(I3E : AIM / ITE : TSX)

A STRATEGIC CONSOLIDATOR DELIVERING GROWTH AND INCOME

November 2022
 FORWARD LOOKING STATEMENTS
Some of the statements and information contained in this Presentation are forward-looking, including statements regarding the Company's plans with respect to development of its
properties, expected drilling results and production levels from the Company's properties, statements regarding sources of financing for the Company and its acquisition and/or
development and/or appraisal plans, estimates of the quantities of proved reserves, probable reserves, possible reserves and contingent resources, as well as estimates of the net present
value of future net revenue of proved reserves, probable reserves, and possible reserves. Forward-looking statements include statements regarding the intent, belief and current
expectations of i3 Energy PLC or its officers with respect to various matters, including reserves, production, first oil, drilling activity or otherwise. When used in this Presentation, the words
"expects," "believes," "anticipate," "plans," "may," "will," "should", "scheduled", "targeted", "estimated" and similar expressions, and the negatives thereof, are intended to identify forward-
looking statements. Such statements are not promises or guarantees, but are based on various assumptions deemed to be reasonable by the Company's management. Some of the key
assumptions include: management's anticipated acquisition, appraisal and development timelines, production profiles for the Company’s current and potential future properties, and
estimated cash flow from the Company’s current and future properties. Information concerning reserves and resources are deemed to be forward-looking statements, as such estimates
involve the implied assessments that the reserves or resources can be profitably produced in the future. The production profiles and cash flow estimates from the Company's properties are
based upon the Company's internal estimates prepared by a non-independent qualified reserves evaluator. Such profiles and estimates involve numerous assumptions and are subject to
a number of risks and uncertainties, some of which are beyond the Company's control, that contribute to the possibility that the predictions, forecasts, projections and other forward-
looking statements will prove inaccurate and which could cause actual results to differ from those anticipated.

The forward-looking statements in this Presentation are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such
statements, including without limitation: the risk that the Company’s acquisition and development plans and timelines for its current and future properties change as a result of new
information or events, the risk that production and drilling results differ materially from management's current estimates, reliance on key personnel, general economic conditions, industry
conditions, volatility of commodity prices, currency fluctuations, environmental risks, competition from other industry participants, the risk that transactions identified herein do not close in
a timely matter or at all, the lack of availability of qualified personnel or management, and the ability to access additional sufficient capital from internal and external sources for the
Company to complete the acquisition, appraisal and development programs described in this document. The information contained in this Presentation may identify additional factors that
could affect the operating results and performance of the Company.

This Presentation also contains future-oriented financial information and financial outlook information (collectively, "FOFI") about prospective results of operations, future net revenue, cash
flows, and components thereof, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this
Presentation was made as of the date of this document and was provided for the purpose of providing information about management's current expectations and plans relating to the
future. The Company disclaims any intention or obligation to update or revise any forward looking statements or FOFI contained in this Presentation, whether as a result of new
information, future events or otherwise, unless required pursuant to applicable securities law. Readers are cautioned that the forward looking statements and FOFI contained in this
Presentation should not be used for purposes other than for which it is disclosed herein. The forward looking statements and FOFI contained in this Presentation are expressly qualified by
this cautionary statement.

Included in this Presentation are estimates of the Company's cash flow which are based on various assumptions as to production levels, commodity prices and other assumptions and are
provided for illustration only and are based on budgets and forecasts that have not been finalized and are subject to a variety of contingencies. To the extent such estimates constitute
FOFI, they were approved by management of the Company in March 2022 and are included to provide readers with an understanding of the Company's anticipated cash flow based on the
capital expenditures and other assumptions described and readers are cautioned that the information may not be appropriate for other purposes.

Unless otherwise stated, all monetary figures in this document are presented in USD ($). The following exchange rates have been used USD:CAD 1.38, GBP:USD [X], GBP:CAD 1.54.

