I3 Energy Regulatory News (I3E)

Notes to Editors:

i3 is an oil and gas development company initially focused on the North Sea. The Company's core asset is the Greater Liberator Area, located in Blocks 13/23d and 13/23c, to which i3's independent reserves auditor attributes 11 MMBO of 2P Reserves, 22 MMBO of 2C Contingent Resources and 47 MMBO of mid-case Prospective Resources. The Greater Liberator Area consists of the Liberator oil field discovered by well 13/23d-8 and the Liberator West extension. The Greater Liberator Area, along with the Company's Serenity Discovery located in the northern half of Block 13/23c and for which it carries a STOIIP of 197 MMbbls, are owned and operated on a 100% working interest basis.

The Company's strategy is to acquire high quality, low risk producing and development assets, to broaden its portfolio and grow its reserves and production.

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

Qualified Person's Statement:

In accordance with the AIM Note for Mining and Oil and Gas Companies, i3 discloses that Mihai Butuc, i3's New Ventures Manager, is the qualified person who has reviewed the technical information contained in this document. He graduated as a Diplomat Engineer, Geology and Geophysics from the University of Bucharest in 1985 and is a member of the Society of Petroleum Engineers. Mihai Butuc consents to the inclusion of the information in the form and context in which it appears.

"BCF" or "bscf"

billion (109) standard cubic feet;

''Boe''

barrels of oil equivalent. One barrel of oil is approximately the energy equivalent of 6,000 standard cubic feet of natural gas;

"boepd"

Barrels of oil equivalent per day;

"MMBO" or "MMbbls"

millions (106) of barrels of oil;

"MMboe"

millions (106) of barrels of oil equivalent;

"MMcfd" or "MMscfd"

millions (106) of standard cubic feet per day;

"MMstb"

millions (106) of stock tank barrels of oil;

"Net Present Value" or "NPV"

the discounted value of an investment's cash inflows minus the discounted value of its cash outflows;

"PRMS"

The SPE/WPC/AAPG/SPEE Petroleum Resources Management System for Reserves and Resources Classification;

"standard cubic feet" or "scf"

standard cubic feet measured at 14.7 pounds per square inch and 60 degrees Fahrenheit;

Stock Tank Oil Initially In Place or "STOIIP"

a method of estimating how much oil in a reservoir can be economically brought to the surface;

RESOURCES

"Contingent Resources"

those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations, but the applied project(s) are not yet considered mature enough for commercial development due to one or more contingencies;

"Prospective Resources"

those estimated volumes associated with undiscovered accumulations. These represent quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from oil and gas deposits identified on the basis of indirect evidence but which have not yet been drilled;

"P10 resource"

"High case resource"

reflects a volume estimate that, assuming the accumulation is developed, there is a 10% probability that the quantities actually recovered will equal or exceed the estimate. This is therefore a high estimate of resource;

"P50 resource"

"Mid case resource"

reflects a volume estimate that, assuming the accumulation is developed, there is a 50% probability that the quantities actually recovered will equal or exceed the estimate. This is therefore a median or best case estimate of resource;

"P90 resource"

"Low case resource"

reflects a volume estimate that, assuming the accumulation is developed, there is a 90% probability that the quantities actually recovered will equal or exceed the estimate. This is therefore a low estimate of resource;

RESERVES

"Proved Reserves"

those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods and government regulations. Proved reserves can be categorised as developed or undeveloped. If deterministic methods are used, the term reasonable certainty is intended to express a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate;

"Probable Reserves"

those unproved reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable. In this context, when probabilistic methods are used, there should be at least a 50% probability that the quantities actually recovered will equal or exceed the sum of estimated Proved plus Probable reserves;

"Possible Reserves"

those additional reserves which analysis of geological and engineering data suggests are less likely to be recoverable than Probable Reserves. In this context, when probabilistic methods are used, there should be at least a 10% probability that the quantities actually recovered will equal or exceed the sum of estimated Proved plus Probable plus Possible reserves;

"Reserves"

those quantities of hydrocarbons which are anticipated to be commercially recovered from known accumulations;

"Justified for Development"

implementation of the development project is justified on the basis of reasonable forecast commercial conditions at the time of reporting, and there are reasonable expectations that all necessary approvals/contracts will be obtained;

"1P"

the Proved Reserves;

"2P"

the sum of Proved plus Probable Reserves;

"3P"

the sum of Proved plus Probable plus Possible Reserves.