i3 Energy plc, an independent oil and gas company with assets and operations in the UK, announces the following update regarding the exclusivity period entered into with a potential joint venture partner.

Under the exclusivity agreement announced on 27th June 2018, i3's potential joint venture partner was expected to deliver on key assurances within the 90-day period of exclusivity. Some of these conditions remain outstanding and are not expected to be addressed in advance of exclusivity ending on September 24th. i3 remains ready to enter a legally binding Farmout Agreement with the potential JV partner at such time as these key assurances have been provided.

The Company continues to complete all regulatory and commercial requirements to obtain Field Development Plan ("FDP") approval for Liberator. i3 has signed the final license documentation from the UK Oil & Gas Authority ("OGA") for its 30th Round Award of Block 13/23c, containing the Liberator West extension. This licence, effective from 1st October 2018, is a prerequisite to the submittal of i3's enlarged Liberator FDP. Additionally, the site survey field operations as previously announced on August 30th are about to commence, the outputs of which will enable i3 to complete the required Environmental Statement for Liberator's expected production wells, appraisal target and pipeline route.

Graham Heath, CFO, commented,
"The independent work concluded by our potential JV partner since the beginning of our engagement validates the significant potential of the Liberator asset. We continue to progress i3's necessary deliverables to attain FDP approval in 2019 and don't see the delay in concluding potential joint venture discussions as an impediment to that."