Proposed Offshore Exploration in Block 3B/4B

21 March 2023

ECO (ATLANTIC) OIL & GAS LTD.

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

Eco Atlantic Proposed Offshore Exploration in Block 3B/4B Orange Basin

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX ‐ V: EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, and its partners are applying for Environmental Authorisation to undertake exploration activities in Block 3B/4B in the Orange Basin off the Northern Cape/South-West Coast of South Africa (the "Block"). 

The Joint Venture ("JV") Partners have contracted Environmental Impact Management Services (Pty) Ltd ("EIMS") of South Africa to apply for a permit to drill one well and one contingent well (and potentially up to five wells) within an area of interest in the north of the Block.  Block 3B/4B is located offshore western South Africa and is centred approximately 180 km from the coast, in water depths averaging approximately 1000m. EIMS has been appointed to undertake the required Environmental Impact Assessment ("EIA").

The Block 3B/4B JV Partners are Africa Oil SA Corp, a wholly owned subsidiary of Africa Oil Corp., the Operator of the Block, holding a 20% Participating Interest, Azinam Limited, a wholly owned subsidiary of Eco Atlantic, holding a Participating Interest of 26.25%, and Ricocure (Proprietary) Limited, holding the remaining 53.75% Participating Interest.   The JV partners continue to progress the collaborative farm-out process, up to 55% gross working interest in the Block, with various potential parties.

Colin Kinley, Co-Founder and COO of Eco Atlantic commented:

"We are excited about 3B/4B and the inventory prospective resource targets on the Block as recently announced in the Operator's Competent Persons Report. This creates an outstanding resource exploration and development opportunity for the Joint Venture partnership and South Africa.

"Understanding the latest research and information of changing natural patterns of the environment, and the use and effects that we have on the sea and its natural state is key to successful exploration. The EIMS team and the JV partnership are working closely on seeking Environmental Authorisation to permit and drill these promising and significant opportunities for South Africa in the now proven Orange Basin. We successfully met with regional stakeholders, received their approval, and recently drilled a safe exploration well on Block 2B. During this project we proved our capacity to protect regional culture and the environment and safely steward exploration for South Africa's own much needed energy.  In parallel to the research related to our reports and the application for authorisation, we will again directly engage with regional stakeholders and communities as we look to do our part for the South African energy solution."

**ENDS**

For more information, please visit www.ecooilandgas.com or contact the following:

About Eco Atlantic:

Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil & gas exploration company with offshore license 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. 

Offshore Guyana in the proven Guyana-Suriname Basin, the Company holds a 15% Working Interest in the 1,800 km² Orinduik Block Operated by Tullow Oil. In Namibia, the Company holds Operatorship and an 85% Working Interest in four offshore Petroleum Licences: PELs: 97, 98, 99, and 100, representing a combined area of 28,593 km² in the Walvis Basin. 

Offshore South Africa, Eco is Operator and holds a 50% working interest in Block 2B and a 26.25% Working Interest in Block 3B/4B operated by Africa Oil Corp., totalling some 20,643km².