: NOVEMBER 2017

: Unlocking material value in the UK North Sea through development

i3 ENERGY (LON:i3E)

: NOVEMBER 2017 2

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: NOVEMBER 2017 3

forward looking statementsSome 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 development 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

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purposes.

: NOVEMBER 2017

4

i3 highlights

TEAMDeep E&P experience: third time creating a North

Sea energy company – proven developers of

overlooked opportunities

PROJECTExpected H2 2018 delivery of 100% i3-owned

Liberator oil development – c.12 MMboe 2P(1) and

over 10,000 boepd(3)

GROWTHMaterial upside opportunity identified in UK’s 30th

Licensing Round – third party Best case recoverable

estimate of 69 MMbbls(2)

FUNDINGOver 80% tightly held (65% management and board

ownership). Development funding unlocks $328 MM

pre-tax NPV10(1) + potential upside.

1. 2P Reserves, production and valuation from AGR Liberator CPR 2017-11-03.

2. Recoverable 2C case Contingent Resources plus recoverable Best case Prospective Resources from AGR 30th Round Target CPR 2017-11-08

3. Initial production rate from Liberator LP1 production well

: NOVEMBER 2017 5

Neill Carson, CEO & Co-founderPrincipal Founder and Executive of both Iona Energy (CEO) and Ithaca Energy (COO)

• Constructed portfolios totaling 75+ MMboe with production of 20 kboepd

35 years international oil & gas experience

• Geophysicist and manager in Europe, Latin America, Middle East, Far East at Amoco/BP

• Discovered 400 MMbbl oil field in the UK

i3 founders and board

Graham Heath, CFO & Co-founderVP Corporate Development and Interim CFO at Iona Energy

• Go-public listing of Iona via RTO in 2011, structured total financing of $670 MM in North America and Europe

19 years oil & gas experience

• Consultant to PanCanadian Petroleum, EnCana Corporation, Cenovus Energy

• Co-founded energy-related tech startups focused on enhanced oil recovery

David Knox, Non-executive ChairmanChief Executive Officer and Managing Director of Santos Limited from 2008 to 2015

Global experience in the Petroleum Industry

• Managing Director of BP Exploration and Production in Australasia

• Management and Engineering roles at BP, ARCO and Shell across Australia, UK, Pakistan, United States, Netherlands

and Norway

Majid Shafiq, Non-executive Director25 years technical and investment banking experience focused on the global E&P sector

Seasoned oil & gas investment banking professional experienced in M&A, A&D, public and private financing

• CEO of Àrgentil Capital Partners (UK) Limited, Managing Director at First Energy Capital LLP, MD at Tristone, Director at

Waterous and Co.

• 13 years at Mobil Oil Corporation in engineering and commercial roles in the UK and the Netherlands

Richard Ames, Non-executive Director34 years broad range experience in the oil and gas industry with senior executive roles in full-cycle oil and gas E&P

VP positions in TNK-BP, Sidanco, and Amoco

• Responsible for government liaison, implementation of business strategies, exploration, new venture management

• Joined Amoco in 1981 as geologist responsible for reserve definition in international petroleum basins including the

North Sea

: NOVEMBER 2017 6

Liberator Phase I

Reserves (2P) MMbbl

STOIIP 38

RF% 28%

Recoverable 11

30th Round Target (West)

Prospective (Best) MMbbl

STOIIP 135

RF% 35%

Recoverable 47

30th Round Target (East)

Contingent (2C) MMbbl

STOIIP 64

RF% 35%

Recoverable 22

i3: development(1)

+ growth opportunity(2)

Liberator + 30th Round Opportunity

Total (2P + 2C + Best Prospective) MMbbl

STOIIP 237

RF% 34%

Recoverable 80

• 100% owned and operated Liberator oil

field under development with expected H2

2018 production above 10,000 boepd.

• Strategic 30th UK Round Bid on material

development opportunity near

infrastructure to be funded from Liberator

cash flow in 2019.

