Eco (Atlantic) Oil & Gas Full Year Results and Operational Update

Eco (Atlantic) Oil & Gas release

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX ‐ V: EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce its results for the year ended 31 March 2022.

Results Highlights:

Financials

·    As at 31 March 2022, the Company had cash and cash equivalents of US$3,403,885 and no debt.

·    As at 31 March 2022, the Company had total assets of US$45.9 million, total liabilities of US$5.6 million and total equity of US$40.2 million.

·    In April and June 2022, post period end, Eco successfully raised combined gross proceeds of US$37.8 million to fund its ongoing workstreams, with the Company's cash balance as at 29 July 2022 being US$37.7 million.

Corporate

·    During the period, Eco announced a number of strategic acquisitions and/or investments in line with the Company's strategy to expand its high impact exploration portfolio and deliver stakeholder value:

o  The acquisition of 100% of Azinam Group Limited ("Azinam"), including Azinam's entire offshore asset portfolio in Orange Basin South Africa and Namibia, in return for a 16.5% equity stake in the enlarged Group. This transaction completed on 11 March 2022 and was formally approved by the TSXV on 11 May 2022.

o  The acquisition of an additional 6.25% Participating Interest in Block 3B/4B, Orange Basin offshore South Africa, for a consideration of US$10 million, which would provide the Company with a total 26.5% interest in the Block. The Company is awaiting satisfaction of the conditions precedent to completion of this transaction, including regulatory approval, and further announcements will be made in due course.

o  On 14 March 2022, the strategic acquisition of JHI Associates Inc. ("JHI"), including JHI's 17.5% Working Interest ("WI") in the Canje Block offshore Guyana, was announced, however, on 14 June 2022 this transaction was terminated,. Eco remains a significant shareholder in JHI with a holding of 7.3% (with an option to increase its shareholding to 11%).

Operations 

·    On 21 March 2022, Eco announced an updated Competent Person's Resource Report ("CPR") on its assets offshore Guyana, Namibia and South Africa.

·    The report highlights Attributable Best Estimate, Prospective Resources:

o  Guyana (Orinduik Block) - Net to Eco 681 mmbbls Oil and 544 BCF Gas

o  South Africa (Blocks 2B & 3B/4B) - Net to Eco 864 mmbbls Oil and 309 BCF Gas

o  Namibia (4 Blocks) - Net to Eco 6,705 mmbbls Oil and 6,565 BCF Gas 

·    Further details of the CPR can be found on the Company's website.

The full release is available here.