Mr. Gil Holzman reports

JV PARTNERS ENTER FIRST RENEWAL PERIOD OF THE ORINDUIK PETROLEUM AGREEMENT

The Orinduik block joint venture partners, including Eco (Atlantic) Oil & Gas Ltd., have elected to enter the next exploration phase (the first renewal period) of the Orinduik petroleum agreement signed on Jan. 14, 2016, and have submitted their official notice to the Department of Energy of the government of Guyana.

The entering into of the first renewal period, which will commence from Jan. 14, 2020, will see the joint venture partners maintain control of the licence for a further three years, through to Jan. 13, 2023, and until the second renewal period. The work completed by the joint venturer partners on the Orinduik block to date, including the completion of a 2,550-square-kilometre 3-D seismic program in 2017 and the drilling of two exploration wells, both leading to discoveries, on Jethro-1 and Joe-1, has exceeded all of the original licence commitments required within the initial phase of the Orinduik petroleum agreement.

The joint venture partners are Eco Atlantic (15-per-cent working interest), Tullow Guyana BV (operator, 60-per-cent working interest) and Total E&P Guyana BV (25-per-cent working interest).

Gil Holzman, president and chief executive officer of Eco Atlantic, commented: "We are very pleased that the joint venture partners have unanimously elected to enter into the next phase of exploration and development at the Orinduik block. We have met and exceeded all of the licence commitments to date and stand ready to further appraise and explore the significant hydrocarbon potential of the Orinduik block licence, both in the proven discoveries of the Tertiary layer and in the deeper Cretaceous layer, estimated to hold an additional 3.2 billion barrels of oil (gross unrisked prospective (P50) resource) according to the CPR [competent person's report] resource report published in March, 2019.

"Two thousand nineteen has been a milestone year for Eco Atlantic. We were honoured to be awarded the 'explorer of the year' award at the Oil & Gas Council's Awards for Excellence, voted on by industry participants, on Dec. 3 2019. As we look to next year, we will continue to work closely with all our stakeholders, including our host governments and the joint venture partners, to determine the budget and drilling program for 2020, and we look forward to publishing an updated CPR on Orinduik block and sharing our upcoming plans on our Namibian and Guyanese licences over the coming months."

About Eco (Atlantic) Oil & Gas Ltd.

Eco Atlantic is an oil and gas exploration and production company with interests in Guyana and Namibia, where significant oil discoveries have been made. The group aims to deliver material value for its stakeholders through oil exploration, appraisal and development activities in stable emerging markets, in partnership with major oil companies, including Tullow, Total and Azinam. In Guyana, Eco Guyana holds a 15-per-cent working interest alongside Total (25 per cent) and Tullow Oil (60 per cent) in the 1,800-square-kilometre Orinduik block in the shallow water of the prospective Suriname-Guyana basin. In Namibia, the company holds interests in four offshore petroleum licences totalling approximately 25,000 square kilometres with over 2.3 billion barrels of oil equivalent of prospective P50 resources in the Walvis and Luderitz basins.