: NOVEMBER 2022 2
GLOSSARY

Cash Flow from Operations (CFO) Cash Flow from Operations: “Net cash from operating activities” from Interim
Statement of Cash Flow

Free Cash Flow (FCF)(1) CFO minus “Expenditures on property, plant & equipment” minus “Expenditures on
exploration and evaluation assets” from Interim Statement of Cash Flow

Net Operating Income (NOI)(1) NOI at the field = Revenues minus Royalties, Opex, Processing, Transportation

Next Twelve Months (NTM) Occurring within the following 12 months from the date referenced

$ USD

1) Free Cash Flow (FCF) and Net Operating Income (NOI) are Non-IFRS measures. See Appendix B
: NOVEMBER 2022
within the Interim Financial Statements for definition and reconciliation to nearest equivalent
statutory IFRS measure.
3
PEOPLE, PROJECTS, PLAN

DEEP E&P EXPERIENCE

PEOPLE
v Western Canadian team of proven portfolio builders with long track record of high-quality asset capture, development
and operational streamlining
v UK North Sea team of industry veterans – proven oil finders and developers of overlooked opportunities
v Upstream Board of Directors bring active involvement with deep cross-discipline experience in the oil and gas sector
and international capital markets

PROJECTS STRONG FOUNDATION WITH FUTURE UPSIDE IN SAFE JURISDICTIONS

v Through M&A and the drill bit, grown production from zero to over 23,000 boe/d since 2020, providing strong
foundation for continued growth through inventory of predictable development drilling
v Approved 2022 capital budget of $97MM to deliver incremental peak production of ~6,500 boe/d
v Clearwater and Simonette Montney positions in the WCSB and the Serenity oil discovery in the UKNS provide material
upside potential

PLAN GROWING A CASH-GENERATIVE, FULL-CYCLE E&P PORTFOLIO

v Strategy captures PDP reserves through M&A in depressed markets, while drilling out low-risk, low-cost on-acreage
PUDs & 2Ps when FD&A overtakes F&D costs
v Strong institutional shareholder base attracted by growth + income model, with 2022 projected NOI of $172MM(1) and
monthly dividends of up to 30% of annual FCF (min. £14.784MM in 2022)
v Step-change acquisitions and highly-prized, high working interest but capital intensive, projects will be financed via
farmout or through the use of conservative amounts of leverage

: NOVEMBER 2022 1) i3 management estimates based on actuals to date and budget forecast on forward strip on 2 Nov 22 4
i3 CORPORATE STRATEGY: CREATING AN ALL-WEATHER PORTFOLIO

acquire
i3 targeting long-life and low-cost PDP assets with
Newly acquired portfolios will be rationalized to
robust PUD inventories, with a focus on distressed,
extract value from non-synergistic assets for
overleveraged or non-core asset packages of high
redeployment into strategic consolidation at i3’s
API/BTU production streams with low sustaining
core plays
capex and decom exposure
rationalize

dividend + reinvest
Optimize and streamline field operations to
Begin issuing annual dividend up to 30% of free cash
increase efficiency and improve per boe netbacks;
flow, reinvesting residual in PDP assets or low-cost,
actively participate in non-operated partnerships
organic PUD and 2P reserves development within
to influence value preservation
already-held portfolio
produce

maximize market Cycle-bottom Acquire PDP at <2.0x NOI, getting

Acquisition PUD/2P reserves at very low cost
acquisitive Attack
on-acreage PUD
+
inventory while focusing
Take advantage of market conditions on commodity-driven hedging
Drill commodity-driven PUD/2P
to acquire low-cost PDP
Cycle-top
reserves while drilling drill-bit inventory; hedge or sell fresh
< 2-year payout PUD Drilling
inventory i3 continues to capture assets at production into strength
bottom-end of 2020 metrics
=
maximize inventory Value
All-weather portfolio management
2020 2021 that maximizes cycle and inventory
Maximization
to create shareholder value

: NOVEMBER 2022
5
 CORPORATE PROFILE
i3 Energy Capitalization (as at October 31, 2022) DIVERSIFIED PORTFOLIO OF OPPORTUNITIES
Exchange AIM TSX

