eliminate i3's outstanding bank indebtedness and establish a working capital surplus(4) without materially impacting its working interest production base; which, together with forecasted cash flows and undrawn credit facility, provides the Company with significant liquidity to execute its growth and income strategies.

Retained Key Royalty Position at Greater Simonette: As part of i3's high-impact Montney oil asset at Simonette, the Company has retained its 16,160 acre royalty position, along with approximately 35 boe/d of associated production(3) (collectively the "Simonette Royalty"), throughout this core area.

Ryan Heath, President of i3 Energy Canada Ltd., commented:

"i3 Energy Canada Ltd. is extremely pleased to have closed this complex accretive transaction with a newly minted private Canadian royalty company. Proceeds from the Royalty Disposition advantageously position the Company to fully eliminate its bank debt and create a working capital surplus; all while preserving a substantial, low decline, production base exceeding 19,000 boe/d (~48% liquids). The increased liquidity on the Company's balance sheet combined with its stable cash flows, will support both its organic and inorganic initiatives, as we actively look towards a dynamic 2024."

The Royalty Disposition, involving most of the Company's royalty assets, but not its core Simonette Royalty, provides substantial capital and will allow i3 to accelerate value associated with its extensive inventory of high-return drilling locations, while jointly pursuing accretive inorganic growth initiatives.

The Royalty Disposition is comprised of i3 fee royalties, i3 gross overriding royalties, along with certain newly created royalties on a minor subset of previously unburdened lands, and is expected to average 388 boe/d in 2024, while delivering USD 3.61 million in royalty income based on strip pricing (as at 3 April 2024).

The Company now has a fully undrawn USD 55.56 million (CAD 75 million) senior secured revolving credit facility with a Canadian chartered bank and will remain disciplined with its conservative approach to debt management as it looks to balance stable, predictable, growth, along with its ongoing dividend programme. The Company now looks forward to updating the market later this month with its capital programme for 2024.

Norton Rose Fulbright Canada acted as legal counsel to i3 in relation to the Royalty Disposition.

Unless otherwise denoted, all figures are referenced in USD ($) and assume a foreign exchange rate of 1.35 CAD:USD

Production numbers reflect the Company's 2024 average

Production numbers reflect the Company's December 2023 average

i3 Energy is an oil and gas Company with a low cost, diversified, growing production base inCanada'smost 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 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.

We seek Safe Harbor.