Mr. Gil Holzman reports

ECO (ATLANTIC) OIL AND GAS LTD. ANNOUNCES COMPANY INCENTIVE PLAN - EXERCISE OF OPTIONS

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

Further to publication of the company's results for the three and nine months ended Dec. 31, 2025, on March 2, 2026, all pre-existing restricted share units (RSUs) issued to certain directors and officers of the company have vested and a total of 1,768,000 RSUs will be automatically converted into common shares in the capital of the company. Of the RSUs vested 250,000 were issued to directors, 350,000 to officers and 1,168,000 to consultants.

To recognize the recent achievements and performance of the management and technical team, as well as the board, the company has made an award under its company incentive plan.

In addition, the company has also issued 6,537,500 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, and as most recently approved by shareholders on March 27, 2026. The RSUs will automatically vest one year after the date of grant and convert into 6,537,500 common shares of the company.

In addition, the company announces that it has granted stock options to subscribe for 5,587,500 common shares at an exercise price of $1.24 (67 pence) per common share to certain directors, officers and consultants of the company. The options vest in two tranches from the date of grant, 50 per cent after the first anniversary from the date of grant and 50 per cent after the second 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 grants are made pursuant to the company's rolling omnibus incentive plan, which permits the issuance of up to 10 per cent of the company's issued and outstanding common shares. The options are subject to the terms of the company's omnibus incentive plan and TSX Venture Exchange policies.

In addition, the company has received a notice of exercise in respect of stock options over 100,000 common shares of no-par value each in the company. The options were exercisable at a price of 21.8 U.S. cents (30 cents) per share, at a cost of $21,800 (U.S.) ($30,000) in respect of the exercise.

Total voting rights

Application has been made for admission to trading on the TSX Venture Exchange and AIM (Alternative Investment Market) of a total of 1,868,000 new common shares of no-par value. Admission is expected on or about April 24, 2026. On admission, the new common shares will rank pari passu with the company's existing common shares. Following admission, the company's issued share capital will consist of 347,809,027 common shares, with each common share carrying the right to one vote. The company does not hold any common shares in treasury.

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 in their interest in, the share capital of the company under the FCA'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 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 km 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 km.

We seek Safe Harbor.