: LIBERATOR UPDATE - OCTOBER 2019

: Liberator update: 13/23c-9 well post-drilling analysis

i3 ENERGY (LON:i3E)

: LIBERATOR UPDATE - OCTOBER 2019 2

Forward looking statements

This presentation contains forward-looking statements and information that both represent i3 management's current

expectations or beliefs concerning future events and are subject to known and unknown risks and uncertainties.

A number of factors could cause actual results, performance or events to differ materially from those expressed or implied by

these forward-looking statements.

Unless otherwise stated, references to reserves, resources, production, and economic figures are based on i3 management’s un-

risked Mid-case estimates. They are preliminary figures and are subject to change. All plans are subject to i3 funding capacity.

: LIBERATOR UPDATE - OCTOBER 2019 3

Technical update following Liberator well 13/23c-9

Executive Summary

• Well 13/23c-9 drilled on time and on budget

• Targeted upper Captain sands were not present at the 13/23c-9 location

• Vertical Seismic Profile (“VSP”) and shear wave sonic data acquired in addition to full suite of wireline logs

• 50km2 of additional MF18 reprocessed broadband seismic data acquired over the Liberator field

• Post well analysis indicates that the 13/23c-9 well missed the upper Captain channel edge by a horizontal

distance of c.120 meters

• New mapping incorporating the VSP/shear wave sonic data with the new seismic data clearly images the

Captain sand packages in the 13/23c-9 area and across the Liberator field

• Initial results of seismic inversion technique applied to the broadband data (enables direct visualization of

the sand channels) reconciles with the mapping and adds confidence to the interpretation

• Field remapping has resulted in a significant increase to potential in-place resources at Liberator

• Phase I development may now also include the A3 area, in addition to the A1, A2 and A4 areas

• Resulting Phase I development now modelled to deliver 23 MMbbls of oil

• Prospective volumes in the west of the Liberator structure (“Liberator West”) have significantly

increased in volume although the risk has also increased due to lower relief between it and the A3

area

: LIBERATOR UPDATE - OCTOBER 2019 4

Liberator mapping pre 13/23c-9 well result

The Captain sands mapped using the MF10 seismic data set and the actual reservoir

sections in the 13/23d-8 and 13/23c-9 wells.

The 13/23c-9 well targeted the Upper Captain sand channel in a local high as imaged in

this seismic cross section (above in red).

Targeted

“L2 High”

: LIBERATOR UPDATE - OCTOBER 2019 5

Liberator mapping post 13/23c-9 well result

The Captain sands mapped using the MF18 seismic data set and VSP and other log data

from the 13/23c-9 well and the actual reservoir sections in the 13/23d-8 and 13/23c-9

wells.

The Upper Captain sand channel is mapped as pinching out west of the 13/23d-8 well and

is absent at the 13/23c-9 well location.

Upper Captain

sands pinch out

No Upper Captain sands

at targeted “L2 High”

: LIBERATOR UPDATE - OCTOBER 2019 6

Partial Phase I cross-section post 13/23c-9 well

Seismic section through the Captain sand channel along the axis of the Liberator field clearly

imaged using the MF18 data set and incorporating VSP and other log data from the 13/23c-9

well and 13/23d-8 wells.

The OWC recorded in the 13/12d-8 well is shown as well as potential development well locations

in the A2, A3 and A4 areas.

: LIBERATOR UPDATE - OCTOBER 2019 7

Liberator mapping – post 13/23c-9 well results

• Liberator Phase I development may now

potentially accommodate recoverable

volumes from the A3 area

• P50 recoverable reserves from remapped

Liberator Phase I development are now

estimated at 23 MMbbls(1)

STOIIP P50

(MMbbls)(1) WEST A3 A1, A2, A4 TOTAL

Pre-drill

mapping226 36 55 314

Post-drill

mapping396 17 46 459

Change +170 -19 -9 +142

1. All figures are i3 management estimates

A3

A4

A2

A1

LIBERATOR WEST

: LIBERATOR UPDATE - OCTOBER 2019 8

Appendix

: LIBERATOR UPDATE - OCTOBER 2019 9

AGR Tracs Competent Persons Report (Nov 2017) (1)

Phase IReserves

1P 2P 3P

STOIIP 18 38 58

RF% 22% 28% 29%

Recoverable (MMbbl) 4 11 17

Phase II WestProspective Resources

Low Mid High

26 135 329

20% 35% 50%

5 47 165

56% chance of commerciality(2)

Phase I and II TotalReserves + Resources

Low Mid High

48 237 490

21% 34% 48%

10 80 234

Phase II EastContingent Resources

1C 2C 3C

4 64 103

20% 35% 50%

1 22 52

70% chance of commerciality(2)

Liberator Phase I – Strong 2P Reserves base

• Phase I targets c.11 MMbbls 2P reserves based on

two producer development from within Block

13/23d only

• Phase I pre-tax NPV10 of $328mm with 211% IRR,

post-tax NPV10 of $200mm with 160% IRR

Liberator Phase II – Highly strategic resources

• A3 appraisal well de-risks 22 MMbbls 2C

contingent resources and 47 MMbbls Mid-case

prospective resources

• Very high chance of commercial success for

appraisal/exploration contingent and prospective

resources of 70% and 56% respectively

• With award of Block 13/23c (Phase II) to i3 in May

2018, Phase I development enlarged with expected

third well to recover approximately 7 MMbbls of

AGR’s “Phase II East” 2C contingent resources

1. Liberator Reserves from AGR Liberator CPR 2017-11-03, Phase II (Liberator West) Contingent Resources and Prospective Resources from AGR Liberator Phase II CPR 2017-11-08

2. Liberator Phase II (East) CoS: 70% chance of finding sufficiently large volume, Liberator Phase II (West) CoS: Geological CoS 56.25%