Completion of Site Survey Operations

25th August 2017

i3 Energy plc

("i3" or the "Company")

Completion of Site Survey Operations for the Liberator Development and Pipeline

i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce that all site survey and pipeline route sampling operations at i3's 100% operated and owned Liberator field have been successfully completed on time and within budget.

The MV Poseidon (operated by MG3) conducted site surveys across two areas close to the Liberator field, identified by i3 as development drill centres for expected future production operations. The survey acquired seismic, sonar, soils strengths and environmental sample data to assess drilling hazards and provide accurate soils data for construction activities on the field and associated in-field pipeline route.

Part of the data was collected over the neighbouring Blake Field production manifold under agreements and cooperation with the Blake Field Operator, Repsol Sinopec Resources UK Limited, and its field partner Idemitsu UK Ltd.

This detailed site information will be used in preparation of the Environmental Statement required for final Field Development Plan ("FDP") submission and consideration for approval by the UK Oil & Gas Authority and to assist in the designing of the two development wells and associated tie-ins to be installed on the field. The Company anticipates the publication of the Environmental Statement for the Liberator development for public consultation shortly and is focused on submitting its FDP in the coming months.

John Woods, i3's Chief Development Officer, commented 

"I'm delighted that i3's first North Sea operation has been completed safely and successfully. This information will allow i3 to proceed with its Field Development Planning for the Liberator development. i3 has worked closely with our well engineering contractor, Petrofac, to secure this element of the field development activity to ensure readiness for the next operational stage of the project. We remain on track for drilling operations and the subsea tie-in activities in 2018."

Ends

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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.

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