Ticker I3E ITE

LARGE DEVELOPMENT PORTFOLIO
>330 BOOKED DIVERSIFIED LOCATIONS
Share Price(1) £0.2485 CA$0.3850 >530 UNBOOKED FUTURE LOCATIONS

Shares Outstanding BASE DECLINE OF 11.5% (11)

Basic (2)
1,192,731,737 630K NET ACRES (2,520 KM2)

Dilutive Instruments(3) 32,526,424

Production(10) Q3 ‘22 Revenue Split
Fully Dilutive 1,225,257,797

NG 2%)
Capital Structure GBP CAD (2 GLs

(2
Ls
0%
) Oi l +
Market Cap (basic) £296,393,837 $459,201,719 C on d
23,000+ )
(4 1 %
Gas
(52%) $67 MM
Net Debt(4) £697,000 $1,073,380 boe/d
l+
Oi nd
Enterprise Value (basic) £297,090,837 $460,275,099 Co %)
5 Royalty Prod.

(3 5 s
(2

%)
Ga
& 3rd Party
Processing
Dividends 76% Operated (4.5%)

2022e Dividend (5) £15,350,900 $23,640,386

Board of Directors i3 CND MGMT i3 North Sea MGMT
2023e Dividend(6) £20,395,712 $31,409,398
John Festival (Chair) Ryan Heath (Pres.) John Woods (COO)
Monthly Dividend/share(7) £0.001425 $0.002195
Majid Shafiq (CEO) Ian Schafer (COO) Mihai Butuc (New Ventures)
Yield(8) 6.87% 6.82%
Ryan Heath (Pres. CND)(9) Mark Hadley (VP Ex) Canghu Yang (Mg. Res Eng)
Notes:
(1) Share price as of September 30, 2022, on the respective exchange Neill Carson Tim Stephenson (VP Corp Dev) Colin Tannock (Geosci.)
(2) Share count as of September 30, 2022
(3) Includes 23.5MM Options and 9.0MM Warrants Lind Beal Sheri Barton (Corp. Mg. & Sec)
(4) Net debt as of Half Year ended June 30, 2022
(5) Based on 2022 actual dividends paid to September 2022 and forecasted dividend for balance of 2022 Richard Ames
(6) Based on current run-rate dividend forecast
(7) Based on current monthly dividend payment
(8) Based on annualized current monthly dividend share price as of September 30, 2022
(9) Pending Board resolution
(10) Based on mid-Oct 2022 field estimates
(11) Based on i3’s YE 2021 P+PDP evaluation by GLJ Ltd.
(12) i3 estimates based on 2022 Approved Capital Budget with no additional 2023 capital spend at Sept 2022 strip

: NOVEMBER 2022
6
 i3 CANADA – ALBERTA FOCUSSED
v Shallow
v Highly • Aggressive consolidation
oil,
prospective,
focused
low cost, during sector downturn
and
repeatable
efficient with 5 strategic
shallow oil
developm
potential acquisitions within core
ent in the
Cardium & areas for a combined
Dunvegan ~$80MM
zones
• Established predictable,
v Predictable, low-decline, production
v High-impact
low-decline, base with extensive
production
Montney oil & with extensive inventory of highly
liquids-rich
gas with
infrastructure economic development
delivering
existing stable free locations to deliver go
infrastructure cash flow forward growth + income
model
• Increased share price
~475% from £0.05 to
£0.2365
• Increased production and
July 2021 – i3 to acquire
March 2020
– i3 to CVE Central AB liquids weighting to
May 2021 – i3 to
acquire May 2021 – i3 to
consolidate Simonette
consolidate Wapiti >23,000 boe/d (47% oil +
Toscana
NGLs)
June 2020 – i3
to acquire Gain Exceptional Acquisition Metrics(1)
Production
<$4,350
($/boe/d)
Reserves
~$0.72
($/2P boe)
NTM NOI 1.36x

