9 October 2023

ECO (ATLANTIC) OIL & GAS LTD.

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

Board Changes

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX ‐ V: EOG), the oil and gas exploration company focused on the offshore Atlantic Margins in South Africa, Namibia, and Guyana, is pleased to announce the following Board changes.

Director Appointments

Eco Atlantic is pleased to announce the appointment of Miss Alice Carroll and Miss Selma Usiku as directors of the Company with immediate effect.

Miss Alice Carroll is currently the Company's Head of Corporate Sustainability and joins the Board as an Executive Director. Alice is an experienced international stakeholder and external relations professional, with over a decade of experience within the oil & gas industry. Alice is skilled in marketing strategy and project execution, leading communications, and external relations on country entries, asset acquisitions, and monetisation across a global portfolio. Alice previously worked with Azinor Catalyst, the UK focused Oil and Gas exploration company, before becoming the Global Marketing and Investor Relations Manager for the Seacrest Azimuth Group, managing all external and stakeholder relations across UK, Ireland, Namibia, South Africa, Brazil, Honduras and Indonesia. Miss Carroll holds a BSc First Class honours in Biology with Science and Society from the University of Manchester.

Miss Carroll joins the Board as an Executive Director with immediate effect and will continue her role as Eco's Head of Corporate Sustainability.

Miss Selma Usiku is an experienced exploration geologist with a history of working in South Africa and in both the Namibian Oil & Energy and diamond industries. Selma's experience is predominantly in exploration geoscience, geophysics, basin modelling, petroleum geology and earth sciences, from almost 10 years as an exploration geologist with Brazilian HRT and Azinam.  Selma was directly involved in the wild cat wells that made Namibia's first technical discovery of hydrocarbons at the Wingat-1 Walvis Basin play opener in 2013. Selma is an active member of the Namibia Petroleum Operators Association and currently Exploration Geologist with Debmarine Namibia.

Miss Usiku holds a Master of Science (MSc) focused in Petroleum Geoscience from Royal Holloway, University of London. In 2018, Selma received the Global Women Petroleum & Energy Club Award for Excellence in Africa, and she was an Ambassador for the Geoscience Council of Namibia in 2021. 

Miss Usiku joins the Board as a Non-Executive Director with immediate effect.

Retirement of Non-Executive Director

Mr Helmut Angula will retire as a Non-Executive Director of the Company, having served on the board since November 2011, with immediate effect. Mr Angula will remain with the Company in the role of a senior advisor to the Board. 

Peter Nicol, Chairman of Eco Atlantic, commented:

"I am absolutely thrilled to welcome both Alice Carroll and Selma Usiku to the Board of Eco Atlantic, both bring fresh thinking and impressive skill sets. I am looking forward to the contribution of stakeholder and technical expertise Alice and Selma bring as we build on our latest pivotal transaction in Guyana and very busy continuation of our workstreams across the Company's exploration portfolio in Namibia and Orange Basin South Africa."

Gil Holzman, Co-Founder and Chief Executive Officer of Eco Atlantic, commented:

"Helmut Angula joined the Board of Eco at inception in 2011, serving on both the Audit and Compensation Committees. We have benefitted greatly from his understanding of the financial and energy sectors in Namibia. We wish him all the best with his well-deserved retirement and are grateful he will continue to support us as a senior advisor to the Board." 

                                                            **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. 

AIM Rules for Companies, Schedule 2(g) Disclosures

The following additional information is provided in accordance with paragraph (g) of Schedule Two of the AIM Rules for Companies.

Miss Alice Mary Sweeney Carroll (aged 34)

Miss Carroll holds 1,366 common shares of no par value in the Company ("Common Shares"). Miss Carroll also holds 175,000 Restricted Share Units under the Company's Restricted Share Units Plan and holds 500 options over Common Shares.

Miss Selma Ndatega Usiku (aged 37)

* It is noted that the list of directorships above does not include 21 companies incorporated in Namibia at which Miss Selma Usiku has been registered as a director without her knowledge or consent. This matter has been reported to the Namibian police and the Business and Intellectual Property Authority ("BIPA"), and a BIPA investigation is underway. The companies in question are as follows: Market Day Television, GlobalNet ITV Africa Operations PTY, Tegris Tours & Travels cc, Tegris Financial Services cc, NIUECO, FOMONIX Procurement Services CC, Conceptial Mining and Geological Services CC, Cloudrevel Agricultural Servcies CC, Panafrican Marine Energy Namibia PTY, AVI Meteorological Services CC, Fresh unit Medical Supplies CC, Amazed Investments CC, Maki Saki Investments CC, EZRIS Travels and Tours CC, SEEKINGON Medical Services CC, Metricsilo Aviation Services CC, Black Marine Investments, MPP Construction CC, Watergate Film Production CC, Zahara Oil and Gas Namibia CC, and KNOWEZA Trading CC.

Miss Usiku currently holds no interests in the Company's Common Shares.

There is no further information to be disclosed pursuant to Schedule 2(g) of the AIM Rules for Companies.