Mr. Gil Holzman reports

ECO (ATLANTIC) OIL AND GAS LTD. ANNOUNCES COMPLETION OF DIRECT EQUITY SUBSCRIPTION

Further to Eco (Atlantic) Oil & Gas Ltd.'s announcement on Oct. 13, 2026, following conditional approval from the TSX Venture Exchange, all conditions save for admission have been satisfied, pursuant to the previously announced subscription of 18 million new common shares at an issue price of 32.5 pence (61 Canadian cents) per share. Admission of the subscription shares to the AIM (Alternative Investment Market) will now take place at 8 a.m. British Summer Time on Oct. 20, 2026.

The subscription shares have been subscribed for by existing shareholders of the company: Jerusalem Report Publications Ltd., an Israeli investment group controlled by Eli Azur, whose interests include an approximate 25-per-cent interest in Tamar Petroleum Ltd., a partner in the Tamar gas project offshore Israel in the eastern Mediterranean; and Agility Fund Management, one of Israel's leading hedge fund managers.

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.

Following admission the issued share capital of the company will be 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.

Full terms of the non-brokered subscription can be found in the company's announcement titled "Direct Equity Subscription of US$7.7 million," dated Oct. 13, 2026, and all defined terms used in this announcement shall have the same meaning as in that announcement unless otherwise defined herein.

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 kilometres in the Walvis basin, which, on completion of the farmdown 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.