Mr. Gil Holzman reports

ECO (ATLANTIC) OIL AND GAS LTD. ANNOUNCES NAVITAS FARMS-IN TO JHI'S NORTH FALKLANDS LICENCE

Navitas Petroleum LP, with which Eco (Atlantic) Oil & Gas Ltd. signed a framework agreement related to several assets, has signed a non-binding memorandum of agreement with JHI Associates Inc., in which Eco currently has a 6.6-per-cent interest, for a farm-in to acquire a 65-per-cent working interest in the PL001 North Falklands basin licence. PL001 is adjacent to the Navitas-operated Sea Lion Development.

PL001 covers 1,126 square kilometres in around 500-metre water depth and contains significant exploration potential, with JHI's best estimate of 3.1 billion barrels across multiple prospects and leads, including multiple Lower Cretaceous prospects analogous to the neighbouring Sea Lion field.

Gil Holzman, president and chief executive officer of Eco (Atlantic), commented: "We are encouraged to see a further strengthening of our relationship with Navitas, this time through our holding in JHI. As part of our strategic partnership with Navitas, technical and commercial discussions in relation to our projects in both Guyana and South Africa are continuing and we look forward to keeping the market updated."

About Eco (Atlantic) Oil & Gas Ltd.

Eco (Atlantic) 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 (Atlantic) 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 (Atlantic) 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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