Completion of Direct Equity Subscription

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, 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 AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

19 October 2026

ECO (ATLANTIC) OIL & GAS LTD.

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

Completion of Direct Equity Subscription of US$7.7 million

Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO, TSX-V:EOG) is pleased to confirm, that further to its announcement on 13 October 2026, following conditional approval from the TSX Venture Exchange (the “TSX-V”), all conditions save for Admission have been satisfied, pursuant to the previously announced Subscription of 18,000,000 new common shares (the "Subscription Shares") at an issue price of 32.5 pence (CAD 0.61) per share. Admission of the Subscription Shares to AIM will now take place at 8.00 a.m. (BST) on 20 October 2026 (“Admission”).

The Subscription Shares have been subscribed for by existing shareholders of the Company: Jerusalem Report Publications Limited, an Israeli investment group controlled by Eli Azur, whose interests include an approximate 25% interest in Tamar petroleum Ltd., a partner in the Tamar gas project offshore Israel in the Eastern Mediterranean and Agility Fund Management, one of Israel’s leading hedge fund managers. 

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.

Following Admission the issued share capital of the Company will be 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.

Full terms of the non-brokered Subscription can be found in the Company's announcement titled "Direct Equity Subscription of US$7.7 million" dated 13 October 2026, and all defined terms used in this announcement shall have the same meaning as in that 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 which on completion of the farm-down to BP will reduce to 25% in each licence. In Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 37.5% Working 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 news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

This Announcement should be read in its entirety.

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

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 Company’s 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, forward-looking information in this release includes statements respecting closing of the Subscription, the anticipated use of the net proceeds of the Subscription and receipt of all regulatory approvals in respect of the Subscription, including the timing of Admission and receipt of final approval of the TSX-V, 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. Such forward-looking information is based on assumptions including that Admission will occur on the expected date, that final approval of the TSX-V will be obtained in the ordinary course, and that the Group’s exploration activities and asset portfolio will proceed substantially as currently contemplated, and is subject to risks including delay in, or failure to achieve, Admission or such approval, changes in the Group’s exploration plans, costs or priorities, and the possibility that the Company may reallocate the net proceeds of the Subscription where, in the judgment of management, doing so is necessary or advisable.

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 materialise, 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.