Mr. Gil Holzman reports

ECO (ATLANTIC) OIL AND GAS LTD. ANNOUNCES JHI ACQUISITION - INTERIM COURT ORDER OBTAINED

Eco (Atlantic) Oil & Gas Ltd. has provided an update, further to the company's announcement on March 11, 2026, regarding the proposed acquisition of JHI Associates Inc. by way of a court-approved plan of arrangement (the "Arrangement").

Eco confirms that JHI has successfully obtained an interim order from the Ontario Superior Court of Justice (Commercial List), which provides for, inter alia, the calling, holding and conducting of the annual and special shareholder meeting and other procedural matters in connection with the arrangement. The receipt of the interim order is a key milestone in the transaction process and allows JHI to proceed with seeking final shareholder approval.

JHI has set its annual and special meeting of shareholders for May 12, 2026, at 10 a.m. Toronto time. At the meeting, JHI shareholders will be asked to, among other things, pass a special resolution approving the arrangement with Eco. Approval of the arrangement requires at least two-thirds of the votes cast by JHI shareholders present at the meeting, in person or by proxy. Eco is informed that shareholders representing approximately 60 per cent of JHI's outstanding shares have already entered into voting support agreements in favour of the arrangement, demonstrating strong alignment on the transaction.

Following shareholder approval, JHI intends to seek a final order of the court, on May 15, 2026, to approve the arrangement.

Once the shareholder approval is obtained at the meeting, the transaction is expected to close on or before the end of the third quarter of 2026, subject to the satisfaction of customary closing conditions under the arrangement agreement, including applicable regulatory approvals by the Falkland Islands government and the TSX Venture Exchange.

Assuming completion of the transaction, Eco will indirectly hold 100 per cent of the outstanding shares in JHI and, in turn, a 35-per-cet participating interest in PL001 offshore the Falkland Islands operated by Navitas Petroleum LP (holding the remaining 65-per-cent interest).

Gil Holzman, president and chief executive officer of Eco, commented: "The JHI acquisition is progressing well with this important milestone of the interim court order. The next step, expected within two weeks, is to receive JHI's final shareholders' approval, and, as early voting support agreements indicate, there is overwhelming support for the plan of arrangement. Eco expects a positive outcome from the JHI shareholder meeting allowing the companies to progress to closing of the arrangement and completion of the JHI acquisition upon final approvals from the Falkland Islands government. We then look forward to working closely with Navitas Petroleum on the exploration of the PL001 licence offshore the Falkland Islands. Additionally, it is noted that in the interim JHI remains engaged with the government of Guyana with respect to a potential extension of the Canje block offshore."

Advisers

PillarFour Capital Inc. is acting as Eco's financial adviser on the transaction. Strand Hanson is acting as nominated adviser, and Torys LLP and Chun Law are acting as legal advisers to the company. Fogler Rubinoff and Dorsey & Whitney are acting as legal adviser to JHI.

About Eco (Atlantic) Oil & Gas Ltd.

Eco is a TSX-V- and Alternative Investment Market-quoted, Atlantic Margin-focused oil and gas exploration company with offshore licence 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-per-cent working interest in the 1,354-square-kilometre Orinduik block. In Namibia, the company holds operatorship and an 85-per-cent working interest in three offshore petroleum licences (PELs 97, 99 and 100), representing a combined area of 22,893 square kilometres in the Walvis basin. In offshore South Africa, Eco holds a 5.25-per-cent working interest in Block 3B/4B and a 75-per-cent operated interest in Block 1 CBK, in the Orange basin, totalling approximately 37,510 square kilometres.

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