Eco (Atlantic) Oil & Gas Ltd.

2,550 km2 3D Seismic Survey Offshore Guyana, Options and RSU grant - Seite 2

"The 2D interpretation has led to at least two significant reservoir leads on the Orinduik block that both we and Tullow believe may hold significant oil comparable to the world class regional discoveries identified by Exxon. Eco Atlantic expects to confirm a number of drilling targets with this increased 3D Survey, ahead of drilling of the first well in Orinduik, hopefully in 2018."

Grant of Options and RSUs

Additionally, the Company announces that, in compliance with its stock option plan (the "Plan"), it has granted a total of 250,000 stock options (the "Options") to Mr. Derek Linfield, a Non-Executive Director of the Company as part of his compensation package for his services to the Company. Terms of the Options include an exercise price of $0.36 per common share in the Company ("Common Share"), and a vesting schedule allowing for the vesting of the Options in three equal installments, with 1/3 vesting June 8, 2017; 1/3 vesting June 8, 2018 and 1/3 vesting June 8, 2019. The Options expire on 7 June 2022. Subsequent to this grant, the total number of stock options outstanding is 7,870,000.

The Company has also granted 3,500,000 Restricted Shares Units (the "RSUs") pursuant to the Company's Restricted Share Units Plan of which 3,350,000 RSUs were granted to Directors of the Company as compensation and success fees in relation with the AIM admission and Company's portfolio and operational developments. Tables showing further details in respect of the RSU grants are listed below.

The Company is also happy to advise that it has engaged Mr. Finlay Thomson of Oaks Energy Advisory Ltd., as the Company's representative in the United Kingdom. Mr. Thomson will be responsible for the Company's UK presence, liaising with the Company's NOMAD, UK Brokers, and other regulators in the United Kingdom and will work with management to develop and execute a program that will enhance the Company's business presence in the United Kingdom with an emphasis on increasing the Company's network of contacts within the United Kingdom investment community.

Furthermore, and in connection with the Company's previous disclosure regarding its financing and listing on the AIM (see the Company's press release dated February 8, 2017), the Company would like to advise that 62,500 common shares were issued to a financial adviser as compensation for placing services provided to the Company ("New Common Shares"). Application has been made to the London Stock Exchange for the admission of the New Common Shares to trading on AIM, which is expected to take place on 12 June 2017 ("Admission"). Following Admission, the Company will have 118,312,333 Common Shares with voting rights in issue.