Employee Options Issuance

11 January 2021

i3 Energy plc

("i3" or the "Company")

Employee Options Issuance

i3 Energy plc, an independent oil and gas company with assets and operations in the UK and Canada, announces that it has issued options over a total of 13,166,358 ordinary shares ("Options") to key staff that joined its Canadian subsidiary, i3 Energy Canada Ltd., following the acquisition of Gain Energy Limited's oil & gas assets. The options have been issued in accordance with the rules of the Company's Employee Share Option Plan and will have an exercise price of £0.061 per share, the closing price on 8 January 2021.

The Options will vest as follows:

· One-third immediately;

· One-third if July 2021 production exits at or above 9,000 boepd; and

· 100 per cent. upon the addition of 5,000 boepd or 25 MMboe 2P reserves.

Following this announcement there is no change to the Company's issued ordinary shares (700,054,815 ordinary shares of £0.0001 each). Shareholders may use this figure of ordinary shares as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.

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ENDS

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