Mr. Gil Holzman reports

ECO (ATLANTIC) OIL AND GAS LTD ANNOUNCES COMPLETION OF FARM DOWN IN BLOCK 3B/4B

Eco (Atlantic) Oil & Gas Ltd. has completed a farmdown of a 13.75-per-cent participating interest in Block 3B/4B offshore the Republic of South Africa and transfer of operatorship of the block after receipt of the requisite regulatory approvals (Section 11) from the government of South Africa. Eco now holds a 6.25-per-cent interest in Block 3B/4B.

Further to the company's announcement on March 6, 2024, detailing the farmout agreement (FOA), Azinam Ltd., Eco's wholly owned subsidiary, has farmed down a 13.75-per-cent participating interest in Block 3B/4B, offshore the Republic of South Africa as part of an aggregate 57-per-cent farmdown transaction along with its joint venture (JV) partners Africa Oil SA Corp. and Ricocure (Proprietary) Ltd. to TotalEnergies EP South Africa SAS, who will become operator and QatarEnergy International E&P LLC.

Pursuant to the terms of the FOA, following completion, Eco is now due to receive $8.3-million (U.S.) in total as part of the 3B/4B transaction, including completion linked milestone payments of $4-million (U.S.) from Africa Oil and $1.56-million (U.S.) from Ricocure, as referred to in the company's announcement of March 6, 2024. Further payments, amounting to $11.5-million will be payable to Eco from TotalEnergies, QatarEnergy and Africa Oil on spudding of the first exploration well.

Following completion, TotalEnergies is now the operator of the block, holding a 33-per-cent participating interest; QatarEnergy International E&P holds a 24-per-cent participating interest; Africa Oil SA Corp., a wholly owned subsidiary of Africa Oil, retains a 17-per-cent participating interest; Azinam Ltd., a wholly owned subsidiary of Eco, retains a participating interest of 6.25 per cent; and Ricocure (Proprietary) retains a 19.75-per-cent participating interest.

Gil Holzman, co-founder and chief executive officer of Eco, commented:

"I am grateful to the Eco team and our advisers for their support in completing this transaction. We look forward to continuing our strong working relationship with all the JV partners, the South African government and the new operator, TotalEnergies. Block 3B/4B sits in a prolific hydrocarbon jurisdiction and we are excited to continue preparations for first drilling on the block under the leadership of TotalEnergies.

"Completion of the transaction further strengthens Eco's balance sheet and enables us to focus and continue progressing our wider work programmes and farm out processes in Eco's asset portfolio in Guyana and Namibia, with no shareholder dilution."

About Eco Atlantic:

Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and 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.