(1) Includes 2020 and 2021 acquisitions and NTM

production and NOI forecast at time of announcement

: NOVEMBER 2022 7
EFFICIENT GROWTH AND PREDICTABLE LONG-LIFE RESERVES

i3 Energy Reserves Volumes as per GLJ Ltd as at Jan. 1, 2022 PDP by Area (Mboe)
<5% of PDP
Mboe
Light Oil NGL Gas BOE RLI
Category (Mbbl) (Mbbl) (mmcf) (Mboe) (yrs)
PDP 7,454 15,406 139,948 46,184 6.5
TP 12,011 27,843 272,947 85,346 12.0
P+P 21,524 50,344 493,575 154,130 21.6
• 2P reserves reflect only 337 gross (204 net)
undeveloped locations, targeting oil, gas and liquids-
rich opportunities
• $391MM discounted future developed
capital

i3 Energy Reserves Values as per GLJ Ltd as at Jan. 1, 2022 PDP by Area (3CA $M)
<7% of PDP
NPV10
Jan 2022 3CA STRIP (2022.09.20)
NPV10 NPV10 NPV10 NPV10
Category ($M) $/sh ($M) $/sh
PDP $267,657 $0.22 $457,460 $0.38
TP $402,192 $0.34 $714,133 $0.60
P+P $702,230 $0.59 $1,154,478 $0.97

: NOVEMBER 2022
8
2022 CANADIAN CAPITAL PROGRAM
2022 Capital Items Budget Spend To Date Remaining Revised Budget Change (+ / - ) 2022 Capital Budget Asset
Drilling Operations(1) $73MM $62MM $7MM $69MM -$4MM Allocation Split

Land & Seismic $6MM $8MM $0MM $8MM $2MM Clear-

water
Other(2) $9MM $9MM $0MM $9MM - W 11(4.5)
5( api
3.0 ti
)
Total CAPEX $88MM $79MM $7MM $86MM -$2MM
$69 MM Central
31(18.9) wells 13(9.4)
t
et
on
Drilling Operations Si e .0)
m
2
2(
Operated (gross / net) 23.0 / 19.0 13.0 / 11.9 3.0 / 2.3 16.0 / 14.2 - 7.0 / - 4.8
Non-Operated (gross / net) 7.0 / 3.1 7.0 / 2.7 8.0 / 2.0 15.0 / 4.7 + 8.0 / + 1.6

LOW DECLINE PRODUCTION BASE + 2022 CAPITAL BUDGET NORMALIZED 2022 CAPITAL BUDGET (ON DATE)

2022 Capital Program Production Additions

IP365 = 5,433 boe/d
($12,695/boe/d Cap. Efficiency)

CVE Acq 35% Peak Month = 7,376 boe/d

($9,333/boe/d Cap. Efficiency)
13%

52%
<12% Base Decline

NOTE:
• Production from all budgeted 2022 capital wells normalized to
month-one on stream date
1) (1) Based on Drill, Complete, Equip & Tie-in capital
: NOVEMBER 2022 2) (2) Other Capital includes Maintenance, Optimizations, Workovers, Recompletions and Reactivations
9
CLEARWATER DEVELOPMENT – EFFICIENT OIL GROWTH
Material exposure to top oil play in North America
CLEARWATER NORTH OIL FAIRWAY • >69,600 net acres (109 sections) at an average WI of 76%
Cadotte i3/Rubellite
• <2% of i3’s lands currently developed
6 sections
2 prospective sands
i3 Clearwater Land • No near-term expiries (15+ year tenure)
1 well Licensed
i3 2021 Drilled
i3 2022 Drilled
Slave
3 sections
i3 Q4 2022 Drills Extensive inventory of highly economic, low-cost, wells
3 prospective sands Clearwater Wells • Potential inventory of >200 low-cost, unstimulated, multi-leg HZ wells capable
Strat/core 6 leg multilateral drilled
of 0.5 – 1-year payouts with NPV10’s of $2 – $4MM/well
Walrus
7 sections • Lightly booked reserve (2 PDP + 3 PUD + 3 PROB) will be fully developed in
5 prospective sands
Marten Creek
2022
Seal 46 sections
7 sections 2 prospective sands
2 prospective sands 2 wells Licensed Low decline, high netback, oil production from 3.6 net wells
• Current production of ~420 bbl/d (100% oil) from 3.9 net wells
Dawson i3/Rubellite • New wells continuing to perform above type curve
30 sections
2 prospective sands
• 2 gross (0.8 net) wells cleaning up and 1 gross (0.3 net) well being drilled

