Funding update

23 March 2018

i3 Energy plc

("i3" or the "Company")

Funding update

i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to update the market on its funding progress.

On 31 January 2018, i3 Energy announced that Joint Venture ("JV") discussions were at an advanced stage with multiple industrial partners relating to both i3's 100% owned Liberator Oil Field and its 30th Offshore Licensing Round ("30th Round") application. These discussions remain ongoing and the Company expects to reach a conclusion in due course.

There can be no certainty that these negotiations and discussions will lead to definitive agreements.

Neill Carson, i3's CEO, commented:

"We are pleased to report that we are making continued progress on our JV discussions with multiple industrial partners relating to both i3's 100% owned Liberator Oil Field and its 30th Round application. We look forward to updating our shareholders as agreements materialize."

ENDS

CONTACT DETAILS:

Notes to Editors:

i3 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 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.