Mr. Colin Kinley reports

ECO (ATLANTIC) OIL & GAS LTD ANNOUNCES GOVERNMENT APPROVAL - FURTHER INTEREST IN ORINDUIK

Eco (Atlantic) Oil & Gas Ltd. has received approval for the transfer of a 60-per-cent working interest and operatorship in the offshore Orinduik block in Guyana from the Minister of Natural Resources, Cooperative Republic of Guyana.

On Aug. 10, 2023, the company announced the signing of a sale purchase agreement, pursuant to which its wholly owned subsidiary, Eco Guyana Oil and Gas (Barbados) Ltd., will acquire a 60-per-cent operated interest in Orinduik block, offshore Guyana, through the acquisition of Tullow Guyana BV (TGBV), a wholly owned subsidiary of Tullow Oil PLC, in exchange for a combination of upfront $700,000 (U.S.) cash and contingent consideration. The company is pleased to announce that it has now received approval from Minister of Natural Resources and the government of Guyana for the transfer of the 100-per-cent shareholding interest in TGBV to Eco Guyana.

On completion of the transaction, Eco will become the operator and hold an aggregate 75-per-cent participating interest in the Orinduik block, via subsidiary Eco Orinduik BV, following a scheduled name change, which will hold a 60-per-cent operated interest, and Eco (Atlantic) Guyana, which holds a 15-per-cent participating interest. TOQAP Guyana BV will continue to hold a participating interest of 25 per cent. Completion of the transaction is expected before year-end 2023.

Colin Kinley, co-founder and chief operating officer of Eco (Atlantic), commented:

"We are very happy to have support from the Minister of Natural Resources and the government of Guyana, and their approval to transfer 60 per cent of the working interest and operatorship of the Orinduik block to Eco. We have always been very involved with the exploration and interpretation of the block, and our experienced team will step directly into operatorship to finalize target selection.

"After nearly 10 years of exploration and interpretation, and multiple regional discoveries at the Cretaceous level of close to 11 billion barrels of recoverable oil, our team has a good understanding of the Cretaceous play and we have a great deal of confidence in drilling our first well, targeting a stacked pay target in this well-proven horizon. This transaction structure allows Tullow to continue to share upside in a discovery.

"Eco now seeks qualified partners in this high-value play and has commenced a formal farm-out process for the block. Recent interest from supermajors and other well-capitalized energy companies in the latest licensing bid round in Guyana, for blocks up dip of us, supports our thesis of the oil migration, and the high-quality and charged reservoirs we see on our block."

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 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 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 approximately 20,643 square kilometres.