Ongoing development and delineation program to unlock potential value across

Additional 15 gross sections i3 land position
(100% WI) add post Q3 Marten Hills i3/Rubellite
3 sections • Current development focused primarily at Marten Hills
(withheld for competitive
reasons)
1 prospective sand
8 wells drilled (3 Q4 drills) • Advancing winter delineation plans across Clearwater position

Marten Hills
Current i3 net Production
~420 BBL/D (3.9 net wells)
05-18 Pad

12-07 Pad

12-35 Pad

: NOVEMBER 2022
10
SIMONETTE MONTNEY DEVELOPMENT – PROVEN OIL RESOURCE
HIGH-IMPACT MONTNEY OIL DEVELOPMENT Contiguous high-impact Montney oil position
• >30,000 net acres of Montney rights (93% WI) at South and North
Simonette with multiple benches (2 South + 3 North)
• >10,500 acre GORR position (5-10% oil & 15% gas) across active
i3 02/05-33 New Drill
competitor’s land position
• Extensive infrastructure and egress to compliment future growth
i3 11-6 Water Reservoir
• Limited reserve bookings across North & South Simonette
i3 4-5 Disposal Well • 12 wells booked (<7% of current location inventory)
Planned i3 Oil and Water Pipelines

Prolific Montney results demonstrate deliverability with strong economics

validating deep inventory
• 15-13 South Simonette (Lower Montney oil) demonstrated
deliverability (high oil rates and cum production) despite poor runtime
(pump configuration)
• ~180 net horizontal Montney oil locations (101 North + 79 South) with
strong returns (2-mile project economics (1)(2)):
IRR Payout NPV10/well
North 135% 1.0 yrs $15MM
i3 6-9 Disposal well

South 185% 0.7 yrs $10MM

i3 13-13 New Drill
i3 16-1Compressor

ACTIVE DEVELOPMENT TO IMPROVE RUNTIME AND ENHANCE ROBUST ECONOMICS

Cumulative Prod: South Simonette – Lower Montney Type Curve vs. Actuals
15-13 Producing Day Profile
Oil: 218,157 bbl
i3 ROFR Gas: 0.5 bcf
ESP Repair/Replacement
IP30: Optimized Well Design
Installed Prod Day: 676 bbl/d • Bigger casing (7” ICP)
Gas Lift Cal Day: 352 bbl/d • Longer wellbore
• Gas lift system
IP365: • Delivering improved run-times
Prod Day: 461 bbl/d
Cal Day: 328 bbl/d

: NOVEMBER 2022
1) Based on all-in well cost (DCET) of $9.1MM/well (North Simonette) and $9.6MM (South Simonette) 11
2) Based on Aug 2022 strip pricing
SOUTH SIMONETTE – HIGHLY DELIVERABLE BLUESKY
i3 ACQUIRED ANEGADA’S 49.5% SOUTH SIMONETTE INTEREST IN MAY 2021 POTENTIAL TO 18,000+ BOEPD

• 2021 acquisition upsized South

Simonette interest to an i3-operated 99%
• Reactivated two suspended wells setting
initial production at 430 boepd, with 1
new well drilled (13-13) i3 Energy 13-13 -061-
01W6
Lower Montney HZ
• Highly strategic integration with i3’s
100% operated interest in N. Simonette,
with the two joined by Middle Montney
acreage, over which i3 owns GORR
interests of 5% to 15%

• Doubled i3’s interest position in 180+

Lower Montney development locations

EXAMPLE SOUTH SIMONETTE DEVELOPMENT (12 WELLS PER YEAR @ FLAT $75/BBL WTI) PROVIDES ATTRACTIVE FARM-OUT OR INVESTMENT OPPORTUNITY

