Eco (Atlantic) Oil and Gas Ltd. Announces Completion of Subscription

ECO (ATLANTIC) OIL & GAS LTD. 
('Eco,' 'Eco Atlantic,' 'Company,' or together with its subsidiaries, the 'Group')
Completion of Subscription

TORONTO, ON / ACCESSWIRE / July 9, 2021 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO) (TSX‐V:EOG), an oil and gas exploration company with licences in the proven oil province of Guyana and the highly prospective basins of Namibia, is pleased to announce, further to its announcement on 28 June 2021, that it has received approval from the TSX Venture Exchange for its private placement with Africa Oil Corp. ('Africa Oil') and Charlestown Energy Partners LLC ('Charlestown Energy') to raise approximately CAD6.1m (the 'Subscription'). The terms of the Subscription remain unchanged, save that the exercise price of the warrants to subscribe for new common shares has been increased to 0.47 CAD.

Application is being made to the London Stock Exchange for the 14,945,913 new common shares to be issued pursuant to the Subscription (the 'Subscription Shares') to be admitted to trading on AIM ('Admission'). Admission is expected to take place on 15 July 2021. On Admission, the Company's total issued share capital will consist of 199,643,636 common shares with voting rights. The Company does not hold any common shares in treasury and accordingly there are no voting rights in respect of any treasury shares. The Subscription Shares will be fully paid and will rank pari passu in all respects with the Company's existing Common Shares.

For more information, please visit www.ecooilandgas.com or contact the following:

Eco Atlantic Oil and Gas	c/o Celicourt [phone]
Gil Holzman, CEO Colin Kinley, COO Alice Carroll, Head of Marketing and IR	[phone] | [phone]
Strand Hanson Limited ( Financial & Nominated Adviser )	[phone]
James Harris James Bellman
Berenberg (Broker)	[phone]
Matthew Armitt Emily Morris Detlir Elezi
Celicourt (PR)	[phone]
Mark Antelme