Update re: acquisition of JHI by Eco

5^th May 2026

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Acquisition of JHI by Eco and update on Westmount's shareholding

Westmount Energy Limited (UK AIM: WTE.L), the AIM-quoted oil and gas investing company focussed on high impact drilling outcomes in emerging basins, is pleased to report that, further to the announcements on 11^th March 2026 and 30^th April 2026 of the proposed acquisition of JHI Associates Inc. ("JHI") by Eco (Atlantic) Oil and Gas Ltd. ("Eco")^1a,1b,2, Westmount has now received from JHI the Shareholder Circular (the "JHI Circular") published in connection with this transaction (the "Acquisition"). The Acquisition values JHI at approximately GBP£62.2M (approximately USD$88.5M) based upon the mid-market closing price of Eco's Common Shares on AIM of £0.65 on 1^st May 2026. Pursuant to the Acquisition, Eco has agreed to acquire the issued and to be issued shares of JHI not already held by Eco based upon an exchange ratio of 0.7054 common Eco share for each JHI share. On completion of the Acquisition, Eco will issue up to 96,307,811 new Common Shares such that up to approximately 21.8% of Eco's enlarged issued share capital will be held by the shareholders of JHI. The completion of the Acquisition is subject to several closing conditions including the approval of two thirds of the votes cast by JHI Shareholders at an annual and special meeting to be held to approve the transaction on 12^th May 2026. Eco has reported^1b that shareholders representing approximately 60% of JHI's outstanding issued share capital have already entered into voting support agreements in favour of the Acquisition.  

Westmount has been a longstanding shareholder in JHI, accumulating the majority of its stake via a placing and grey market cash share purchases and share swaps between December 2016 and January 2021. Westmount welcomes this Acquisition which, in the opinion of the Board of Directors of Westmount, represents a significant growth opportunity for JHI, offering synergies and potential cost savings across an enlarged portfolio, while also enhancing the liquidity of Westmount's shareholding in JHI. Westmount intends to vote in favour of the transaction at the JHI shareholders meeting scheduled for 12^th May 2026.

JHI is a private, Ontario-registered, company established in 2014 and focused on oil exploration opportunities in the emerging Guyana-Suriname (17.5% W.I. Canje Block³) and North Falklands (35% W.I. PL001 Licence) basins. Eco is a publicly listed (AIM and TSX Venture Exchange) oil and gas exploration company with a diversified portfolio of assets offshore Guyana, Namibia and South Africa as well as a Strategic Partnership with Navitas Petroleum LP an international oil and gas exploration and production company.

Upon closing, this acquisition will result in JHI shareholders having exposure to a diversified portfolio of exploration and appraisal assets across the South Atlantic Margin, including assets in emerging, prolific, hydrocarbon provinces such as the Orange Basin, the Guyana Basin and the North Falklands Basin. In addition, JHI shareholders will have access to pre-funded, high impact, drilling opportunities in Block 3B/4B offshore South Africa, Orinduik Block, offshore Guyana and Licence PL001, offshore Falklands⁴. JHI shareholders will also benefit from Eco's strategic partnership with Navitas Petroleum LP ("Navitas"), previously announced on 4^th December 2025⁵, which has the potential, via embedded option arrangements, to significantly enhance operational capacity and funding support for work programs with respect to other assets in the portfolio and additional new ventures. Furthermore, Eco's recently announced farm-down to BP⁶ of a 60% Participating Interest and operatorship in three Walvis Basin Licences (PELs 97, 99 and 100), offshore Namibia, offers a significant new growth opportunity within the portfolio by providing funded work programs while retaining material exposure with potential for carried deepwater drilling on each of the three licences.  

Shareholding Update

Prior to completion of the Acquisition, Westmount holds a total of 5,685,167 common shares and 50,000 warrants in JHI together with 1,500,000 common shares in Eco. In addition, Westmount has entered into a Memorandum of Agreement with a JHI management shareholder, conditional upon closing of the Acquisition, to purchase for a nominal amount an additional 4,000,000 common shares in Eco (equivalent to 5,670,542 JHI shares) immediately upon closing of the Acquisition. These additional 4,000,000 common shares in Eco are bound by the lock-up provisions contained in the lock-up agreement entered into by JHI management shareholders and Eco. Subject to completion of that purchase and the closing of the Acquisition, Westmount will hold a total of 9,527,432 common shares in Eco. This holding includes the conversion of currently held JHI shares and warrants using the exchange ratio and formula outlined in the JHI Circular, the newly purchased 4,000,000 Eco shares, plus Westmount's existing holding in Eco of 1,500,000 common shares.

^1ahttps://polaris.brighterir.com/public/eco_atlantic_oil_gas_plc/news/regulatory_news/story/xo94emx

^1bhttps://polaris.brighterir.com/public/eco_atlantic_oil_gas_plc/news/regulatory_news/story/x8v1ypw

²https://www.jhiassociates.com/

³The Canje Licence lapsed on the 4^th March 2026 and is subject to ongoing extension discussions with the Government of Guyana.

⁴Drilling in all three jurisdictions is subject to outstanding Government discussions re Licence extensions and/or Farm-in approvals and/or regulatory approvals

⁵https://polaris.brighterir.com/public/eco_atlantic_oil_gas_plc/news/regulatory_news/story/rnez1pr

⁶https://polaris.brighterir.com/public/eco_atlantic_oil_gas_plc/news/regulatory_news/story/xo9ov1x

For further information, please contact:

Westmount Energy Limited                              www.westmountenergy.com

David King, Director                                          Tel: +44 (0) 1534 823000

Cavendish Capital Markets Limited (Nomad and Broker)           Tel: +44 (0) 20 7397 8900

Neil McDonald / Pete Lynch