Direct Equity Subscription & Issue of Warrants

Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO, TSX-V:EOG) is pleased to announce it has entered into binding agreements with Israeli based institutional investors (together, the "Subscribers") to subscribe for new common shares in the capital of the Company ("Common Shares") (the "Subscription" or the "Private Placement").

Pursuant to the non-brokered Private Placement, the Company expects to raise aggregate gross proceeds of US$10 million (approximately £7.4 million, CAD $13.8 million) through the issue of 26,909,091 new Common Shares (the "Subscription Shares") at an issue price of 27.5 pence (CAD 0.51) per share (the "Issue Price"), being the closing price of the Company's Common Shares on AIM on 22 January 2026.

In addition, the Company will issue one warrant for each Subscription Share (the "Warrants"). Each Warrant will entitle the holder to subscribe for one new Common Share at an exercise price of 40 pence (CAD 0.74) per share and will be exercisable for a period of three years from the date of issue.

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 8.54 per cent. of the existing issued share capital of the Company (on a non-diluted basis) and 7.86 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, AIM Admission becoming effective, the subscription agreement not being terminated in accordance with its terms and receipt of money pursuant to the Subscription. 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 & Chief Executive Officer of Eco Atlantic, commented:

"We are delighted to welcome a number of leading Israeli institutional investors to our share register through this US$10 million 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 and provides us with the flexibility to accelerate key technical and corporate work programmes across our licences in Guyana, Namibia and South Africa throughout 2026 while maintaining a strong balance sheet and preserving significant upside for shareholders."

Use of Proceeds

The net proceeds of the Subscription will be used for:

• US$5.0 million on planned Geological and Geophysical work;
• US$2.5 million on identifying and pursuing potential new ventures; and
• US$2.5 million for general & administrative purposes.

Admission and Total Voting Rights

Application is being made to the London Stock Exchange for admission of the Subscription Shares to trading on AIM. It is expected that AIM Admission will take place at 8.00 a.m. (GMT) on or around 30 January 2026. Application will be made to the TSX-V for the Equity Fundraise 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 be 342,141,027 Common Shares. 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.

Additional Information

This Announcement should be read in its entirety.

Currency conversion in this announcement is calculated US$1/£0.74/CAD1.38