Mr. Gil Holzman reports

ECO (ATLANTIC) OIL AND GAS LTD. ANNOUNCES BOARD CHANGES

Eco (Atlantic) Oil & Gas Ltd. has made the following board changes.

Director appointments

Eco (Atlantic) has appointed Alice Carroll and Selma Usiku as directors of the company with immediate effect.

Ms. Carroll is currently the company's head of corporate sustainability and joins the board as an executive director. She is an experienced international stakeholder and external relations professional, with over a decade of experience within the oil and gas industry. She is skilled in marketing strategy and project execution, leading communications, and external relations on country entries, asset acquisitions and monetization across a global portfolio. She previously worked with Azinor Catalyst, the United Kingdom-focused oil and gas exploration company, before becoming the global marketing and investor relations manager for the Seacrest Azimuth Group, managing all external and stakeholder relations across the United Kingdom, Ireland, Namibia, South Africa, Brazil, Honduras and Indonesia. Ms. Carroll holds a BSc first class honours in biology with science and society from the University of Manchester.

Ms. Carroll joins the board as an executive director with immediate effect and will continue her role as head of corporate sustainability.

Ms. Usiku is an experienced exploration geologist with a history of working in South Africa and in both the Namibian oil and energy and diamond industries. Her experience is predominantly in exploration geoscience, geophysics, basin modelling, petroleum geology and earth sciences, from almost 10 years as an exploration geologist with Brazilian HRT and Azinam. She was directly involved in the wildcat wells that made Namibia's first technical discovery of hydrocarbons at the Wingat-1 Walvis basin play opener in 2013. She is an active member of the Namibia Petroleum Operators Association and currently exploration geologist with Debmarine Namibia.

Ms. Usiku holds a master of science (MSc) focused in petroleum geoscience from Royal Holloway, University of London. In 2018, she received the global women petroleum and energy club award for excellence in Africa, and she was an ambassador for the Geoscience Council of Namibia in 2021.

Ms. Usiku joins the board as a non-executive director with immediate effect.

Retirement of non-executive director

Helmut Angula will retire as a non-executive director of the company, having served on the board since November, 2011, with immediate effect. Mr. Angula will remain with the company in the role of a senior adviser to the board.

Peter Nicol, chairman of Eco (Atlantic), commented: "I am absolutely thrilled to welcome both Alice Carroll and Selma Usiku to the board of Eco (Atlantic). Both bring fresh thinking and impressive skill sets. I am looking forward to the contribution of stakeholder and technical expertise Alice and Selma bring as we build on our latest pivotal transaction in Guyana and very busy continuation of our work streams across the company's exploration portfolio in Namibia and Orange basin, South Africa."

Gil Holzman, co-founder and chief executive officer of Eco (Atlantic), commented: "Helmut Angula joined the board of Eco at inception in 2011, serving on both the audit and compensation committees. We have benefited greatly from his understanding of the financial and energy sectors in Namibia. We wish him all the best with his well-deserved retirement and are grateful he will continue to support us as a senior adviser to the board."

About Eco (Atlantic) Oil & Gas Ltd.

Eco (Atlantic) is a TSX Venture Exchange- and Alternative Investment Market-quoted Atlantic margin-focused oil and gas exploration company with offshore licence interests in Guyana, Namibia and South Africa. Eco (Atlantic) aims to deliver material value for its stakeholders through its role in the energy transition to explore for low-carbon-intensity oil and gas in stable emerging markets close to infrastructure.

Offshore Guyana in the proven Guyana-Suriname basin, the company holds a 15-per-cent working interest in the 1,800-square-kilometre Orinduik block operated by Tullow Oil. In Namibia, the company holds operatorship and an 85-per-cent working interest in four offshore petroleum licences: PELs: 97, 98, 99 and 100, representing a combined area of 28,593 square kilometres in the Walvis basin.

Offshore South Africa, Eco (Atlantic) is operator and holds a 50-per-cent working interest in block 2B and a 26.25-per-cent working interest in block 3B/4B operated by Africa Oil Corp., totalling about 20,643 square kilometres.