Mr. Gil Holzman reports

(ATLANTIC) OIL AND GAS LTD ANNOUNCES RESULT OF AGM AND BOARD CHANGES

All resolutions were duly passed by shareholders at Eco (Atlantic) Oil & Gas Ltd.'s annual general meeting held on Dec. 29, 2023, in Toronto, Canada.

Further to the company's announcement on Dec. 12, 2023, and passing of Resolution 3 at the AGM, the company notes that Oliver Quinn's appointment to the board is expected to be finalized in the coming days following completion of customary due diligence required in accordance with the AIM (Alternative Investment Market) Rules for Companies.

About Eco (Atlantic) Oil & Gas Ltd.

Eco is an Atlantic Margin focused oil and gas exploration company (quoted on the TSX Venture Exchange and AIM) 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 operates a 75-per-cent working interest in the 1,354-square-kilometre Orinduik block. 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.