1. Liberator 2P Reserves from AGR Liberator CPR 2017-11-03

2. 30th Round Target Contingent and Prospective Resources from AGR 30th Round Target CPR 2017-11-08

Blake life-to-date recovery

factor above 60%

Above OWC

: NOVEMBER 2017 7

Q4-2017 Q1-2018 Q2-2018 Q3-2018 Q4-2018 H1-2019 H2-2019

Implied Val’n(2) $93MM US$ 279MM US$ 557MM US$ 963MM US$ 1.46B+

Liberator FDP Approved Phase I Development LP1 Prod’n LP2 Prod’n

30th Round Target 30th Round Bid 30th Award FDP Approval 30th Prod’n

unlocking potential value(1)

Production (boepd) Reserves Upgrade (MMbbl)

1. i3 Management view of potential corporate valuation step-up

2. Implied valuation of i3 reserves/resources and production based on 2017 weighted average market comparables of Delek’s acquisition of Ithaca Energy ($16.59/2P boe and $61,902/boepd) and

Verus Petroleum’s acquisition of Wytch Farm ($18.46/2P boe and $55,000/boepd); additionally risked by 50% prior to first oil from Liberator

3. Liberator 3P Reserves from AGR Liberator CPR 2017-11-03 plus 3C Contingent and High Prospective Resources from AGR 30th Round Target CPR 2017-11-08

11

33

80

100+

De-risk and

convert

upside

potential of

up to 234

MMbbl(3)

0

9,200

20,400

: NOVEMBER 2017 8

liberator phase I overview

High quality oil discovery in Captain reservoir

near Blake & Ross Fields

• Liberator analogous to adjacent Blake field with

recovery factor of 60% life to date

• Low development cost: US$ 41MM capex to H2

2018 first oil above 10,000 boepd(1)

• 2 producers, LP1 and LP2, 2018/19 delivery

− Conservative recovery factor of 28% (FDP 41%)

− LP1 and LP2 pay back in less than 1 year

− US$ 350MM cumulative pre-tax cash during first 3

years of production

− 2P post-tax NPV10 break-even below $25/bbl Brent

RESERVES(2) 1P 2P 3P

STOIIP 18 38 58

RF%(2) 25% 31% 31%

Recoverable (MMboe)(3) 4.5 11.7 18.3

Pre-tax NPV10 (US$ MM) $60 $328 $576

1. Initial production rate from Liberator LP1 production well

2. Liberator Reserves and valuation from AGR Liberator CPR 2017-11-03

3. Includes gas converted at 6 mcf to 1 bbl (1P 0.6 MMboe, 2P 1.0 MMboe, 3P 1.4 MMboe)

: NOVEMBER 2017 9

phase I development programme under way• Field will be developed with horizontal wells

• LP1 will have a 4,400 ft horizontal section, drilled from the

Blake development centre (DC1)

• LP2 will be drilled from a second drill centre (DC2)

• Site survey covering both centres completed August 2017

• Joint technical studies nearing completion with Blake

operator (Liberator offtake route)

• OGA-endorsed Field Development Plan submitted – approval

expected Q1 2018

Critical kit secured – 2018 first oil delivery

• 2 trees and wellheads ordered from GE (delivery May

and August 2018)

• Tubulars contract awarded to Tenaris

• Well Management and Operator contract in place with

Petrofac

• Other key supply chain contracts being aligned for H1

2018 drilling and H2 tie-in

L1 Well Trajectory

DC2

DC1

Liberator LP1 developed from producing Blake manifold (DC1). LP2 developed from new

development centre (DC2), tied back to Blake

manifold.

John Woods, i3’s Chief Developments Officer with Liberator Xmas Tree

: NOVEMBER 2017 10

30th round target overview

Liberator Phase IReserves(1)

1P 2P 3P

STOIIP 18 38 58

RF% 22% 28% 29%

Recoverable (MMbbl) 4 11 17

30th Round Target (West) Prospective Resources(1)

Low Best High

26 135 329

20% 35% 50%

5 47 165

51% chance of commerciality(3)

i3 Portfolio PotentialTotal Reserves + Resources

Low Best High

48 237 490

21% 34% 48%

10 80 234

30th Round Target (East)Contingent Resources(1)

1C 2C 3C

4 64 103

20% 35% 50%

1 22 52

63% chance of commerciality(2)

Target would be strategic acquisition for i3

• Discovery in open acreage available in UKCS 30th Licensing Round

near infrastructure

• i3 submitting material bid, which it believes will secure the block

• Indicative funding proposal received for 30th Round appraisal

programme (c. $13MM) upon award

• Bids due 21st November 2017, Awards Q1 2018

Material upside

• Target discovery fully mapped and technically reviewed by OGA, FDP

under construction

• Successful bid would add Best case recoverable resources of 69

MMbbls to i3’s asset portfolio with high chance of commerciality

• Total Liberator Phase I and 30th Round Target potential of 234

MMbbls

1. Liberator Reserves from AGR Liberator CPR 2017-11-03, 30th Round Target Contingent Resources and Prospective Resources from AGR 30th Round Target CPR 2017-11-08

