I3 Energy Regulatory News (I3E)

The following amendment has been made to the 'First Day of Dealings' announcement released on 24 July 2017 at 15.30 under RNS No 9083L. The Admission Price is 55 pence per share. All other details remain unchanged.

The full amended text is shown below.

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, BY ANY MEANS OR MEDIA TO U.S. PERSONS OR IN OR INTO, THE UNITED STATES, AUSTRALIA, SOUTH AFRICA, CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

25th July 2017

i3 Energy plc

("i3" or the "Company")

First Day of Dealings

i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce that Admission and dealings in its Ordinary Shares on the AIM market of the London Stock Exchange will commence at 08:00am 25th July 2017 under the TIDM "i3E".

At the Admission Price of 55 pence per share the Company has an initial market capitalisation of £14.1 million, with the total number of Ordinary Shares in the Company in issue immediately following Admission being 25,690,892 each equal with voting rights. The total voting rights figure can be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change of their interest in, the Company under the Disclosure, Guidance and Transparency Rules of the Financial Conduct Authority. Copies of the Admission Document will be available at the registered office of the Company, subject to applicable securities laws or regulations.

As detailed in the Company's Admission Document found at https://i3.energy/, i3's core asset is the Liberator oil discovery located in the Outer Moray Firth within the UK North Sea. The Company's independent reserve auditor, Gaffney, Cline & Associates ("GCA"), attribute 9.4 MMboe of 2C Contingent Resources to i3's 100% operated interest in Licence P.1987 in Block 13/23d (the "Liberator Licence Area" or "LLA"), with the wider Liberator Field Cluster ("LFC") containing 16.1 MMboe. Under the assumptions outlined in GCA's Competent Persons Report, the LLA and LFC have before-tax NPV10 values of US$ 249 million and US$ 311 million respectively, with the LLA's 1C Low Case having an NPV10 break-even using a constant US$ 23 per barrel Brent oil assumption.

Following Admission the Company will continue to advance negotiations for suitable offtake terms and submit its Field Development Plan ("FDP") for the LFC while seeking to secure all contracts, equipment and funds necessary to deliver first oil. In addition to preparations for its Liberator development, i3 will evaluate potential strategic acquisitions and is looking forward to participating in the UK's upcoming 30th Offshore Licensing Round.

Neill Carson, Chief Executive Officer of i3 Energy, said

"We are pleased to announce our admission to the London Stock Exchange. The Liberator field is a high quality, low cost, oil development capable of generating significant value for our shareholders and we remain on track to submit the Liberator FDP in the near future. We are operationally focused on bringing this highly attractive asset into development and are exploring numerous funding options which include supply chain financing and farm-outs".

"i3 has a highly experienced team and Board and we are delighted to welcome David Knox as Non-Executive Chairman and Majid Shafiq and Richard Ames as Non-Executive Directors. Their strong understanding of the sector and experience will be of considerable value to the Company as we enter our next stage of growth and focus on executing our strategy."

 "We look forward to updating the market on our progress."

Ends

CONTACT DETAILS:

Notes to Editors:

i3 Energy is an oil and gas development company initially focused on the North Sea. The Company's core asset is the Liberator oil field discovered by well 13/23d-8 located in License P.1987, Block 13/23d in which it has a 100% operated interest.

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.

i3 Energy has a strong management team with a track record of delivery and was founded by Neill Carson, previously founder and CEO of Ithaca Energy, where he built an asset portfolio including multiple developments.

Board and Management

i3 has assembled a highly experienced and qualified team of technical, operational and administrative oil & gas professionals. The Aberdeen-based team has collectively accumulated approximately 200 years of direct operating experience through employment in a wide range of super major, large independent and start-up enterprises. Various members of the management team have extensive track records of building effective development and production operation organisations. Whilst approved in December 2016 as an operator in the UKCS, the organisation will be strengthened during the course of 2017 through the addition of personnel with extensive North Sea development and operational experience. i3's core staff is supplemented by the insourcing of experienced consultants and through strategic alliances with key service providers. Current operations are run from i3's UK office located in Aberdeen, Scotland.

Neill A. Carson, Chief Executive Officer

Mr Carson has 31 years of management and international project experience in the oil & gas industry. On completion of his Bachelors (with First Class Honours) and Master degrees in the geosciences from Ulster University and Birmingham University respectively, he joined Amoco in 1981. During his 14 years with Amoco he was responsible for numerous exploration and production projects within the UKCS. His international career widened through exploration management positions for BP Amoco in the Netherlands, Bolivia, and Pakistan. As Performance Unit Leader for BP Pakistan, Mr Carson was responsible for the delivery and growth of approximately 12,000 boe/day and capital budgets in excess of US$50m. Through his career with BP Amoco, Mr Carson executed growth plans through successful oil and gas discoveries, and the development and management of commercial portfolios. He contributed as a select member of a targeted team to BP's world-wide new venture screening initiative in 2003. In early 2004, Mr Carson co-founded Ithaca Energy Inc. (''Ithaca'') where he served as its President and a Director from April 2004 and acted as Chief Operating Officer until late 2007. While at Ithaca, Mr Carson was responsible for asset acquisitions, all aspects of operations and safety, general corporate strategy, and the drilling of four successful oil wells. Across his 4 years with Ithaca, the portfolio grew to 39 MMboe of 2P reserves and was on plan to deliver 8,000 boe/day of production. Mr Carson founded Iona Energy Inc. (''Iona'') in late 2007 where he served as Chief Executive Officer until his departure in mid 2014 to form i3. Responsible for all aspects of corporate strategy and portfolio development, he grew Iona to 40 MMboe of 2P reserves and saw peak production of 6,700 boe/day.

