Toscana Energy Receipt of Shareholder Approval

 28 October 2020

i3 Energy plc

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

Toscana Energy Receipt of Shareholder Approval and Final Court Order Approving the Transaction with i3 Energy plc

i3 Energy plc, an independent oil and gas company with assets and operations in the UK and Canada, notes that Toscana Energy Income Corporation (Toscana) (TSX: TEI) announced yesterday that it obtained a final order from the Court of Queen's Bench of Alberta approving the acquisition of Toscana by i3 Energy pursuant to an arrangement (the Arrangement) under the Business Corporations Act (Alberta), as previously announced on June 23, 2020.

In addition, yesterday Toscana held its annual and special meeting of Toscana shareholders in Calgary, Alberta (the Meeting) at which the Arrangement was approved by the shareholders.

Closing of the Arrangement is conditional on the approval by i3's shareholders of the acquisition of all the issued and outstanding common stock of Toscana (among other conditions customary in transactions of this nature) with such approval being sought at the i3 general meeting to be held at 10:00 am on 29 October 2020.

Enquiries:

Notes to Editors:

i3 is an oil and gas exploration and production company focused on the North Sea and the Western Canadian Sedimentary Basin. The Company's core producing assets are in Alberta, Canada and its assets in the UKCS in Blocks 13/23d and 13/23c contain the Liberator and Serenity oil discoveries and potential future developments. 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.