2. 30th Round Target (East) CoS: 70% chance of finding sufficiently large volume, 90% chance of commercial project reliant on obtaining licence in 30th Offshore Licensing Round

3. 30th Round Target (West) CoS: Geological CoS 56.25%, 90% chance of commercial project reliant on obtaining licence in 30th Offshore Licensing Round

: NOVEMBER 2017 11

liberator delivery and 30th round capture

Q4 2017

Rig Contract

Submitted

Drill LP1

Nov 21st

Upon award, A3 Appraisal planning and permitting

Liberator Phase I

Site Prep & Host Engineering

Environmental Statement

Development Long Leads

FDP Approval Process

Drilling

Subsea Tie-in to Host

LP1 First Oil

Possible LP2 Accelerated Drill

30th Round Bid – Well

30th Round Awards

Planning and Appraisal

Q1 2018 Q2 2018 Q3 2018 Q4 2018

30th Round Target Capture and Appraisal

>10,000 boepd(1)

Potential material reserves and resources upgrade(3)Mar 31st

Final Approval

Drill LP2(2)

Drill A3

1. Initial rate from Liberator LP1 production well

2. Liberator LP2 expected to deliver first oil in 2019, Management aspires to drill in Q4 2018

3. March 31st 2018 Award Date – OGA Guidance

: NOVEMBER 2017 12

LiberatorOpen Acreage

UKCS: Estimated Resources for

discoveries within 20 km of existing hubs

Moray Firth & CNSN 1,542 MMboe

Central NS 1,028 MMboe

Northern NS 1,021 MMboe

West of Shetlands 585 MMboe

Area# of Prospects /

Risked Resources

Moray Firth & CNSN 40 / 700 MMboe

Central NS 24 / 400 MMboe

Northern NS 9 / 150 MMboe

Southern NS 4 / 75 MMboe

West of Shetlands 2 / 20 MMboe

Source: Westwood – Global Energy Group September 2017

beyond liberator – i3 UK opportunity set• i3 strategy is for incremental development growth through accretive acquisition of undeveloped discoveries

• high-impact infrastructure led appraisal and small “e” exploration (effectively appraisal)

: NOVEMBER 2017 13

2017/18 funding requirements

DATE USECOST($MM)

CUM($MM)

Q4 2017 Liberator Long-leads & Rig(1) 10 10

Q4 2017 G&A(1) 2 12

Q4 2017 30th Round Bid Well(2) 13 25 (1,2)

Q1 2018 FDP Approval (Funded to First Oil) (3) 33 58

1. Pre-FDP funding: $12 million required to secure 2018 Liberator delivery (trees, wellheads, H1 2018 rig) and fund G&A. FDP approval expected March 2018.

2. $13 million required to support bid commitments in 30th Offshore Licensing Round (non-binding indicative proposal received from current investor)

3. Q1 2018 funding requirement reduced by $13 million if 30th Licensing Round bid unsuccessful(2)

Support from Current Investors

• A non-binding indicative proposal has been received from an existing investor to materially support both i3's future fundraising

initiatives (25% commitment) and up to $13MM of the Company's proposed work obligations for its 30th Licensing Round bid.

Debt/Credit Facilities

• i3 is in a formal process seeking to secure a $25MM+ credit facility to be used for Liberator’s Phase I development. A senior

lender has confirmed support of up to 50% of this facility subject to completion of due diligence and final approvals.

Potential Joint Venture Opportunities

• i3 in discussion with numerous parties on accretive joint venture deal structure (cash consideration plus promoted development

carry of i3).

: NOVEMBER 2017 14

appendix

: NOVEMBER 2017 15

liberator phase I - subsurface overview

• Reservoirs are high quality Lower Cretaceous

Captain sands

• Reservoir gross thickness of 316 ft, net to gross

reservoir thickness above 95%, average porosity

29%, oil saturation 80%

• Permeability ranges between 2,000 and 3,000

mD

• OWC 5,270 ft tvdss, identical to original Blake

field OWC confirmed by logs and MDT points

• PVT sample analysis indicates under-saturated oil

of similar quality as Blake field - 30.3 API, 1.9 cp

viscosity at reservoir condition and GOR of 340

scf/stb

K50

OWC 5270 ft

: NOVEMBER 2017 16

liberator phase I subsea facilities