NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU No. 596/2014) ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

29 January 2026

ECO (ATLANTIC) OIL & GAS LTD.

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

Completion of Direct Equity Subscription of US$10 million

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.

The Subscription Shares will be admitted to trading on AIM. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or under applicable Canadian securities laws, and may not be offered or sold in the United States or Canada absent registration or an applicable exemption.

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

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055 (as transposed into the laws of the United Kingdom), the person responsible for arranging for the release of this Announcement on behalf of the Company is Gil Holzman, Co-Founder and CEO of Eco Atlantic.

Notes to editors

Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and 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.

In Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km² Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in three offshore Petroleum Licences: PELs: 97, 99, and 100, representing a combined area of 22,893 km² in the Walvis Basin. In Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1 CBK, in the Orange Basin, totalling approximately 37,510km².

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Additional Information

This Announcement does not constitute or form part of any offer or solicitation to sell or issue securities to the public. No public offering of securities is being made in the United Kingdom, Israel, Canada, the United States or elsewhere.

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements in this news release, other than statements of historical fact, that address events or developments that Eco expects to occur, are "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "does not expect", "plans", "anticipates", "does not anticipate", "believes", "intends", "estimates", "projects", "potential", "scheduled", "forecast", "budget" and similar expressions, or that events or conditions "will", "would", "may", "could", "should" or "might" occur.

All such forward-looking statements are based on the opinions and estimates of the relevant management as of the date such statements are made and are subject to certain assumptions, important risk factors and uncertainties, many of which are beyond Eco's ability to control or predict. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. In the case of Eco, these facts include the Company's anticipated use of proceeds of the Subscription, statements respecting receipt of final approval of the TSXV, as well as anticipated operations in future periods, and plans related to its business and other matters that may occur in the future. This information relates to analyses and other information that is based on expectations of future performance and planned work programs.

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.