Mr. Gil Holzman reports

ECO (ATLANTIC) OIL AND GAS LTD. ANNOUNCES NAVITAS UPDATE ON PL001 & BLOCK 1 CBK

Eco (Atlantic) Oil & Gas Ltd. has noted the recent announcements from its strategic partner Navitas Petroleum LP regarding assets in the Falkland Islands and South Africa.

Falkland Islands

As per Navitas's quarterly report, announced on Aug. 24, 2026, Navitas (subject to completion of its acquisition of PL001) intends to drill a multitarget exploration well on PL001 during its development drilling campaign in the North Falkland basin, with part of the Sea Lion project (NDA1) drilling campaign expected to commence at the beginning of 2027.

Navitas estimates that the first chosen drilling target on PL001 holds a 2U prospective resource of 640 million barrels of oil. Based on this estimate and pending completion of Eco's acquisition of JHI Associates Inc., Eco's share of the 2U prospective resource of PL001 will be approximately 225 million barrels of oil in the drilling success case. Navitas notes that, in a success case, this target could be tied back to the Sea Lion platform.

Navitas noted in its presentation there are several additional prospects that are not yet included in the resource reports. Eco will continue to update shareholders in due course, including updates on the completion of its acquisition of JHI, and any further updates from Navitas on the additional PL001 mapped prospects inclusion into the NSAI (Netherland, Sewell & Associates Inc.) resource reports in due course.

South Africa

Following the announcement of its farm-in to Block 1 CBK offshore South Africa in May, 2026, which is pending government approval, Navitas and Eco have been working closely together to assess the scale of the block's prospective resource to assess its potential future development options for the acreage.

Through this process and based on existing seismic data, Block 1 CBK is estimated to have unrisked prospective gas resources totalling approximately 4.5 trillion cubic feet and greater than 3.6 billion barrels of oil. While additional seismic interpretation will take place, the increased updates to Block 1 CBK's resources are a reflection not only of the quality of the acreage but also the success of Eco and Navitas's continuing technical work. The licence joint venture partners are awaiting the customary regulatory approvals, including approval of Navitas's Section 11 application, which is currently being reviewed by the relevant authorities based on Navitas's regulatory-required technical and financial capabilities.

Gil Holzman, president and chief executive officer of Eco (Atlantic), commented: "Yesterday's updates from Navitas further support our ongoing co-operation in both the Falkland Islands and South Africa, as well as in Guyana and potentially other projects. In the Falkland Islands, the resource estimate released by Navitas for the first drilling target on PL001 further underline the quality and potential of the asset and reinforce our decision to increase Eco's exposure to the licence through our acquisition of JHI, which we expect to complete once final approval is received from the Falkland Islands government.

"As evidenced by Navitas's updated resources for Block 1 CBK, South Africa has world-class offshore oil and gas potential, with the capacity to strengthen energy security, attract significant international investment, and support jobs and economic growth. However, unlocking these benefits requires a clear, stable and efficient regulatory framework that gives investors the confidence to commit capital while maintaining rigorous environmental standards, as has been achieved by Eco in 2022 in the Orange basin (South Africa) and in neighbouring Namibia."

About Eco (Atlantic) Oil & Gas Ltd.

Eco is a TSX Venture Exchange- 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, which, on completion of the farmdown to BP, will reduce to 25 per cent in each licence. 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.