Mr. Gil Holzman reports

ECO (ATLANTIC) OIL AND GAS LTD. ANNOUNCES COMPLETION OF DIRECT EQUITY SUBSCRIPTION OF US$10M

Further to Eco (Atlantic) Oil & Gas Ltd.'s news release on Jan. 23, 2026, following conditional approval from the TSX Venture Exchange, all conditions save for admission have been satisfied, pursuant to the previously announced subscription of 26,909,091 new common shares at an issue price of 27.5 pence (51 Canadian cents) per share and the issuance of 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 admission. Admission of the subscription shares to the Alternative Investment Market (AIM) will take place at 8 a.m. GMT on Jan. 30, 2026.

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 FCA's disclosure guidance and transparency rules.

Full terms of the subscription can be found in the company's announcement, titled "Direct Equity Subscription of US$10 million and Issue of Warrants," dated Jan. 23, 2026, and all defined terms used in this announcement shall have the same meaning as in this announcement unless otherwise defined herein.

The subscription shares will be admitted to trading on the AIM.

Eco Atlantic is a TSX Venture Exchange and AIM-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.

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 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.