Mr. Gil Holzman reports

ECO (ATLANTIC) OIL AND GAS LTD. ANNOUNCES DIRECT EQUITY SUBSCRIPTION OF US$7.7 MILLION

Eco (Atlantic) Oil & Gas Ltd. has entered into binding agreements with two Israel-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 $7.7-million (U.S.) (approximately 5.9 million pounds sterling or $11.0-million (Canadian)) through the issue of 18 million new common shares at an issue price of 32.5 pence (61 Canadian cents) per share.

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 5.15 per cent of the existing issued share capital of the company (on a non-diluted basis) and 4.90 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, admission becoming effective, the subscription agreements not being terminated in accordance with their terms and receipt of the subscription moneys. 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 with the continued support from shareholders through this $7.7-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 as we progress our licences in Guyana, Namibia and South Africa and the completion of our acquisition of JHI while maintaining a strong balance sheet and preserving significant upside for shareholders."

Use of proceeds

The net proceeds of the subscription will be used to further strengthen the group's financial position as it progresses and enhances its portfolio of assets and exploration activities.

Admission and total voting rights

Application is being made to the London Stock Exchange for admission of the subscription shares to trading on the Alternative Investment Market. It is expected that admission will take place at 8 a.m. BST on or around Oct. 19, 2026. Application will be made to the TSX Venture Exchange for the subscription 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 consist of 367,709,027 common shares, each carrying the right to one vote. The company does not hold any common shares in treasury. Therefore, the total number of voting rights in the company will be 367,709,027. 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.

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: 97, 99 and 100, representing a combined area of 22,893 square kilometres in the Walvis basin, which on completion of the farm-down to BP will reduce to 25 per cent in each licence. In offshore South Africa, Eco holds a 5.25-per-cent working interest in block 3B/4B and a 37.5-per-cent working interest in block 1 CBK, in the Orange basin, totalling approximately 37,510 square kilometres.

We seek Safe Harbor.