$755mm

Initial investment of $39mm spins

flywheel toward 18 kboepd and
$800mm+ CF

-$39mm

: NOVEMBER 2022 12
 SIMONETTE MONTNEY DEVELOPMENT – HIGH IMPACT GROWTH
SIMONETTE MULTI-BENCH MONTNEY OIL RESOURCES (SOUTH 2-BENCH & NORTH 3-BENCH)
Primary Location Map A A’
05-33

13-13

Primary Target
Future Target

EXTENSIVE INVENTORY OF HIGH-IMPACT MONTNEY LOCATIONS

South Simonette GORR Block North Simonette
Primary Bench (Target) Lower Montney (Oil) Lower Montney (Gas) Middle Montney (Oil)
Primary (total / bk’d) 38 / 12 n/a 50 / 0

Future Target / Bench Middle Montney (Oil) Middle Montney (Gas) 2x Lower Montney (Oil)
Future (total / bk’d) 41 / 0 n/a 51 / 0

Total Locations (total / bk’d) 79/ 12 n/a 101 / 0

: NOVEMBER 2022
• Well count reflects i3 net wells 13
• Well counts include both 2-mile and 1.5-mile HZ wells
PROLIFIC GLAUCONITIC INVENTORY – REPEATABLE DEVELOPMENT
• Extensive marine barrier bar complex of stacked shorefaces trending NE-SW
forming a Deep Basin trap almost entirely gas and liquids saturated
• Net pay up to 30m based on 5% porosity cutoffs (low perm reservoir)
• Offsetting results, correlated to extensive control (>70 cores), support highly
predictable well results with prolific long-term production profiles
• Diverse infrastructure network reduces operating costs and provides
optionality to support efficient growth
• Extensive inventory of 269 gross (157 net) predictable, low-risk, development
01-27 pad opportunities capable of delivering strong economics

14-10 pad

15-12 pad

i3 Lands
i3 2022 Drills
i3 Booked Locations
i3 Unbooked Locations
Glauconitic Wells

Glauconitic Economic Summary(1)(2)

ROR (%) 103%
NPV (BT10) $4.8MM
Payout (yrs) 1.0 yrs
P/I (%) 242%
$/boe/d (IP30) $6,000/boe/d
$/boe (P+P) $5.83/boe

: NOVEMBER 2022
1) Based on all-in well cost (DCET) of $3.6MM 14
2) Based on Aug 2022 strip pricing
Wapiti / Elmworth – Shallow Cardium Light Oil & High Impact Gas
• Predictable, shallow Cardium light oil & liquids-rich gas
development in heart of major players
12-5 Pad
• Inventory of 93 gross (41 net) HZ Cardium development
locations
• Varying well lengths (1, 1.5 & 2-mile locations) provides
4-34 Pad platform for future poolings to bolster inventory economics

i3 Lands
Producing Cardium Wells
i3 Cardium Oil Locations
i3 2022 Cardium Oil Drills
i3 Cardium Gas Locations
i3 Potential Gas Locations
Oil Edge
Gas Edge

Type Log

: NOVEMBER 2022
1) Based on all-in well cost (DCET) of $2.2 - $2.6MM well costs 15
2) Based on Aug 2022 strip pricing
ESTABLISHED DEVELOPMENT INVENTORY + UNBOOKED UPSIDE
• Robust inventory of diversified development locations across i3’s four core operating areas
• Additional potential locations (e.g. Clearwater) subject to initial development success

Area Key Plays & Total Inventory

Areas Central Simonette Wapiti Clearwater

Glauc Montney Cardium

Clearwater
Key Plays Falher Dunvegan Dunvegan
Spirit River
Cardium Wilrich Falher

Liquids-rich Oil Oil

Oil
Commodity Liquids-rich Oil Oil
Oil
Oil Liquids-rich gas Liquids-rich gas

TOTAL INVENTORY

Gross (net) 446 (230.7) 131 (130.3) 227 (67.1 net) 23 (16.5 net)
% bk’d 69% 16% 14% 0%

• Total inventory of 870 gross (464.5 net) locations

• Total Booked locations of 337 gross (204 net) location
• Potential for >230% increase in booked reserve locations before additional delineation success (e.g. Clearwater,
Simonette, etc.)

