Direct Equity Subscription of US$7.7 million

596/2014 AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW ("MAR").

ECO (ATLANTIC) OIL & GAS LTD.

("Eco", "Eco Atlantic", "Company" or, together with its subsidiaries, the "Group")

Direct Equity Subscription of US$7.7 million

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG) (Toronto, Canada), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce it has entered into binding agreements with two Israel-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$7.7 million (approximately £5.9 million, CAD 11.0 million) through the issue of 18,000,000 new Common Shares (the “Subscription Shares”) at an issue price of 32.5 pence (CAD 0.61) per share (the “Issue Price”).

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 monies. 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 with the continued support from shareholders through this US$7.7 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 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 AIM (“Admission”). It is expected that Admission will take place at 8.00 a.m. (BST) on or around 19 October 2026. Application will be made to the TSX-V 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.

Additional Information

This Announcement should be read in its entirety.

Currency conversion in this announcement is calculated at £1/US$1.32/CAD1.88.

Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking information. Should one or more risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information or statements.

Eco's forward-looking information is based on the reasonable beliefs, expectations and opinions of the Company's respective management on the date the statements are made, and Eco does not assume any obligation to update forward looking information if circumstances or management's beliefs, expectations or opinions change, except as required by law. For the reasons set forth above, investors should not place undue reliance on forward-looking information. For a complete discussion with respect to Eco and risks associated with forward-looking information and forward-looking statements, please refer to Eco's continuous disclosure documents which are filed on SEDAR+ at www.sedarplus.ca.