: CORPORATE UPDATE JANUARY 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 pre-drill figures and are subject to change. All plans are subject to i3 funding
capacity.
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3
Introduction to i3 Energy
TEAMProven North Sea team with history of delivering
overlooked opportunities – strong shareholder
alignment owning over 40% of the company
DEVELOPMENT
Liberator Phase I drilling expected to begin summer
2019 with first oil mid-2020 at circa 20,000 bopd;
robust economics of US$602MM Pre-tax NPV10,
US$367MM post-tax at $65 Brent
GROWTHHigh impact summer 2019 appraisal programme
intended to de-risk 511 MMbbls STOIIP from Liberator
field and Serenity prospect
FUNDINGJV process underway (bid date late February) and
indicative terms being agreed with lenders for c.US$100-
130MM development/appraisal facility
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Neill Carson, Non-executive Director & 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
Executive & 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, CEO30 years technical and investment banking experience focused on the global E&P sector
• i3 Energy Non-executive Director from July 2017 to October 2018
• CEO of Àrgentil Capital Partners (UK) Limited, Managing Director at FirstEnergy 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
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Serenity Prospect
13/23c 13/23d
Tain
Discovery
Serenity Prospect
Liberator Development & Appraisal
• Amplitude supported feature on trend
with Tain discovery
• Tain discovery encountered 32° API oil
in Coracle and Captain sands,
subsequently appraised by three wells
• i3 estimates 197 MMbbls STOIIP based
on conservative oil column thickness
• Summer 2019 drilling provides
exposure to low cost/high return
exploration/appraisal upside
• 100% i3 operated interest in near term
production and low risk appraisal
• World class Captain reservoir with fluid
properties analogous to neighbouring
prolific Blake field
• Mid-case discovered, contingent and
prospective resources of 314 MMbbls
STOIIP, recoverable of 146 MMbbls
• Highly attractive project economics
• Phase I NPV10: US$602MM Pre-tax,
$367MM Post-tax
• Phase II NPV10: US$2.5B Pre-tax,
US$1.5B Post-tax
Assets: 100% interest in Liberator and Serenity
i3’s 100% operated interest
in 13/23c and 13/23d
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Q1 2019
Received
Dec ‘18
MOU
executed
Junior Loan Doc’n
Liberator L2
production well
On A3 and/or S1 success, begin
Phase II OGA consultation
A3 and S1 de-risk potential STOIIP of 511 MMbbls
2019 Objectives
RSRUK Phase I Offtake Terms
Alternative Phase I FPSO
Dolphin Drilling Semi-sub Rig
$100-130MM Debt Facilities
Ongoing JV Process
Field Development Plan
Resources and Reserves
Q2 2019 Q3 2019 Q4 2019
Liberator
A3 well
New
CPR
Targeting a catalyst rich 2019
LOI
signed
Serenity
S1 well
Set bid
date
Partner
SelectionMP/VDR
Agree
TermsSenior Facility Documentation
Final Concept SelectFinal Approval and OGA
Consent
Junior Facility expected to substantially
fund c.$41MM drilling campaignSenior debt funds c.$90MM to 2020 FO
Finalize JV
Agreements
Putting all building blocks in place to target mid-2020 first oil from Liberator Phase I
• Finalizing terms received from offtake providers for Liberator Phase I production
• LOI signed for summer 2019 three-well drilling campaign using the Blackford Dolphin or Borglund Dolphin semi-submersible rig
• A3 appraisal well expected to de-risk 314 MMbbls STOIIP, S1 to confirm potential 197 MMbbls STOIIP at Serenity, L2 unlocks
senior debt
• Expecting to set February bid date for JV process started in November 2018
• Negotiating senior and junior debt facilities for c.US$100 to $130MM, with 25% expected accessible for 2019 drilling programme
• Finalizing Liberator Phase I concept selection process for FDP approval
Agree CTIA and
TPOSA
Finalize Bareboat
Charter, O&M
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Transformational growth potential
+1450%
i3’s summer 2019 three-well drilling
programme underpins Liberator
Phase I development and potentially
de-risks over 200 MMbbls of
recoverable resources from the
Liberator field and Serenity prospect
i3’s summer 2019 three-well drilling
programme underpins Liberator
Phase I development and potentially
de-risks over 200 MMbbls of
recoverable resources from the
Liberator field and Serenity prospect
Summer 2020 delivery of
Liberator Phase I provides
organic, cash-flow driven
development of Liberator
Phase II and Serenity (upon
