Mr. Gil Holzman reports

ECO (ATLANTIC) OIL AND GAS LTD. ANNOUNCES MINISTERIAL APPROVAL FOR NAMIBIA PEL 98 FARM-OUT

Eco (Atlantic) Oil & Gas Ltd. has received formal ministerial approval from the Ministry of Industries, Mines and Energy of Namibia for the Section 11 assignment relating to the company's previously announced farmout of its 85-per-cent participating interest in petroleum exploration licence 98 (PEL 98), offshore Namibia, to an arm's length wholly Namibian-owned company, Lamda Energy Pty. Ltd.

The ministerial approval represents the final governmental consent required under Section 11 of Namibia's Petroleum (Exploration and Production) Act for the assignment of Eco's interest in PEL 98 to Lamda Energy. Following receipt of this final ministerial approval, the parties are now completing the remaining transaction documentation, with completion of the farmout expected shortly.

The receipt of this approval demonstrates continued regulatory progress within Namibia's highly prospective offshore sector and reflects the ministry's continuing commitment to advancing commercial transactions and exploration activity across the country.

The company also confirms that the Section 11 application relating to its recently announced farmout transaction with BP Namibia Energy Ltd. across petroleum exploration licences 97, 99 and 100 has now been submitted to the ministry and will be the next key regulatory milestone in progressing that transaction. Eco is also pleased to confirm that the Section 11 application relating to the company's recently announced farmout transaction on Block 1 CBK to Navitas Petroleum LP was formally submitted and received by the Petroleum Agency South Africa (PASA) on June 26, 2026.

In Guyana, Eco and Navitas continue to make strong progress in advanced negotiations with the Ministry of Natural Resources regarding the new production-sharing agreement (PSA) for the Orinduik block, with completion expected during Q3 2026.

In the Falkland Islands, following its farm-in to PL001 (announced on Jan. 12, 2026) and its proposed acquisition of JHI Associates Inc. (announced on March 11, 2026), Eco continues to progress the remaining regulatory approvals and is awaiting formal confirmation of the five-year licence extension and approval of Navitas's operatorship from the Falkland Islands government.

The company will provide further updates on each of these transactions as the respective commercial negotiations and approval processes progress.

Gil Holzman, co-founder and chief executive officer of Eco, commented: "Ministerial approval for the PEL 98 transaction is a significant milestone for Eco and our partners as we move the farmout towards completion. Eco would like to express its sincere appreciation to the ministry, the upstream petroleum unit and all parties involved in facilitating this process.

"It is also highly encouraging to see broader momentum across Namibia's upstream sector continue to grow. Ministerial approvals are progressing, providing increased confidence for companies operating in the country and supporting the advancement of exploration and commercial transactions across Namibia's offshore acreage.

"With our farm-out from PEL 98 in its final stages and the Section 11 applications for both our Block 1 CBK transaction with Navitas, and PEL97, 99 and 100 transaction with BP Namibia submitted, we look forward to continuing to advance our portfolio of world-class assets in one of the world's most prospective offshore exploration regions."

About Eco (Atlantic) Oil & Gas Ltd

Eco Atlantic is a TSX Venture Exchange 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.

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.