Eco (Atlantic) Oil and Gas Ltd

Notes Tullow Oil's farm-out agreement in Namibia

TORONTO, ON--(Marketwired - Jul 6, 2017) - Eco (Atlantic) Oil and Gas Ltd (TSX VENTURE: EOG) (AIM: ECO)

6 July 2017 TSXV: EOG; AIM: ECO

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

Eco Atlantic notes Tullow Oil's recent farm-out agreement in the Walvis Basin, Namibia

Eco (Atlantic) Oil & Gas Ltd. (TSX-V:EOG / AIM: ECO), the oil and gas exploration company with licences in Guyana and Namibia, notes an article on www.upstreamonline.com (and various other publications) on Tuesday reporting Tullow Oil farming out 30% of its 65% operated interest in license PEL0037 located offshore Namibia to ONGC of India. License PEL0037 is located immediately north of the Cooper license (PEL 0030) in which Eco holds a 32.5% interest and is operator, Azinam holds 32.5%, Tullow Oil holds 25% and NAMCOR owns 10%. In addition, Tullow has an option to increase its interest on the Cooper license to 40% upon a drilling decision.

Eco's and the industry's interpretation of the farm-out news is extremely positive as it validates the attractiveness of the Walvis Basin's oil potential, confirms Tullow and partners' drilling program is scheduled for the first quarter of 2018, and it refocuses interest on a number of potential high impact wells in the basin in the next calendar year.

As obviously some of Tullow's financial commitments associated with the drilling costs of PEL0037 are now lifted and shared with its new JV partner, and coupled with favourable rig rates, Eco looks forward with optimism on potential developments in the region and in particular on its own Walvis Basin blocks 030 (Cooper), 034 (Guy), 033 (Sharon), and 050 (Tamar).

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

Eco Atlantic Oil and Gas		[phone]
Gil Holzman, CEO Colin Kinley, COO Alan Friedman, VP Finlay Thomson, UK and IR manager		[phone]
Strand Hanson Limited (Financial & Nominated Adviser)		[phone]
James Harris