Graham A. Heath, Chief Financial Officer

Prior to co-founding i3 in late 2014, Mr Heath served as VP Corporate Development and later as Interim CFO at Iona Energy from December 2010 alongside Mr Carson. During his time at Iona, Mr Heath worked with the senior management team to build the company from infancy to 40 MMboe of 2P reserves and production above 6,000 boe/day, listing the company on the Toronto Venture Exchange, and structuring equity, debt, and derivative financings in excess of US$670 million. As VP Corporate Development he was a proactive engager of all external stakeholders and as Interim CFO led a finance and administration team that expanded internal financial controls while improving quarter-on-quarter quality and delivery of financial reporting. Before joining Iona, Mr Heath's 14 year career focused on energy-related tech start-ups and consulting within Alberta's Oil and Gas Industry. Between 1998 and 2010, Mr Heath consulted to Colt Engineering, PanCanadian Petroleum, EnCana Corporation and Cenovus Energy. From 2002 to 2006, Mr Heath was Cofounder and VP of Strategic Development for The CO2 Hub - a marketplace created to facilitate the sale and purchase of carbon dioxide and its related purification, compression, storage, and transportation services - designed to foster the aggregation of CO2 supply and demand for its use in enhanced oil recovery. Mr Heath holds a Bachelor of Commerce from the University of Calgary.

David Knox, Non-Executive Chairman

Mr David Knox, BSc (Hons) Mech Eng, MBA, FIEAust, FTSE, GAICD, served as the Chief Executive Officer and Managing Director of Santos Limited from 2008 to 2015, after joining the company in 2007 as the Executive Vice President of Growth Businesses. Mr Knox has global experience in the Petroleum Industry. Joining Santos in 2007, he was responsible for growth of new businesses including Geoscience and New Ventures, Indonesia and other strategic projects. Prior to Santos, Mr Knox served as the Managing Director of BP Exploration and Production in Australasia, having previously held management and engineering roles at BP, ARCO and Shell across Australia, United Kingdom, Pakistan, United States, the Netherlands and Norway. He served as a Director of Santos (JPDA 91-12) Pty Ltd., Santos (N.T.) Pty. Ltd. and Santos Finance Ltd, in addition to serving as Director of Santos Limited and Santos (bbf) Pty Ltd until November 2015. He was also an Executive Member of the Australian Petroleum Industry Peak Body, and the Australian Petroleum Production and Exploration Association (APPEA). Originally from Edinburgh, Scotland, Mr Knox holds a first class honours degree in Mechanical Engineering from Edinburgh University and a Masters of Business Administration from the University of Strathclyde. Mr Knox has also been a director on the board of the Botanic Gardens and State Herbarium in South Australia, a director of the Adelaide Festival, a Fellow of the Australian Institute of Mechanical Engineering and also a Fellow of the Australian Academy of Sciences ATSE. He is currently a Director of the Commonwealth Science and Industry Research Organisation, deputy chair of the Economic Development Board of South Australia and chair of The Australasian Centre for Social Innovation.

Majid Shafiq, Non-Executive Director

Mr Majid Shafiq has 29 years of technical and investment banking experience focused on the global E&P sector. Prior to founding Àrgentil Capital Partners (UK) Limited as CEO in 2015, Majid spent twelve years in energy investment banking advising on asset level acquisitions and divestments, corporate M&A and equity financing for the private and public, small to mid-cap oil and gas sector. During that time he worked for Waterous and Co, Tristone Capital Ltd and latterly with FirstEnergy Capital LLP as Managing Director, Corporate Finance. Prior to his investment banking career, he worked for Mobil Oil Corporation for 13 years in various petroleum engineering and commercial roles in the UK and the Netherlands. Majid holds a Bachelors degree in Nuclear Engineering from Manchester University, a Masters degree in Petroleum Engineering from Heriot-Watt University and an MBA from London Business School.

Richard Ames, Non-Executive Director

Mr Richard Ames brings to the Board 34 years of broad range experience in the oil and gas industry with senior executive roles in full-cycle oil and gas exploration and production, information technology and oil and gas services. He has held several Vice President positions in TNK-BP, Sidanco, and Amoco in Russia & Kazakhstan, where he was responsible for government liaison, the implementation of business strategies and the management of exploration and new venture projects. He has recently held Board and Advisory Board of Director positions in Iona, Accenture Russia, the Kiawah Conservancy, and DataSpace. Mr Ames graduated from Duke University with a Bachelor of Science degree in Geology, and from the University of Georgia with a Master of Science in Geology. He joined Amoco in 1981 and worked as a geologist responsible for reserve definition in several international petroleum basins including the North Sea.