Mr. Gil Holzman reports

ECO (ATLANTIC) OIL AND GAS LTD. ANNOUNCES DIRECTOR DEALING

Gadi Levin, finance director of Eco (Atlantic) Oil & Gas Ltd., has purchased 57,000 common shares in the company at a price of 17.5 cents per share and Colin Kinley, chief operating officer of Eco, has purchased 100,000 common shares at a price of 17.5 cents per share.

Following the Share Purchase, Gadi Levin is beneficially interested in, in aggregate, 1,282,000 Common Shares representing approximately 0.35 per cent. of the Company's currently issued share capital and Colin Kinley is beneficially interested in, in aggregate, 6,651,127 Common Shares representing approximately 1.80 per cent. of the Company's currently issued share capital.

For more information, please visit www.ecooilandgas.com or contact the following:Eco Atlantic Oil and Gas c/o Celicourt +44 (0) 20 7770 6424 Gil Holzman, CEOColin Kinley, COOAlice Carroll, Head of Corporate Sustainability +44(0)781 729 5070 Strand Hanson (Financial & Nominated Adviser) +44 (0) 20 7409 3494 James HarrisJames Bellman Berenberg (Broker) +44 (0) 20 3207 7800 Matthew ArmittDetlir Elezi Echelon Capital (Financial Adviser N. America Markets) Ryan Mooney Simon Akit +1 (403) 606 4852+1 (416) 8497776 Celicourt (PR) +44 (0) 20 7770 6424 Mark AntelmeJimmy Lea

About Eco Atlantic:

Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil & gas exploration company with offshore license interests in Guyana, Namibia, and South Africa. Eco 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% Working Interest in the 1,800 km2 Orinduik Block Operated by Tullow Oil. In Namibia, the Company holds Operatorship and an 85% Working Interest in four offshore Petroleum Licences: PELs: 97, 98, 99, and 100, representing a combined area of 28,593 km2 in the Walvis Basin.

Offshore South Africa, Eco is Operator and holds a 50% working interest in Block 2B and a 26.25% Working Interest in Block 3B/4B operated by Africa Oil Corp., totalling some 20,643km2.

PDMR notificationThe notifications below are made in accordance with the requirements of UK MAR:Price(s) Volume(s) CAD$0.175 57,000 d)Aggregated informationAggregated volumePriceN/A (Single transaction)e)Date of the transaction25 October 2023f)Place of the transactionAIM (LSE)Price(s) Volume(s) CAD$0.175 100,000 d)Aggregated informationAggregated volumePriceN/A (Single transaction)e)Date of the transaction25 October 2023f)Place of the transactionAIM (LSE)