Mr. Gil Holzman reports

ECO (ATLANTIC) OIL AND GAS LTD. ANNOUNCES COMPANY INCENTIVE PLAN - GRANT OF RSUS

Eco (Atlantic) Oil & Gas Ltd. has issued restricted share units (RSUs) and stock options to certain directors, officers and consultants of the company.

The company has issued 3.7 million RSUs to certain executive and non-executive directors, pursuant to the Eco's omnibus incentive plan as approved at its annual and special meeting held on Dec. 27, 2024. The RSUs will vest one year after the date of grant and convert into 3.7 million common shares of the company.

In addition, the company announces that it has granted, to certain directors, officers and consultants of the company, stock options to subscribe for 5.61 million common shares at an exercise price of 30 cents (17 pence) per common share. The options vest in two equal tranches on the date of grant and the first anniversary from the date of grant. The options are exercisable, following vesting, at the recipient's discretion and expire five years from the date of grant.

The plan is an omnibus evergreen rolling plan that allows the company to issue up to a maximum of 10 per cent of the company's issued share capital in stock options, performance share units, deferred share units and restricted share units to directors, officers, employees and consultants of the company. The plan is more fully described in the management information circular of the company dated Nov. 26, 2024, and is available on the company's website and on SEDAR+. The plan replaces the company's previous stock option plan and restricted share unit plan approved by shareholders on Dec. 29, 2023. At the 2023 annual general meeting, shareholders approved amendments to the previous stock option plan to update the definition of volume-weighted average price to comply with Policy 4.4 of the TSX Venture Exchange and provide for cashless exercise of stock options to certain eligible participants. Amendments to the previous RSU plan were approved at the 2023 AGM by amending the definitions of affiliate, associate, disinterested shareholder approval and market price; restricting the assignability of an RSU; limiting vesting to not prior to one year after its grant; and to add that RSU holders shall not have any rights as shareholders. The 2023 AGM also approved the number of common shares available for issuance under the RSU plan by 12,923,735 to 25 million common shares.

About Eco (Atlantic) Oil & Gas Ltd.

Eco Atlantic is a TSX-V 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 operates a 100-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 holds a 5.25-per-cent working interest in Block 3B/4B and, pending government approval, a 75-per-cent operated interest in Block 1, in the Orange basin, totalling approximately 37,510 square kilometres.