: NOVEMBER 2022
16
SERENITY OIL DISCOVERY
Serenity Discovery
Serenity oil discovery at well 13/23c-10 (“S1”) announced
October 2019
• Drilled down-dip of RSRUK-operated Tain oil field (Tain
discovered in 2005, 32° API oil, flow-tested 6,700 bopd)
• 13/23c-10 well encountered oil in a sequence of Captain and
Coracle sands
• Oil confirmed within the interval from 4740 ft to potentially
5252 ft TVDSS, 165 ft TVD sand in total
• Net oil interval in the Captain sand was c.11 ft of high porosity
(30%) sand, thicker than in the up-dip Tain discovery as
prognosed by i3, with single-well tie-back to Tain already viable
• An OWC was estimated at 5270 ft TVDSS using pressure
measurements, which is the regional contact seen in the Blake
field
Top K50 depth ft tvdss – Countours start at 5270’ tvdss (CI=100 ft)
: NOVEMBER 2022
13/23c-12 (SA02-02) Appraisal Well drilled November 2021
• 25% WI farmed out to Europa Oil & Gas who paid 46.25% of
13/23c-12 appraisal well costs (1.85 for 1 basis)
• Drilled in the centre of the field in October 2022 to test the
extension of the Captain sand to the west and confirm presence of
oil
• The sand in the discovery well not present but over 100 ft of
Captain sands in various sequences found but were water wet
• Results being evaluated and field being re-mapped
• Development options for volumes in the eastern area of the field
around the discovery well being evaluated
1) i3 management estimate 17
COMMITMENT TO ENVIRONMENTAL, SOCIAL & GOVERNANCE (ESG)
v Initial target to achieve net zero carbon emissions by 2050
Environment v Publish maiden Annual Sustainability Report in 2021, including detailed targets for carbon intensity reduction, KPIs
and standards for transparency
v Minimising fugitive gas emissions
v Programme commenced in December 2020 to replace high-bleed natural gas pneumatic controllers with low-
bleed and instrument air controllers across our portfolio
v Electrification of pumpjacks which currently burn fuel gas or propane
v Installation of pipelines to connect single well batteries to processing facilities to eliminate trucking

v Health and Safety is a number one corporate priority

Social and v There have been no Lost Time Injuries on i3’s UK or Canadian operations
Safety v Commitment to diversity and inclusion in i3’s workforce and partners – approximately 50% of employees are female
(compared to the Canadian Oil & Gas workforce average of 22%)(1)
v Positive, active engagement with indigenous communities where the Company operates

Governance v Diverse, independent and experienced board

v The Company has adopted and applies the principles of the QCA Corporate Governance Code and all four non-executive
directors are considered to be independent
v ESG strategy overseen by board committees, with separate Governance and Environment, Health, Social and Safety
Committees
v Compensation review to establish ESG performance-linked incentives for senior executives

: NOVEMBER 2022 1) See https://www.osler.com/en/resources/governance/2020/diversity-disclosure-practices-report-oil-and-gas-sector 18

ANALYST COVERAGE & CONTACT INFORAMTION
Institution
WH Ireland
(Nomad)
Stifel Nicolaus & Company
Tennyson Securities Limited
Canaccord Genuity Limited
: NOVEMBER 2022
Analyst EXECUTIVE OFFICES INVESTOR INFORMATON
UK Website: www.i3.energy
Brendan Long Westpoint House Email: IR@i3.energy
Prospect Road, Arnhall Business
Park, Westhill
David Round
Aberdeen, UK
Direct: +44 (0)1224 945 980
Tim Hurst-Brown Canada
500, 207 – 9th Avenue SW
Calgary, Alberta
Charlie Sharp Canada
Direct:+1 403 410 6790
19