successful 2019 summer
appraisal)
Liberator Phase I(1)
Liberator Phase II
Serenity
Phase I production cash flow funds Phase II and Serenity
1. Liberator Phase I 2020 production annualized for mid-year first oil (initial production rate expected to be c.20,000 bopd)
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Liberator phase I field development plan
• Phase I FDP revised to optimise well locations
• Offtake terms received from two infrastructure owners:
• Terms received from RSRUK (December 2018) for offtake via
Bleo Holm; to be agreed Q1 2019
• Alternative standalone FPSO under MOU
• FDP approval and FID Q1/Q2 2019
• Rig under LOI for summer 2019 campaign using either Blackford or
Borglund Dolphin semi-sub for first development well (L2) and
appraisal well (A3) drilled in summer 2019
• Second development well and pipeline installation to be completed
early 2020 with first oil expected summer 2020
• Phase I targets c.13 MMbbls 2P reserves and 8 MMbbls 2C
contingent resources with planned initial flow rates of c.20,000
bopd
• Horizontal wells completed with standalone sand screens,
analogous to successful Blake field completions, with the addition
of proven inflow control devices
• Well placement to be optimised via Logging-While-Drilling (LWD)
geo-steering technology
• Minimal modification required on Bleo Holm FPSO to accommodate
Liberator production, with standalone FPSO also deliverable on i3’s
2020 first oil timeline
• Contracts executed for Xmas trees and subsea wellheads
John Woods, i3’s Chief Developments Officer with Liberator Xmas Tree
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Liberator cluster - subsurface overview
OWC = 5270 ft
K50
Liberator
13/23d-8 well
Shale
Valhall Shale
Phase II EastPhase II West Blake Field
• Gross thickness in excess of 300ft
• Net to gross of ~98%
• Average porosity of 28% and permeability ranging from 1500 - 3300 mD
• Discovery well 13/23d-8 encountered a 24ft hydrocarbon column – sand thickness materially increases moving westward from
discovery well through Phase I and into Phase II capture area
• Fluid properties indicate under-saturated oil of similar quality to Blake field; 30.3° API, 1.9 cP viscosity at reservoir conditions and
a GOR of 341 scf/stb.
• OWC at 5270ft TVDSS, confirmed by logs and MDT, consistent with Blake OWC and regional analogue data
Phase I
metres
TV
DS
S f
t
A3
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Phase II: Liberator West plus Serenity
Serenity Prospect
• Serenity S1 appraisal well being drilling in summer 2019
• Provides exposure to low-cost, high-impact upside with tie-in
potential to Liberator Phase II infrastructure
• Interpreted as the westerly extension of the Tain Discovery into
Block 13/23c
• The Tain discovery encountered 35° API oil in Coracle and
Captain sands and was subsequently appraised by three wells –
well 13/23b-5z tested and flowed at a rate of 6,700 bopd
• i3-estimated STOIIP of 197 MMbbls based on conservative
assumptions regarding oil column thickness
Liberator Phase II Appraisal and Development
• Regional analysis has identified a material extension of the
Liberator accumulation to the North West
• AGR independently assessed 22 MMbbls 2C contingent
resources and 47 MMbbls Mid-case prospective resources in late
2017 (see Appendix)
• A3 appraisal well intended to de-risk 42 MMbbls contingent
resources and 90 MMbbls prospective resources in Liberator’s
Phase II extension
• Conceptual design for 4 wells (3P + 1WI) via standalone FPSO
produces multi-billion dollar NPV10s under highly compelling
economic metrics
• Phase II can be organically funded from Phase I cash flow
S1
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11
Investment highlights
UNLOCKING
POTENTIAL
Targeted summer 2019 drilling programme expected to
unlock senior debt facility, de-risk 314 MMbbls STOIIP at
Liberator, confirm 197 MMbbls STOIIP at Serenity
NEAR-TERM
PRODUCTION
Liberator Phase I expected to come on mid-2020 at circa
20,000 bopd from two concurrent producers, third Phase I
producer to follow in 2021
COMPELLING
ECONOMICS(1)
STRONG
TEAM
i3 manned by North Sea veterans with a history of
unlocking previously overlooked hydrocarbons such as
Liberator and Serenity
Pre-tax NPV10s of US$602MM and US$2.5B respectively
for Liberator Phase I and II(2) offer significant upside from
current market cap
1. Assumes $65/bbl flat Brent deck
2. Liberator Phase II requires successful A3 appraisal in summer 2019
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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%