Completion of Direct Equity Subscription of US$10m

Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO, TSX-V:EOG) is pleased to confirm, that further to its announcement on 23 January 2026, following conditional approval from the TSX Venture Exchange, all conditions save for Admission have been satisfied, pursuant to the previously announced Subscription of 26,909,091 new common shares (the "Subscription Shares") at an issue price of 27.5 pence (CAD 0.51) per share and the issuance of 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 Admission. Admission of the Subscription Shares to AIM will take place at 8.00am (GMT) on 30 January 2026.

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.

Full terms of the Subscription can be found in the Company's announcement titled "Direct Equity Subscription of US$10 million and Issue of Warrants" dated 23 January 2026, and all defined terms used in this announcement shall have the same meaning as in this announcement unless otherwise defined herein.