Eco (Atlantic) Oil and Gas Ltd. Announces Rig mobilisation for Gazania-1 and Namibia Update

Rig mobilisation for Gazania-1 in South Africa and Namibia Update

TORONTO, ON / ACCESSWIRE / August 12, 2022 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX‐V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, confirms that the Island Innovator rig, owned by Island Drilling Company AS, was released and mobilised today.

The rig is now under contract to Eco and its JV partners and will move on to the Gazania-1 well on Block 2B, 25km offshore the Northern Cape in Orange Basin South Africa. The rig is expected to arrive and spud by the end of September 2022, subject to weather conditions. The Gazania-1 prospect is targeting a 300 million barrels light oil resource. The well will take approximately 25 days to drill, and the JV partners plan to seal and plug the well after the test, with no equipment being left on the sea floor. The partners have also approved the option to drill a sidetrack well contingent on a discovery in the main target.

The JV partnership in respect of Block 2B comprises Eco Atlantic (50% WI and Operator), Africa Energy Corp (27.5% WI), Panoro 2B Limited, a subsidiary of Panoro Energy ASA (12.5% WI), and Crown Energy AB (10% WI).

Update on Namibia

The Company is also pleased to announce that it has signed Joint Operating Agreements ("JOA's") with NAMCOR, the National Petroleum Corporation of Namibia, with regard to the Company's four operated offshore Petroleum Licence ("PEL") interests in Namibia, being PEL 97 (Cooper), PEL 98 (Sharon), PEL 99 (Guy), and PEL 100 (Tamar).

Updated Presentation

An updated version of the corporate presentation is also available on the Company's website: https://www.ecooilandgas.com/investors/reports-presentations/

Colin Kinley, Co-founder and Chief Operating Officer of Eco Atlantic, commented:

"We are excited to get underway with our drilling campaign at Block 2B in the Orange Basin offshore South Africa. A successful outcome at the Gazania-1 well has the potential to be transformational for Eco and our JV partners.

"We are also pleased to have signed JOA's with NAMCOR in relation to the PEL's we operate offshore Namibia. With all of the recent operational success we have seen recently in Namibia, we are excited to be one of the largest offshore licence holders in the region and look forward to working with NAMCOR to generate value for the benefit of all."

**ENDS**

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