Mr. Gil Holzman reports

ECO (ATLANTIC) OIL AND GAS LTD ANNOUNCES DIRECT EQUITY SUBSCRIPTION & ISSUE OF WARRANTS

Eco (Atlantic) Oil & Gas Ltd. has entered into binding agreements with Israeli-based institutional investors to subscribe for new common shares in the capital of the company.

Pursuant to the non-brokered private placement, the company expects to raise aggregate gross proceeds of $10-million (U.S.) (approximately 7.4 million British pounds or $13.8-million (Canadian)) through the issue of 26,909,091 new common shares at an issue price of 27.5 pence (51 Canadian cents) per share, being the closing price of the company's common shares on the AIM (Alternative Investment Market) on Jan. 22, 2026.

In addition, the company will issue one warrant for each subscription share. Each warrant will entitle the holder to subscribe for one new common share at an exercise price of 40 pence (74 Canadian cents) per share and will be exercisable for a period of three years from the date of issue.

The subscription shares will, when issued, rank pari passu in all respects with the existing common shares, including, without limitation, the right to receive dividends and other distributions declared, made or paid after the date of issue.

The subscription shares, when issued, will represent approximately 8.54 per cent. of the existing issued share capital of the company (on a non-diluted basis) and 7.86 per cent of the company's issued share capital as enlarged by the subscription (on a non-diluted basis).

Details of the subscription

The subscription is conditional upon, inter alia, AIM admission becoming effective, the subscription agreement not being terminated in accordance with its terms and receipt of money pursuant to the subscription. Closing of the subscription is also subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.

Gil Holzman, president and chief executive officer of Eco (Atlantic), commented: "We are delighted to welcome a number of leading Israeli institutional investors to our share register through this $10-million (U.S.) direct subscription. Their participation and long-term commitment represents a strong endorsement of the quality of our Atlantic Margin portfolio, our exploration and value-creation strategy, and our disciplined, capital-efficient approach.

"This funding strengthens our financial position and provides us with the flexibility to accelerate key technical and corporate work programs across our licences in Guyana, Namibia and South Africa throughout 2026 while maintaining a strong balance sheet and preserving significant upside for shareholders."

Use of proceeds

The net proceeds of the subscription will be used for:

• $5-million (U.S.) on planned geological and geophysical work;
• $2.5-million (U.S.) on identifying and pursuing potential new ventures;
• $2.5-million (U.S.) for general and administrative purposes.

Admission and total voting rights

Application is being made to the London Stock Exchange for admission of the subscription shares to trading on the AIM. It is expected that AIM admission will take place at 8 a.m. GMT on or around Jan. 30, 2026. Application will be made to the TSX-V for the equity fundraise shares to be admitted to trading on the TSX-V, with listing subject to the approval of the TSX-V and the company satisfying all of the requirements of the TSX-V.

Following admission, the issued share capital of the company will be 342,141,027 common shares. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the company under the Financial Conduct Authority's disclosure guidance and transparency rules.

About Eco (Atlantic) Oil & Gas Ltd.

Eco (Atlantic) is a TSX-V- and AIM-quoted, Atlantic Margin-focused oil and gas exploration company with offshore licensce interests in Guyana, Namibia and South Africa. Eco (Atlantic) 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.

In 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 three offshore petroleum licences, PELs 97, 99 and 100, representing a combined area of 22,893 square kilometres in the Walvis basin. In offshore South Africa, Eco (Atlantic) holds a 5.25-per-cent working interest in Block 3B/4B and a 75-per-cent operated interest in Block 1 CBK in the Orange basin, totalling approximately 37,510 square kilometres.

We seek Safe Harbor.