Mr. Majid Shafiq reports

I3 ENERGY PLC ANNOUNCES CAD 75 MILLION RBL & SETTLEMENT OF EXISTING LOAN

i3 Energy PLC has successfully established a reserve-based lending facility. The new credit facility marks a significant step in transitioning i3's capital structure, enhancing the company's financial flexibility through improved liquidity and enabling acceleration of its growth and income-based business plan.

Highlights:

• New credit facility -- a new $75-million reserve-based senior secured credit facility with a Canadian chartered bank, comprising a $55-million revolving facility and a $20-million operating loan facility;
• Settlement of existing loan facility -- repayment of approximately $57-million, representing the outstanding balance of i3 Energy's existing $75-million loan facility with Trafigura Canada Ltd., a subsidiary of Trafigura Pte. Ltd.;
• Removal of amortization schedule -- the new credit facility, unlike the loan, is non-amortizing and releases $25-million per annum, which the company will deploy in its production growth initiatives;
• Pro forma positioning -- an estimated year-end 2023 net debt of approximately $23-million (U.S.) ($30.5-million) (unaudited), together with forecast cash flow, positions the company with significant liquidity to contribute to its growth and income strategies.

Majid Shafiq, chief executive officer of i3 Energy, commented: "We are very pleased to have refinanced our existing loan with a traditional reserve-based lending facility provided by a major Canadian chartered bank with a long history of financing the country's oil and gas industry. The non-amortizing structure of the facility has an immediate benefit in increasing liquidity, which we can deploy in high-return growth initiatives. This is a very positive validation of the strength of our underlying portfolio, and we look forward to building our new financial relationship in a mutually beneficial manner as we expand and grow our Canadian operations.

"We maintain an extremely positive working relationship with Trafigura, and the expansion of our commercial dealings with a range of sophisticated debt capital market investors attests to the quality of our portfolio, staff and the success of our development operations in Canada over the last several years."

The establishment of a $75-million senior secured revolving credit facility with a Canadian chartered bank was utilized to settle the company's existing $75-million loan facility with Trafigura, without prepayment penalty, of which approximately $57-million was outstanding at the time of the repayment. Secured against substantially all the assets and shares of i3 Energy Canada Ltd., the new credit facility, comprising a $55-million revolving facility and a $20-million operating loan facility, has been established for i3 Energy's wholly owned subsidiary, i3 Energy Canada Ltd. The two-year term of the new credit facility is expected to be extended on an annual basis, subject to lender approval.

The company has initially drawn down approximately $27-million on the new credit facility, which was used, along with cash on hand, to repay the Trafigura loan. The interest rate on the outstanding portion of the revolving facility depends on certain ratios and, at inception, will be Canadian prime rate plus 2 per cent, with the option to change to Canadian overnight repo rate plus 3 per cent should it be more favourable to do so. The balance of undrawn credit will be available for general corporate purposes, including working capital requirements, acceleration of organic growth from i3's proven portfolio of development drilling locations and to finance accretive acquisition opportunities.

The refinanced capital structure provides greater financial flexibility by unlocking the company's significant working capital surplus and enhances its free cash flow profile through the elimination of the previously managed three-year, $25-million-per-annum, straight-line amortization schedule. With this refinancing, the company now has the ability to accelerate development of its extensive inventory of development locations to enhance shareholder value.

Following the establishment of the new credit facility, the company plans to release its 2024 capital budget in mid-April. The company will remain disciplined with its conservative approach to debt management as it looks to balance stable, predictable, growth, along with its continuing dividend program.

Norton Rose Fulbright Canada acted as legal counsel to i3 in relation to the refinancing.

Year-end 2023 and 2024 quarterly financial reporting

As the company's Canadian shareholding has now increased beyond 10 per cent, i3 is no longer a designated foreign issuer and therefore is no longer eligible for Toronto Stock Exchange continuous disclosure exemptions previously granted through National Instrument 71-102. As such, the company will commence issuing TSX-required quarterly financial reports for Q1 2024, including a management discussion and Analysis (MD&A). Additionally, as i3 transitions to this reporting schedule, an annual information form (AIF) will be included as part of the company's 2023 year-end financial statements, which will be issued in mid-April.

About i3 Energy PLC

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 optimization of its existing 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 to long-term value creation, as these benefits extend beyond regulatory requirements.

i3 Energy is listed on the AIM (Alternative Investment Market) of the London Stock Exchange under the symbol I3E and on the Toronto Stock Exchange under the symbol ITE.