i3 Energy Ordinary Share Cancellation

1 June 2023

i3 Energy plc

("i3", "i3 Energy", or the "Company")

i3 Energy Ordinary Share Cancellation

i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, announces that the time limit for shareholders in Toscana Energy Income Corporation ("Toscana") to claim their ordinary shares in the Company from Odyssey Trust Company ("Odyssey") pursuant to the Company's acquisition of Toscana by way of a plan of arrangement (the "Arrangement") involving, among others, the Company and Toscana, has now expired. At the time of expiry, Odyssey held 25,503 ordinary shares in the Company (the "Trust Shares") and the Trust Shares on the expiry of the time limit reverted to the Company to be held in treasury in accordance with the terms of the Arrangement.

On 29 May 2023, the Company cancelled the Trust Shares that were held in treasury. The ordinary shares cancelled represented approximately 0.002% of the issued share capital of the Company.

Following the above cancellation, as at the date of this announcement, the Company has 1,201,874,464 ordinary shares with a nominal value of £0.0001 each in issue. Shareholders may use this figure of ordinary shares as the denominator by which they are required to notify their interest in, or change their interest in, the Company under the Disclosure Guidance and Transparency Rules.

Enquiries:

Notes to Editors:

i3 Energy is an oil and gas Company with a low cost, diversified, growing production base in Canada's most 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 100% owned 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 for 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/.

This announcement does not contain inside information.